Old Greenwich, Conn.-based Horse Island Asset Management has shared plans to build a four-story, $50 million hospital with 25 beds and an office medical building in Beachwood, Ohio, The Plain Dealer reported.
The facility would span 4.5 acres of vacant, city-owned land near the University Hospitals Ahuja Medical Center and Cleveland Clinic. The facility would specialize in areas like gastrointestinal care, orthopedics and general surgery, and house an emergency room.
John Lin, manager of Horse Island, said 150 jobs would be created in Beachwood. Beachwood Economic Development Director Jim Doutt added the jobs would create an annual payroll of $25 million and $500,000 in annual income tax, according to The Plain Dealer.
Mr. Lin said about half of the facility's physicians would work exclusively at the hospital, while some from the Cleveland area who are not limited to one system would also have privileges.
Mr. Lin offered a payment of $2.25 million for the property and $250,000 in real estate fees. He predicts the project could be done in 18 months. The project will be discussed at forthcoming city council meetings.
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