A commercial developer that's building a medical office and ASC in Quincy, Mass., struck a $4.25 million deal with the city to build a separate, sprawling residential community at the former Quincy Medical Center site, according to Wicked Local Quincy.
When the city of Quincy sold the Quincy Medical Center property to a private healthcare company in 1999, the deal stipulated that the city could claim an ownership stake in the land if it was ever repurposed for nonmedical use.
FoxRock Properties wants to turn the 15-acre property into a residential community and situate its 200,000-square-foot medical development downtown, so it agreed to buy out the city's stake for $4.25 million.
The agreement is pending city council's approval.