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How did New Hanover Hospital pension fund end up owning land on Market Street rezoned for Walmart recently?

Wayne Faulkner
StarNews
Market Street from Ogden through Hampstead, including this site of a future WalMart project, is developing into a major suburban business corridor. StarNews photo by Paul Stephen.

Market Street from Ogden through Hampstead, including this site of a future WalMart project, is developing into a major suburban business corridor. StarNews photo by Paul Stephen.

“As the Porters Neck area continues to grow, New Hanover Regional Medical Center has identified this area for needed health care services and significant investment,” said the medical center’s spokeswoman, Erin Balzotti. “The medical center owns two pieces of property in the Porters Neck area – the land being rezoned to make way for development of a Walmart, and land further north on Market Street, next to (the medical center’s) Atlantic SurgiCenter.

“In 2003, New Hanover Regional Medical Center bought the land in question as a potential site for an expansion of services, but as part of our strategic planning process, NHRMC determined that the northern-most property was better suited for future development and expansion,” Balzotti said.

“Once it was decided that this property was no longer needed for expansion, the asset was transferred to our pension fund. The money from the sale of the property will continue to be an asset of the pension fund,” she said.

“NHRMC has recently proposed to develop a free-standing emergency room and expanded imaging services on the property we own in northern New Hanover County. This investment would not only bring convenient, accessible health care services to this growing part of our community, but would also bring multiple health care services to a single location,” she said.

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How does New Hanover Regional Medical Center plan to use 2 properties on Glen Meade Road?

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User-contributed question by:
steve

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2 Responses to “ How did New Hanover Hospital pension fund end up owning land on Market Street rezoned for Walmart recently?”

  1. On August 9, 2013 at 12:07 pm Steve wrote:

    Thanks for answer. I just wonder how you can buy land and transfer to pension fund and did hospital sell to pension fund for a profit? Being a non profit county hospital makes me wonder how this works.
    Thanks

  2. On August 9, 2013 at 2:06 pm Si Cantwell wrote:

    The hospital spokeswoman told us the property was transferred to the pension fund, not sold.



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