Local investors who acquired Taylor Hospital in a bankruptcy auction in September are now picking up Springfield Hospital after the original auction winner’s deal fell through, writes Harold Brubaker for The Philadelphia Inquirer.
Prospect Medical Holdings announced in a court filing Friday it plans to sell Springfield Hospital and an adjoining parking garage to KQT Aidens Partners 2 for $1 million.
KQT, which paid $1 million for Taylor, is working on bringing a healthcare provider and emergency services back to the now-closed Ridley Park hospital..
Restoration Health Foundation and Syan Investments LLC won an October auction for Springfield Hospital with a $3 million bid, but Prospect terminated the agreement when they failed to complete the purchase by Dec. 15, according to Prospect’s filing.
The KQT purchase is contingent on lifting a deed restriction requiring 24-7 emergency services at Springfield Hospital and assessing the property value at the sale price.
“Prospect will determine the ultimate buyer of the property and, while the township plays no role in that process, we look forward to discussions with the new owner about any proposed future use of the site,” said Jeff Rudolph, president of the Springfield Township Board of Commissioners.
Read more about the change in owners for Springfield Hospital in The Philadelphia Inquirer.
