Tower Health announced today that it has executed an agreement of sale to a partnership consisting of The Goldenberg Group and TCH Realty & Development Co., LLC, for the sale of 80 acres of a 103-acre parcel owned by Tower Health on Broadcasting Road. The parcel, currently undeveloped, is bordered by Broadcasting Road, Paper Mill Road, and Route 222, and located in Spring Township, Berks County. Tower Health will retain ownership of 23 acres for future healthcare related services.
The parcel is located in a growing area of mixed residential, commercial, and institutional uses.
"This portion of our service area is experiencing tremendous residential and business growth," said Clint Matthews, president and CEO of Tower Health. "We are excited about the economic and community benefit that will come as this property is developed."
The transaction is expected to be finalized after due diligence by the developer and necessary Township approvals. Development plans and timetables have not been determined but are expected to include a mixture of big-box retailers as well as high-end retail shops and restaurants. Tower Health anticipates that the 23 acres it retains could be developed to improve access to a variety of outpatient and ambulatory services.
"As this area has grown, we are seeing increasing demand for convenient access to outpatient healthcare," Mr. Matthews said. "Development of this location will allow Tower Health to better serve the community, and we look forward to working with the community and the Township as our plans move forward."
About Tower Health
Tower Health is a strong, regional, integrated healthcare provider/payer system that offers leading-edge, compassionate healthcare and wellness services to a population of 2.5 million people. With approximately 14,000 team members, Tower Health consists of Reading Hospital in West Reading; Brandywine Hospital in Coatesville; Chestnut Hill Hospital in Philadelphia; Jennersville Hospital in West Grove; Phoenixville Hospital in Phoenixville; Pottstown Hospital in Pottstown; and St. Christopher's Hospital for Children, a partnership of Tower Health and Drexel University in Philadelphia. It also includes Reading Hospital Rehabilitation at Wyomissing; Reading Hospital School of Health Sciences in West Reading; home healthcare services provided by Tower Health at Home; and a network of 22 urgent care facilities across the Tower Health service area. Tower Health offers a connected network of 2,200 physicians, specialists, and advanced practice providers across more than 230 convenient locations. For more information, visit towerhealth.org.