UNT buying Osteopathic property
FORT WORTH - Just days after seeing the former campus of the Osteopathic Medical Center of Texas sell for $6.5 million at a foreclosure auction, the University of North Texas said Monday that it agreed to buy the property from its new owner.
The university said it expects to close on the purchase by April 1. It did not immediately disclose the price it agreed to pay Fort Worth lawyer Robert Patton, who bought the west Fort Worth property Tuesday.
"The health science center could not purchase the property at auction, because the foreclosure process does not meet various state requirements for property purchase," the university said.
"The state requires that a property purchased by a state entity include a title policy, survey, and other similar items as a safeguard to protect taxpayer money," the university said. "At a foreclosure sale, properties are purchased as is."
Ronald Blanck, president of the health science center, said last week that the university planned to try and negotiate a purchase of the hospital from Patton.
"We're very happy to work with Mr. Patton, whose appreciation of the health science center allowed us to purchase the former OMCT property for less than other offers he had received," Blanck said.
The health science center did not announce immediate plans for the property.
"Before any plans for the property can be made, the health science center will commission a master plan," Blanck said.
The hospital closed in the fall, triggering speculation on what would happen to the main property at Montgomery Street and Camp Bowie Boulevard.
The main property is valued at $38.7 million by the Tarrant Appraisal District for taxing purposes.