As things grew ever quieter at Baptist, interest in the building waned, and the last function, the parking garage, closed in early April. But now that the hospital will be torn down and replaced with the UT-Baptist Research Park, the outlook has completely changed. Hopefully that's going to translate into something good for us. We don't know enough of the overall plan yet to say what we're going to do. Baptist Memorial Health Care Corp. is donating the 6.5 acres where the hospital sits, plus four adjacent office buildings to the University of Tennessee, for development of the Research Park.
Office space is already dear in the area.
UT plans to move offices out of the Coleman Building to free up more research space. Most of that will likely move into the buildings from Baptist. But, Rice says, more activity in the area will spur the demand for more offices. Also, research centers and business incubators tend to draw business people for weeks and scientists for months, offering new demand for extended-stay lodging. The other option is converting the building to apartments.