A long-vacant medical property in Dallas has changed hands, positioning the site for a potential shift to residential and retail use. The city of Dallas has sold the 14-acre complex at 2929 S. Hampton Road to Option Real Estate for approximately $6.9 million. The property, which totals 121,826 square feet of medical space, has been idle for an extended period and sits in the Oak Cliff area of the city.
According to reporting cited from the Dallas Business Journal, Options Real Estate has secured a 90-day due diligence period to complete inspections and evaluations of the site. The buyer also holds the ability to extend that review window for several additional weeks if needed. During this period, the firm will assess the physical condition of the buildings and the broader feasibility of its intended redevelopment plan.
Options Real Estate is targeting a substantial capital outlay for the project, indicating plans to invest at least $60 million into transforming the property. While final plans are not yet detailed, the company is considering a mix of townhomes, apartments and retail space on the former medical campus. That potential program would shift the site from exclusively healthcare-oriented use toward a combination of residential and commercial activity.
The buyer, Options Real Estate, is described as a firm that focuses on construction, financing, property management and a range of real estate services. Its geographic emphasis includes southern Dallas County and Ellis County, suggesting familiarity with submarkets in and around the Oak Cliff area where the asset is located. The transaction adds a sizable redevelopment candidate to the company’s portfolio of projects in those markets.
The transaction follows a relatively short period of public ownership. The city of Dallas acquired the 121,826-square-foot medical property in 2022 for $6.5 million. At that time, municipal leaders explored converting the complex into permanent housing for individuals experiencing homelessness. That proposal did not advance after area residents opposed the plan, leaving the future of the site unresolved until this latest disposition to Option Real Estate.
With the sale now completed and a defined due diligence period under way, the property is positioned for a potential change in use if the buyer moves forward with its contemplated redevelopment program. Any transformation into townhomes, apartments and retail would represent a significant reinvestment in a long-vacant asset and could alter the land use profile of this section of Oak Cliff, subject to market conditions and applicable approvals.
