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Shelby County task force hears update on Regional 1 property purchases
Summary
Universal Commercial Real Estate told the Shelby County Black Economic Inclusion Task Force that several parcels for Regional 1's hospital site have closed and that the county intends to lease and have Regional 1 manage the properties while existing leases remain in effect.
The Shelby County Black Economic Inclusion Task Force heard a presentation from Universal Commercial Real Estate on the county's progress assembling parcels for Regional 1's hospital footprint.
Daryl Cobbins of Universal Commercial Real Estate told the committee that "up to this point, we have closed on 495 Union, which is the office portion of the Commercial Appeal Building, which is listed as number 1. And right behind it is Number 2, which was the parking lot for the Commercial Appeal Building." Cobbins said those parcels and another warehouse parcel closed at the end of March and are part of an initial core site for the proposed campus.
Committee members and county officials clarified the next steps for ownership and management. County representatives said the properties the county purchased will be leased and managed by the Shelby County Healthcare Corporation (the Regional 1 board) rather than the county acting as long‑term landlord. The committee did not take any formal vote during the update but asked staff to provide additional parcel detail and maps to members.
