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PAWTUCKET, R.I. — Almost two years after a purchase-and-sale agreement was signed for the former Memorial Hospital property, Lockwood Development Partners announced Tuesday that it has closed a deal with Care New England Health System.

Lockwood, a New York City developer, confirmed it’s collaborating with Veteran Services USA to transform the vacant site into a housing complex for the state’s aging veterans.

The plan for the Brewster Street site includes a 390,000-square-foot campus with more than 200 apartments prioritized for senior veterans, an adult day health care facility for therapy and other social services, a career training and education program for new veterans reskilling or upskilling for the civilian workforce, as well as medical and lab space to address the veterans’ and surrounding community’s health needs.

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Lockwood purchased about half of the 13.4-acre site for $250,000, according to Wilder Arboleda, a city spokesman.

The project is expected to cost $70 million and create up to 500 jobs during construction and 60 permanent jobs, according to Mayor Donald R. Grebien’s office.

The news of Lockwood’s purchase comes after 18 months of review and an approval process by Attorney General Peter Neronha.

The hospital closed in late 2017 after struggling financially for more than a decade. Lockwood, which also has offices in Los Angeles, Chicago, and Miami, has done similar projects in other parts of the country, creating spaces for housing and services specific to veterans.

“For our senior veterans, our goal is to create affordable housing with therapeutic amenities. Our staff will strive to instill a positive spirit while aiming to enhance a better quality of life for every resident,” said Lockwood’s president, Charles Everhardt, in a statement. “For our younger veterans, our goal is to provide training and education to carefully position them into the health care workforce, enabling each veteran to excel and shine with their passion to serve others.”

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Grebien’s office said all buildings on the site will be retained and enhanced as part of a historic preservation project, while the zoning and permitting process is set to begin by mid-2021, with interior demolition anticipated in late 2021. The project is expected to be completed in 2023.


Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her on Twitter @alexagagosz.