The group of South Korean investors who recently committed $15 million to help Physicians Medical Center Carraway also wants to invest millions to revitalize Birmingham's Norwood community, where the hospital has operated since 1908.

Shinsegae U.S.A., part of Shinsegae Emigration Service of Seoul, in addition hopes to buy the hospital land and property from the Texas company to whom Physicians Carraway pays rent, officials with the South Korean company said Wednesday.

The first neighborhood project is renovating the closed F.D. McArthur Elementary School into a teaching institution for Korean students, estimated to cost about $2.5 million to $3 million, said Greg Paik, vice president of Shinsegae U.S.A.

The city of Birmingham owns the almost-60-year-old building, which closed as a school in May 1999 and was slated for demolition to make way for houses.
Shinsegae officials met with city officials Wednesday and convinced them theirs was a better purpose - an easy sell.

"I had it on my tear-down list, and they said, `Please don't demolish it,'" said Birmingham Mayor Larry Langford, who had his business cards translated into Korean before the meeting. "I'm going to give them the school and let them spend the money to renovate. It's a big plus for us."
Shinsegae also hopes to buy other property surrounding Physicians Carraway and develop condominiums and a motel, among other ideas, Paik said.

"We are very much interested in the redevelopment of this area," Paik said. "We do want to make sure PMC Carraway and its surroundings are in good shape because this hospital has a long history, a good heritage and a great reputation."
City Council members also celebrated the South Koreans' interest.
William Bell, whose district includes Norwood, called the investment a major move toward revitalizing the historic neighborhood and securing the future of the hospital.

"We're excited and the community is excited," he said. "The investment in Physicians Medical Center Carraway was the first of their initial investments, but this is the first of many more to come."

Korean nursing school:
Shinsegae officials ultimately envision turning the McArthur building into a nursing school for Korean students. South Korea does not have a nursing shortage like the United States, Paik said, and many would like to work as nurses in the United States.

Because creating a nursing school is a long-term project, the initial plan is to create a dormitory out of the school, and a place to teach English classes to help Korean nurses pass the tests required to work in the United States, Paik said.

Shinsegae officials met with local architects Wednesday about the renovations needed at the abandoned, boarded-up school. Building from scratch likely would cost no more, but Paik said his company appreciates preserving the neighborhood's historical character.
"The school is very beautiful," Paik said. "So we want to keep it as it is on the outside and completely renovate on the inside."

Shinsegae, which translates as "New World," has announced a $15 million investment to help Physicians Carraway with capital and operating expenses. But the group plans to spend much more on the hospital. Within the next six months, the company hopes to have bought the 60 acres formerly owned by Carraway Methodist Medical Center.

A group of 52 local physicians bought the hospital in November 2006 out of bankruptcy and later renamed it Physicians Carraway. L&B Realty of Dallas owns the land and hospital buildings and leases them to the physician owners.
"We want a real estate partner that has the resources and the will to develop all the property and the surrounding area," said Dr. Charles Dasher, chairman of Physicians Carraway.
The doctors will remain the sole owners of hospital operations.

Investors' visas:
Shinsegae investors who put up $500,000 each get an opportunity to be considered for permanent visas for their immediate families to live in the United States, under the Immigrant Investor Pilot Program that awards visas to foreign investors whose financing helps create jobs.
Shinsegae has done 17 projects in the United States, but Physicians Carraway is its first venture into health care, Paik said.
Langford also committed to begin this morning demolishing an abandoned former Parisian warehouse at Carraway Boulevard and 12th Avenue North, which caught fire Wednesday and does so frequently. Hospital officials say it's an eyesore that detracts from their entrance.

E-mail: avelasco@bhamnews.com