The decision comes ahead of long anticipated development of the 14.3 acre property in downtown Austin, which Central Health owns.
"Selecting a preferred master developer is an important first step to move this project forward. We look forward to starting this process and keeping the board and the community apprised of our progress," Central Health President and CEO Mike Geeslin said in a prepared statement.
Board member Clark Hiedrick said the approval of a master developer allows negotiations to begin but an approved plan for the property's redevelopment is still far off.
"We want to take our time and make a good, long term decision for the benefit of the mission of our organization and the community we live in. If it takes us a while, it takes us a while," Heidrick said. "We don't necessarily have to make any agreement. If there's no good agreement to be made, we won't make it."
Demolition will not begin for another six months to a year, according to the official statement. New construction will not start for another two to three years.