Orlando Closer to Getting New Bioscience Center and Medical Office Mid-Rise
- Nov 10, 2011
Florida Hospital’s Health Village could be in for a new $55 million bioscience center if developer Windsor Healthcare Equities LLC’s plans move forward. According to the Orlando Business Journal, Windsor Healthcare, a subsidiary of Baltimore-based Wexford Equities LLC, is currently in the final stages of signing a 60-year ground lease with Florida Hospital. After the 60-year period, the facility would become property of Florida Hospital; but, in the meantime, Windsor Healthcare will be in charge of securing tenants and financing construction—either with its own capital or through loans.
Construction costs for the new facility are estimated to be within the $35 to $55 million range, and will include both wet and dry lab capacity, as well as office space. The building will also house Florida Hospital’s thrombosis lab along with its 21 employees, accommodating 12,000 square feet for this function. Construction will begin when pre-leasing reaches 65 percent and it will last 15 months. The developer plans to attract companies that look into translating traditional academic research to the patient bedside, mostly in the areas of cardiology, cancer and diabetes. So far, just one company showed interest in leasing space, but the hospital did not disclose any names.
The new facility will have a positive impact on the community by creating nearly 550 temporary construction jobs and 300 permanent high-wage jobs upon completion, including positions for doctors, pharmacists and researchers.
Carlyle Investments, Inc., a Tampa development firm, is also eyeing the Orlando medical scene for a new seven-story office building near the Orlando Regional Medical Center. The firm plans on developing an 80,028-square-foot medical office building with first-floor retail and a large parking garage to replace the three existing office buildings which are vacant. The development would call for an $8 to $16 million investment. The project is pending approval from the city of Orlando, as the developer has requested the rezoning of the property from medium-intensity office/residential to urban activity center. If approved, the project could break ground by late spring 2012 and be completed by early 2013.