The former hotel resort property was developed in 1938 by the heirs of New York's Waterman Fountain Pen Co.

Area construction industry estimators tell GlobeSt.com the price equates to $89.23 per sf, below the estimated current replacement cost of at least $120 per sf for a new seniors multifamily complex, spa, paddleboat dock for dinner cruises and 10,000-sf of retail the California group plans to redevelop on the 14 acre lakefront site.

The city has to sign off on any redevelopment plan but the hospital board has to initially accept or reject the offer. The board has been considering various proposals for the prime Lake Eustis site for the past two years. Eustis is 30 miles northwest of Downtown Orlando.