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Hospital Offers Land-Lease Deal to Developers

EUSTIS, FL-Demolition of the old Florida Hospital Waterman is slated for today and in its place will rise a 20-unit condominium and 20-store retail complex. Revenue from the leases will help fund the new hospital's $25-million-a-year indigent care caseload and to establish the Lake Eustis Institute.

By Alex Finkelstein | Updated on November 10, 2003

EUSTIS, FL-The vacant 65-year-old, five-story, 325,000-sf Florida Hospital Waterman is being demolished today and will be replaced by a 20-unit condominium and 20-store retail complex developed by private investors. Construction is slated to start in February. The 12-acre site is 30 miles northwest of Downtown Orlando.

A six-story, 204-bed, 500,000-sf, $129 million hospital replaced the 182-bed Waterman complex in August. The new site, on US 441 in Tavares, is nine miles from the Downtown Eustis location.

In the past year, hospital trustees have rejected several multi-million-dollar offers from developers to buy the existing Eustis building and the land. Instead, trustees confirm to GlobeSt.com they will remain in control of the property, through a trust, by leasing the tract on 50-year leases at estimated annual land rents of $4,364 per acre to $6,545 per acre. Area brokers tell GlobeSt.com some of the leases may go for $11,364 per acre.

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