The Foundation wants to lease out the site for at least 50 years, or the life of the development, which would comprise first-floor commercial space and upper floor apartments. The Foundation is acting as steward for the land which is owned by the hospital.
By leasing rather than selling the land, the Foundation anticipates generating annual revenue of about $48,000 to $72,000 and possibly up to $125,000, local brokers in a position to know tell GlobeSt.com.
The hospital would use some of the lease revenue to fund its $25-million-a-year indigent care caseload and to establish the Lake Eustis Institute, an educational center that would provide academic, cultural and recreational classes for area residents.
A six-story, 204-bed, 500,000-sf, $129-million hospital replaced the 182-bed Waterman complex in August 2003. The new site, on US 441 in Tavares, FL, is nine miles from the Downtown Eustis location and 30 miles northwest of Downtown Orlando.
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