Search
 

Eustis Hospital Seeks Developers for Prime Tract

EUSTIS, FL-The demolition of the 65-year-old, five-story structure is nearing completion on a 12-acre Downtown site where the Lake Eustis Foundation hopes private capital will develop a mixed-use, multi-million-dollar project that will provide lifetime leasing revenue to the Foundation.

By Alex Finkelstein | Updated on January 16, 2004

EUSTIS, FL-The Lake Eustis Foundation thinks it has a deal most developers can’t refuse for its prime 12-acre Downtown tract where the demolition of the 65-year-old, five-story Florida Hospital Waterman is nearing completion.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.