The $60-million expansion taking place at nearby Osceola Regional Hospital is spurring demand for new commercial product, particularly medical offices, the developer says. The site is across the street from Osceola Regional Hospital, 20 miles south of Downtown Orlando and about 15 miles southeast of Walt Disney World.
"The medical office market immediately surrounding Osceola Regional Hospital is above 95% occupancy, with average rents in the $16.50 per-sf, NNN range," Cole tells GlobeSt.com. "With the population of Osceola County quickly growing and the hospital undergoing a large expansion, the demand for doctors and the space to house them increases."
The projected rent range is $21.50 per sf, triple net with a shell sales price of $175 per sf. Cole says the 28,000-sf size of 737 West Oak was limited to its current zoning. "The (83,550-sf) site was built out to its full capacity," Cole says. "This is one of the last remaining sites in the Osceola Regional Hospital corridor available for development."
The developer says there is no competition from comparable projects in the immediate development area of 737 West Oak. The project was two years in the planning stage. Cotter-Ryan is the general contractor. Dale Parsons of Charles H. Parsons Architect PA is designing the building. The project's formal owner/developer of record is Atco Limited Partnership IV.
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