Hospital Contracts for 40 Acres

POINCIANA, FL-Osceola Regional Medical Center has contracted with Coral Gables-based Avatar Properties Inc. to buy a 40-acre tract to build a 120-acute care bed facility in the center of this 31-year-old community of 57,000 residents. The town is about 40 miles southeast of Walt Disney World and 60 miles south of Downtown Orlando.

The general hospital will be the first of its kind in Poinciana. Osceola Regional has submitted a Certificate of Need to the state, emphasizing the nearest hospital to Poinciana residents is its own 235-bed property in Kissimmee, 20 miles north of Poinciana.

Tony Iorio, Avatar’s vice president of land development at the 1,545-acre Poinciana Office & Industrial Park, tells GlobeSt.com the contract price for the land is “not available at this time.” However, Orlando area industrial brokers familiar with this submarket tell GlobeSt.com the dirt will probably go for about $300,000 per acre ($6.88 per sf), or an estimated aggregate price in the $12-million range.