In total, the project will add 80,373 square feet of new space and renovate 8,837 square feet of existing space.
The 366,036-square-foot property houses 377 units.
Under the lease, which starts on October 1, VCOM must establish a campus for third- and fourth-year medical students by 2026 and a fully accredited four-year medical school by 2027. Additionally, a residency program at Cleveland Clinic Indian River Hospital must be operational by 2030.
The reason MPT agreed to let the Orlando Health stand as the “stalking horse bid” is that the parties have until October to settle on a final allocation of hospital assets – meaning that the successful bidder, Steward and MPT must sit down after the Sept. 10 auction to work out the division of the proceeds.
The $2.49 billion cash purchase will give McKesson about 70% ownership of Community Oncology Revitalization Enterprise Ventures, LLC (Core Ventures).