The Indian River Hospital District has finalized a 20-year lease-to-own agreement with the Edward Via College of Osteopathic Medicine (VCOM) to create a medical education campus in Vero Beach. The agreement, reached after over a year of negotiations, will develop a five-acre site next to Cleveland Clinic Indian River Hospital, which includes a three-story building formerly occupied by the Visiting Nurse Association. Although the building is old and in disrepair, its proximity to the hospital makes it a suitable location for medical education.

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. VCOM is responsible for all renovations and improvements to the property, which will be used as a basis for exercising their option to purchase the property once these milestones are met.

For the first decade, VCOM will not pay rent but has committed to investing at least $5 million in property upgrades. This investment aims to enhance local healthcare and attract new doctors to Vero Beach. Indian River County Hospital District Executive Director Frank Isele expressed enthusiasm about the partnership, highlighting its potential to boost medical education and strengthen the local healthcare workforce.

VCOM, headquartered in Virginia with additional campuses in South Carolina, Alabama, and Louisiana, has a track record of producing doctors who serve in rural or underserved areas. This collaboration with Cleveland Clinic reflects a shared vision to improve healthcare access in the community, as noted by Indian River County Hospital District Chair Marybeth Cunningham. Although VCOM has no plans for student housing on the site, a resident’s lounge is included in the plans for student use.

Source:  Vero News