Plans for the billion-dollar project, to be called Southplace City Center, include revamping the mall and adding nearly 4,400 apartments, a grocery store, a 150-room hotel, medical office space, an amphitheater and walk/bike paths at the site.
Most of the Longwood campus will be redeveloped, leaving two existing medical office buildings to continue offering important services such as cardiology, pulmonology, rehabilitation, general surgery, infectious disease, and urology.
The price equated to $151,102 a unit.
Millennium Management intends to demolish the assisted living facility and neighboring apartments to completely redevelop the site with 276 assisted living beds.
The nonprofit university’s UHealth first announced plans to build a medical center within the 184-acre development in 2019, but the challenges of the Covid-19 pandemic delayed the project.
An unnamed REIT purchased the property for $18.6 million.
The six-story project will feature 94 rooms with 118 beds of assisted living.
The medical office building on the currently-unnamed campus is expected to open sometime in 2024, with the hospital set to open in 2027.
Built in 2018, the 57,650-square-foot property is situated adjacent to the Gulf Coast Medical Center and is occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit.
Healthcare real estate is often referred to as recession proof, and as many industries reduce their commercial footprint, medical groups and physicians are betting big.