The current goal of the project is to first build a medical office building to set up the fundamentals.
Construction on the planned 60-bed rehab hospital originally was set to start in late 2021 and would have had space to expand.
Palm Medical Center, the primary tenant of the Winter Haven medical office building, leases nearly 19,000 square feet of the property and has six years remaining on its lease with three five-year options to renew.
Baptist won approval to acquire 25 city-owned acres after agreeing to pay $14.3M for the property and to build a 100-bed hospital.
David Vaughan and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private local investor. The buyer, WS Properties of Orange County, LLC, was also procured by Vaughan and Turchi.