The property will remain zoned for medical use, with no plans to rezone for other types of development.
Tag Archive for: steward health care
The closure has created immediate challenges for residents in Central Brevard County, particularly in accessing emergency services.
This investment includes building a new hospital at a yet-to-be-revealed location, opening free-standing emergency departments in the northern, central, and southern parts of the county, and establishing new physician offices.
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.
Under two global leases covering all the hospitals, Steward has paid MPT what’s been characterized as unsustainably high rents, which contributed in part to Steward’s financial woes, leading to a May 6 Chapter 11 bankruptcy filing in a Texas federal court.