Instead, three of the five city commissioners want the hospital board to continue talks with Los Angeles senior housing developer Dream Harvest Inc. which has outlined a $29 million redevelopment plan for the 14-acre Downtown site. The city initially backed the hospital board's plans to demolish the 64-year-old structure if a realistic development plan didn't surface from the private sector.
Favoring the project are Eustis mayor Gwendolyn M. Manning, vice mayor Evelyn H. Smith and commissioner Frank E. Royce. Opposing the Dream Harvest plan are commissioner, Realtor/developer and former mayor Jonnie C. Hale and commissioner John W. Benton.
If Dream Harvest's plans fail, the California developer promises to pay for the estimated $2 million demolition of the building from an insurance policy written into the development plan, city staffers tell GlobeSt.com.
Dream Harvest officials couldn't be reached at GlobeSt.com's publication deadline. But in a presentation to city commissioners, the company plans to develop 220 independent living units, 80 assisted living units, 40 units for Alzheimer patients, 10,000 sf of retail, a spa and a paddleboat dock for dinner cruises.
Cunningham Group of Minneapolis would provide architectural, engineering and general contracting services for the project. Covenant Group of Fort Worth, TX would manage the enterprise. Mick Brokerage and Consulting Inc. of Oklahoma City, OK is the developer's adviser. Dream Harvest hasn't disclosed funding sources for the venture.
Dream Harvest projects the redevelopment will generate annual net income of $3.65 million, based on 93% occupancy. About 150 workers would staff the project.
If the hospital board dismisses the city's request to look at the Dream Harvest proposal again, demolition would tentatively begin in fall 2003 after the 1,100 workers at the 182-bed acute care hospital are transferred to the new $129 million, 204-bed, twin tower hospital on U.S. 441 in Tavares, FL, nine miles north of the old hospital.
The board would sell the old 14-acre site and give the proceeds to a community trust which would solicit bids for redeveloping the property. Area brokers tell GlobeSt.com on condition of anonymity, the 14 acres might generate $2.30 per sf or about $100,000 per acre. That would bring the trust $1.4 million.
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