Orlando fertility clinic the Center for Reproductive Medicine paid $2.1 million on Tuesday for a 1.36-acre undeveloped parcel in Winter Park, with the group set to break ground in the coming months on a new clinic and surgery center that will be double the size of its current location, Dr. Randall A. Loy told GrowthSpotter.
Loy and Dr. Sharon Jaffe, lead physicians at the clinic, formed an affiliate LLC in September to buy the property, which the center had been eying for its expansion since last year.
Located at 1500 S. Orlando Ave., the property lies directly north of St John's Evangelical Lutheran Church of Orlando and Winter Park, which had been using it for parking.
"We found we had outgrown our current facility since the 1990s, on Pinehurt Avenue adjacent to I-4, so we kept that as a hub but developed some spokes," Loy said Wednesday. "This new property offers the opportunity to double in size, up to 16,000 square feet, and will be mixed use with two operating rooms and an ambulatory surgery center that will serve our needs and other surgeons we invite in. We'll also have our full-service in-vitro fertilization facility."
Loy and his associate have been at work for more than six months on preparing the target property's engineering documents and received approval from Winter Park's City Commission in late July.
The new facility will be a $6 million investment, financed in part with a loan from Bank of America, a lender the clinic has a long-standing relationship with, Loy said.
Loy said building permit applications will be filed soon, with the goal to break ground within a few months and the new clinic opening in First Quarter 2017.
The group's current medical building, located at 3435 Pinehurst Avenue in Orlando, will be marketed for sale some time in 2016 leading up to the 2017 relocation, likely to another physician group, Loy said.
Editors Note: An earlier version of this story posted Wednesday afternoon carried a headline that incorrecly identified the city in which the parcel was purchased.