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Lake County Developments

AdventHealth scoops up land next to Olympus on Wellness Way

AdventHealth will have a facility with a Wellness Way address after paying $5.75 million for land in Clermont next to the Olympus sports and wellness master-planned community.

The land is part of a 49-acre tract known as Clonts Grove, a former citrus grove at the intersection of U.S. 27 and Wellness Way and across from Lake Louisa.

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Coastal Ridge, an Ohio-based real estate developer, bought the parent parcel from the Clont family on June 2 for $7.35 million ($150,000 per acre) and then split it down the middle, selling the 24 acres closest to U.S.27 to Adventist Health System on June 3.

Daryl Carter and John Evans with Maury L. Carter & Associates and brokered the sale on behalf of the Clont family. Jim Dowd with Dowd Properties brought the buyer. Dowd said Coastal Ridge retained 25 acres.

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The 49-acre Clonts Grove property, which abuts the Olympus Sports, Entertainment and Wellness district, sold for $7.35 million. The site is north of a future $100,000 medical campus, outlined in black.

The City of Clermont annexed the land in 2019 and approved a Comprehensive Plan Amendment assigning a Planned Development land use that entitles the property for 600 multifamily housing units with a density of up to 12 units per acre and a maximum of 152,000 square feet of commercial uses.

The Clonts had signed a Developers Agreement with the city setting the maximum height of any building at 55 feet. The future developer also will be responsible for paying their share of the Wellness Way Area Road Network improvements, including extending and/or widening Wellness Way and Hancock Road.

Clermont Spokeswoman Laurie Windham said the city expects the developer to file a Planned Unit Development zoning application soon.

Officials with Coastal Ridge did not respond to request for comment. The two parties signed an declaration of restrictions that prohibits AdventHealth from building apartments or student housing on its acreage and also restricts Coastal Ridge from developing any type of healthcare facility on its land without written consent from AdventHealth.

AdventHealth spokesman David Breen said they have no immediate plans for the property. The transaction closely follows the recent announcement from neighboring Olympus developer Mike Carroll that he had closed a deal with Arizona-based Healthcare Trust of America (HTA) to build a $100 million medical campus in the Clermont sports and wellness district.

HTA paid $4.2 million in early May for a 6-acre site with direct frontage on U.S. 27 at the future Epic Boulevard, immediately south of the Clonts Grove property. HTA will build 175,000 square feet of medical office space over two phases, with 100,000 square feet in phase 1. The Class A MOB will be designed to accommodate range of medical services — from cardiology and dermatology to endocrinology and orthopedics. HTA also will build a parking garage to serve the two office buildings.

Coastal Ridge operates throughout the U.S. and has about a half-dozen multifamily and student housing assets in Florida, including The Verge in Orlando and on-campus student housing at Florida Polytechnic University in Polk County.

AdventHealth recently completed a Health Park in Clermont with a free-standing emergency center and a 36,000-square-foot medical office building.

Advent Health has expanded its presence in Clermont recently with a new Health Park campus and emergency center on State Road 50 and Citrus Tower Boulevard.

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The non-profit healthcare company also paid $21 million last year for a future hospital site at Hills of Minneola.

“We are committed to providing convenient care close to home, wherever consumers live in Central Florida,” said Kari Vargas, market CEO for West Orange and South Lake counties. “With a fast-growing population and lack of providers, we look forward to offering the residents of South Lake a whole range of exceptional, compassionate care.”

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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