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Lake County Developments

Olympus developer closes deal for $100M medical campus

Olympus developer Mike Carroll has 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 last Friday for a 6-acre site with direct frontage on U.S. 27 at the future Epic Boulevard. The developer 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.

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Carroll told GrowthSpotter the medical facilities alone should create 325 new permanent jobs and at least as many ancillary jobs. The city of Clermont has approved the submitted site plan, and HTA elected to close early on the property, he said.

“They’re ready to get going as soon as possible,” Carroll said.

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HTA is the largest dedicated owner and operator of medical office buildings in the United States, with a portfolio comprising approximately 25.3 million square feet of gross leasable area, with $7.5 billion invested primarily in MOBs. The company is also in the process of merging with Healthcare Realty — an $18 billion deal that is expected to close in the third quarter of the year. Once the merger is complete, the REIT will operate a portfolio of 727 properties totaling 44 million square feet.

“The City is thrilled that HTA has chosen Clermont and the Olympus Development for this 175,000 square-foot medical facility,” Mayor Tim Murry said. “Not only will this facility provide quality health care, but it will also provide significant employment opportunities for the residents in the Clermont area.”

The company revealed it has an Orlando-area project in its development pipeline in its 2021 Annual Report, but the location or specifics had not been released until now. A final decision on the anchor tenant will be announced separately.

The MOBs will anchor the Olympus Health & Wellness campus, which was shifted west during the most recent PUD update. Other components include a fitness center, senior housing and an assisted living facility. The campus will be walking distance from the future mixed-use Olympus Town Center, and it will complement the planned Olympus Sports City campus, which has entitlements in place for championship-level venues for tennis, beach volleyball, track and field, aquatics, ice skating/hockey and field sports, as well as a 1,500-seat arena designed to host sports events and concerts.

“Sports medicine will be in the health campus and also in the athlete center,” Carroll said. “The athlete center will function as a combination of performance institute for training elite athletes, a nutritional cafe and an orthopedic center where athletes can undergo treatment and rehab.”

Last year the developer engaged Fetterhoff Company (FCI) to lead the creative architectural design process for Olympus and to manage the recruitment and onboarding process for operating participants within the Olympus sports campus.

Plans for the 243-acre Olympus PUD call for 382,687 square feet of medical office space that will feature spa services and holistic programs as well as centers that provide orthopedic injury diagnosis, rehabilitation services and physiology, nutrition and conditioning programs.

The PUD is also entitled for up to 1,312 hotel rooms; 1,088 residential units (villas, townhomes, apartments and senior); 384,659 square feet of general office space; 225,124 square feet of shopping center/retail space and 44,500 square feet of restaurants.

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“We’ve had a lot of interest in the other multifamily site, and in the 55+ community and the hotels and mixed-use,” Carroll said.

Lake Mary-based Integra Land Company has commenced construction on a 289-unit Class A apartment community called Integra Heights at Olympus at the intersection of U.S. 27 and Olympus Boulevard. Integra Heights will be a 9-building, garden-style development featuring two- and four-story buildings, with a stone-accented exterior and garages. Apartment units will come in a variety of 10-floorplans, ranging from 705 square feet to more than 1300 square feet, with carpeting, vinyl tile flooring, and balconies. Amenities include a clubhouse, fitness center, yoga yard, swimming pool with pavilion, hammock yard, dog park, fire pit, and gated building access.

Just east of the apartment community, David Weekley Homes has closed on a deal for a 40-acre residential village in Olympus. The design style will be neotraditional with front porches and unique elements specifically tailored for Olympus.

“We’ve been building in the Clermont and Winter Garden area for many years, and we’re thrilled to continue bringing high-quality homes here,” said Shad Tome, area president for David Weekley Homes in Orlando. “We’re looking forward to sharing the heightened focus on health and wellness in Olympus in order to bring innovative homes and a more progressive lifestyle to this community.”

David Weekley’s preliminary plans call for 318 homesites, with approximately half allocated for single-family homes and the other half for townhomes. The community is expected to open for sales in mid-2023. Weekley’s section of Olympus will also include an exclusive resort-style pool, dozens of park areas and a network of trails that extend throughout the master-planned community.

Those two projects leave the developer with entitlements for 481 residential units. The PUD allows some flexibility to convert non-residential uses to residential to gain a maximum of 225 additional multifamily units, but Carroll said that’s not his intention. “We’re fine with 1,088 units.”

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G. Brian Wheeler, senior land planner for Clermont, said the Olympus community helps integrate wellness into the core of its development program and aligns with the city’s and county’s vision for the Wellness Way district.

Just east of Olympus, Lennar Homes will develop 1,850 homes and townhomes along Wellness Way. Other homebuilders active in the area include Hanover Family Builders/Landsea and Beazer Homes. Pulte Homes is also under contract for 840 acres in the Wellness Way area, where it plans to build more than 1,250 homes.

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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