Lake Nona - Medical City

[jrs2]

12 hours ago, spenser1058 said:

I could go into all the reasons why places like Nona, Baldwin Park, Celebration, etc., strike me as sterile (I like places that grow organically, not ones that are master planned from a spreadsheet to maximize the profits of an out of town developer); however, I’ll make it even more basic. Joe Lewis is one of those who encouraged Buddy to run the bulldozers at Church and Orange. That shows a stunning lack of concern for the community’s desires.

We also won’t get into the sprawl that Nona has engendered - at least Baldwin Park was an infill project.

I know many of those things don’t matter if your family hasn’t been a part of this place for a very long time but to me, they’re huge. Nona exists, you seem pleased with it, so I hope you’ll be happy there. There’s no way I ever could be. 

Ah, but so is Lake Nona Medical City (infill)...

think about it...it was a swath of undeveloped city property, right?  Now, for the sake of the city, Laureate Park and everything else adjacent is infill for the city tax base, much like the Millennia area was.  Medical City just happens to be out in BFE.  

[Urbo]

On 7/6/2021 at 9:15 PM, spenser1058 said:

I could go into all the reasons why places like Nona, Baldwin Park, Celebration, etc., strike me as sterile (I like places that grow organically, not ones that are master planned from a spreadsheet to maximize the profits of an out of town developer); however, I’ll make it even more basic. Joe Lewis is one of those who encouraged Buddy to run the bulldozers at Church and Orange. That shows a stunning lack of concern for the community’s desires.

We also won’t get into the sprawl that Nona has engendered - at least Baldwin Park was an infill project.

I know many of those things don’t matter if your family hasn’t been a part of this place for a very long time but to me, they’re huge. Nona exists, you seem pleased with it, so I hope you’ll be happy there. There’s no way I ever could be. 

Ideally, I wish all cities had the urban fabric of Washington D.C. One of the greatest urban design achievements in the world.  But even the great American city has sprawl. If I had one wish, just one, I wish J.H. Crawford's Carfree Design Manual would be standard development practice for new communities. I think if there is one thing we all should agree on, its that the car is the biggest enemy to urbanism. Unfortunately, as a society we've become dependent on and indebted to the car. And its here to stay for the foreseeable future. Add in the poor street network, lack of public transportation, and highways running through and around many major cities in American, sprawl has become catastrophic tragedy that we can't get rid of. Which is the root to why neighborhoods like Lake Nona exists. I wish Lake Nona was developed more like Arlington in Northern Virginia. But I think Lake Nona will develop into a more urban and dense place than most people think.

If we have to separate the urban theory and philosophy, and get down to real estate development there is a demand for housing outside of central city, and there always was and will always be that demand for whatever the reason (villages and hamlets). For a developer, two impediments to business are red tape and NIMBYism. And there are many people that live in the central city and urban neighborhoods, who are not urbanist and impede positive urban development. And a Planned Development is much less painful than a revitalization project that requires assemblage, more bureaucracy and the pleasing of 1000s of residents that hate the word density.  Developers are honestly boxed into suburban development rather than taking the risk of building a high-rise in the city that may send them to filing a chapter 11.

I disagree with the lack of concern for the community's desires from Tavistock (not negating any mistake they may have made in another community). Yes they want to maximize profits but it also seems that have a deep interest and commitment to community and design. They run over 1000 events each year, bring people together in many ways and residents feel a very strong sense of community living in Laureate Park. Residents can safely walk or Bike to parks, trails, multiple schools, a daycare, small market, multiple restaurants and bars, a state of the art Gym, multiple hospitals, a hotel, and most importantly jobs (its reasonable to bike to publix or even walk if you live in the back of Laureate Park). They can even hop on a form of public transportation in the Autonomous shuttle fleet (which is free lol). Out of the top 20 best selling master planned communities, Lake Nona is by far the most innovative community and urban in aesthetic and function. Its one of the best that Central Florida and the market has currently allowed. If the discussion is around the greatest urban cities and developments in the world,  Orlando is no where in the conversation, let alone Lake Nona. But if you take all of these things into consideration i think Lake Nona is much more forward-thinking, creative, and exciting than many urbanist in Orlando give it credit for.

 

 

[prahaboheme]

13 hours ago, Urbo said:

Ideally, I wish all cities had the urban fabric of Washington D.C. One of the greatest urban design achievements in the world.  But even the great American city has sprawl. If I had one wish, just one, I wish J.H. Crawford's Carfree Design Manual would be standard development practice for new communities. I think if there is one thing we all should agree on, its that the car is the biggest enemy to urbanism. Unfortunately, as a society we've become dependent on and indebted to the car. And its here to stay for the foreseeable future. Add in the poor street network, lack of public transportation, and highways running through and around many major cities in American, sprawl has become catastrophic tragedy that we can't get rid of. Which is the root to why neighborhoods like Lake Nona exists. I wish Lake Nona was developed more like Arlington in Northern Virginia. But I think Lake Nona will develop into a more urban and dense place than most people think.

If we have to separate the urban theory and philosophy, and get down to real estate development there is a demand for housing outside of central city, and there always was and will always be that demand for whatever the reason (villages and hamlets). For a developer, two impediments to business are red tape and NIMBYism. And there are many people that live in the central city and urban neighborhoods, who are not urbanist and impede positive urban development. And a Planned Development is much less painful than a revitalization project that requires assemblage, more bureaucracy and the pleasing of 1000s of residents that hate the word density.  Developers are honestly boxed into suburban development rather than taking the risk of building a high-rise in the city that may send them to filing a chapter 11.

I disagree with the lack of concern for the community's desires from Tavistock (not negating any mistake they may have made in another community). Yes they want to maximize profits but it also seems that have a deep interest and commitment to community and design. They run over 1000 events each year, bring people together in many ways and residents feel a very strong sense of community living in Laureate Park. Residents can safely walk or Bike to parks, trails, multiple schools, a daycare, small market, multiple restaurants and bars, a state of the art Gym, multiple hospitals, a hotel, and most importantly jobs (its reasonable to bike to publix or even walk if you live in the back of Laureate Park). They can even hop on a form of public transportation in the Autonomous shuttle fleet (which is free lol). Out of the top 20 best selling master planned communities, Lake Nona is by far the most innovative community and urban in aesthetic and function. Its one of the best that Central Florida and the market has currently allowed. If the discussion is around the greatest urban cities and developments in the world,  Orlando is no where in the conversation, let alone Lake Nona. But if you take all of these things into consideration i think Lake Nona is much more forward-thinking, creative, and exciting than many urbanist in Orlando give it credit for.

 

 

Welcome to the forum -- please post more.

[IAmFloridaBorn]

According to Orlando Sentinel, The Disney company will be putting 2000 employees in Lake Nona! Huge news for Orlando's 

 

New Disney campus at Lake Nona in Orlando will house 2,000+ employees relocating from California
https://www.orlandosentinel.com/business/os-bz-disney-campus-lake-nona-jobs-20210715-ypmcypufezfvxpklfnelho6swa-story.html

[KJHburg]

From the Orlando Biz Journal:  this is FANTASTIC NEWS for metro Orlando 

The Walt Disney Co. has confirmed it will relocate roughly 2,000 jobs from its California headquarters to Lake Nona throughout the next 18 months, a master-planned community in southeast Orlando.

Initially, the Disney campus will be home to imagineers and other professionals, but a specific site in Lake Nona has not been identified. The campus is expected to be a new building. A size wasn't immediately known.

Most of the relocating professional roles will be related to Disney's Parks, Experiences and Products division — which include theme parks — who are not fully dedicated to the Disneyland Resort. Walt Disney Co.'s headquarters will remain in California and the relocating jobs will represent less than 5% of the total number of Disney jobs in California.

“This new project will create a dynamic environment to support our expanding business — a brand-new regional campus which will be built in the vibrant Lake Nona community of Orlando,” said Josh D’Amaro, chairman of Disney Parks, Experiences and Products.

D’Amaro said the move is partially due to Florida’s business-friendly climate. “This new regional campus gives us the opportunity to consolidate our teams and be more collaborative and impactful both from a creative and operational standpoint.”

[JFW657]

Wait till those Californians get their first taste of our Florida summer weather.

The daily insane thunderstorms, withering heat and the humid, pea soup air.  

[jrs2]

3 hours ago, JFW657 said:

Wait till those Californians get their first taste of our Florida summer weather.

The daily insane thunderstorms, withering heat and the humid, pea soup air.  

pea soup!

[KJHburg]

Dont worry the Californians will be in houses twice the size of their homes in SoCal and be inside their Air Conditioned castle.  I am sure most are going to jump at the chance to move to FL and their skin won't be so dry!  What they will miss is an In N Out Burger.

 

[Urbo]

 

Very interesting design shown in some new renderings of The Wave Hotel! Including the new restaurant Bacán which will feature an elevated open theater kitchen. And a well designed lobby bar. Exciting additions to Lake Nona.

[Urbo]

 

The Mixed-Use office building at 13495 Veterans Way has been going vertical for months now and the building should be delivered by Spring of 2022.  The 68,398 square foot five-story building will have street level retail and four levels of "boutique" office space above. Good to see more retail and office in the town center to create more foot traffic and activity. Great design from a Architectural and urban design perspective. The Woonerf has proven successful and will likely be implement in the street design around the The Wave Hotel and other parts of the town center. This pattern of development continues to add to the urban feel in Lake Nona.

 

[Urbo]

 

 

One Performance Plaza will further Lake Nona's Medical, Sports and Wellness brand. This will be a modern "medically-integrated sports, performance and rehabilitation center. " This building will have direct access and be connected to the freshly delivered 127,000 square-foot Lake Nona Performance Club (fitness center). One Performance Plaza will have 152,000 sq feet of Class A medical office space spread across six levels. And a separate 12,00 SF one story retail space which will have a collection of retailers centered around well-being and fitness. A unique design choices especially with the facade. The plaza will add to the pedestrian oriented environment within the town center. A great addition for Lake Nona. Continuing to show their deep commitment to building a community around Health and Wellness.

Edited July 17, 2021 by Urbo

[jrs2]

On 7/17/2021 at 1:36 AM, Urbo said:

 

The Mixed-Use office building at 13495 Veterans Way has been going vertical for months now and the building should be delivered by Spring of 2022.  The 68,398 square foot five-story building will have street level retail and four levels of "boutique" office space above. Good to see more retail and office in the town center to create more foot traffic and activity. Great design from a Architectural and urban design perspective. The Woonerf has proven successful and will likely be implement in the street design around the The Wave Hotel and other parts of the town center. This pattern of development continues to add to the urban feel in Lake Nona.

 

I really like this project.  I drove by there and saw the construction wall.  I couldn't believe they were building a building of that height with such a small footprint.  I love it.  I wish they could do that in downtown.  They do that kind of thing in Manhattan all the time.

[KJHburg]

This is what the Orlando Biz Journal reporting tonight.   And correct me if I am wrong this is the biggest corporate  relocation to Central Florida ever! 

""A site was not identified on application documents, but the company expects to own, construct and operate a roughly 300,000- to 400,000-square-foot campus. Disney said it expects the campus to require an estimated $240 million in capital investment to construct over a three-year period.  Disney expects the total capital investment for the campus to be $864 million, including $624 million for other equipment such as computers and office furniture at the campus. In the tax incentive documents, Disney said the cost of the campus could exceed current projections.  Executives with Lake Nona developer Tavistock Development Co. and Disney were not available for comment.  Most of the relocating professional roles will be related to Disney's Parks, Experiences and Products division — which include theme parks — who are not fully dedicated to the Disneyland Resort. Disney said the average annual wage for positions is $120,000.""

2000 jobs at $120K average salary is just great for the Orlando metro. 

Disney to invest $864 million for campus in Orlando's Lake Nona community, seeks economic incentives - Orlando Business Journal (bizjournals.com)

[jrs2]

On 7/21/2021 at 7:38 PM, KJHburg said:

This is what the Orlando Biz Journal reporting tonight.   And correct me if I am wrong this is the biggest corporate  relocation to Central Florida ever! 

""A site was not identified on application documents, but the company expects to own, construct and operate a roughly 300,000- to 400,000-square-foot campus. Disney said it expects the campus to require an estimated $240 million in capital investment to construct over a three-year period.  Disney expects the total capital investment for the campus to be $864 million, including $624 million for other equipment such as computers and office furniture at the campus. In the tax incentive documents, Disney said the cost of the campus could exceed current projections.  Executives with Lake Nona developer Tavistock Development Co. and Disney were not available for comment.  Most of the relocating professional roles will be related to Disney's Parks, Experiences and Products division — which include theme parks — who are not fully dedicated to the Disneyland Resort. Disney said the average annual wage for positions is $120,000.""

2000 jobs at $120K average salary is just great for the Orlando metro. 

Disney to invest $864 million for campus in Orlando's Lake Nona community, seeks economic incentives - Orlando Business Journal (bizjournals.com)

not to derail this great news for Lake Nona, b/c the hits just keep on coming...

but...imagine if Darden, Advent Health, and Disney all invested in downtown Orlando and built office space for their new offices...instead of going to the 'burbs.  Granted, The City still makes out here b/c that's city limits property...

say what one will about Chicago, but they just keep on developing their downtown with new office space; new towers housing big companies' offices.  that's a priority for City Hall and as a result more cranes, more business, more people.   

[spenser1058]

It is interesting to ponder Jeff Vinik going all in (along with Bill Gates) on downtown Tampa while Joe Lewis chose to make his stand at Lake Nona.

Also interesting is that Vinik moved his family to Tampa and has become deeply involved in the city while Lewis sold his $17,000,000 manse in Isleworth and has mostly remained aloof from goings on in town.

Maybe if Lewis had ended up with the Magic or the Lions? Perhaps, but we’ll probably never know. It is an interesting comparison, nevertheless.

Edited July 26, 2021 by spenser1058

[AmIReal]

On 7/21/2021 at 7:38 PM, KJHburg said:

And correct me if I am wrong this is the biggest corporate  relocation to Central Florida ever!

Yes it is. Of course a few have since outgrown it (after their original transplant), but this is a BFD.

[jack]

51 minutes ago, spenser1058 said:

It is interesting to ponder Jeff Vinik going all in (along with Bill Gates) on downtown Tampa while Joe Lewis chose to make his stand at Lake Nona.

Also interesting is that Vinik moved his family to Tampa and has become deeply involved in the city while Lewis sold his $17,000,000 manse in Isleworth and has mostly remained aloof from goings on in town.

Maybe if Lewis had ended up with the Magic or the Lions? Perhaps, but we’ll probably never know. It is an interesting comparison, nevertheless.

I don't know if it would have made a difference. Lewis is very private and is never here in the city. Also, he bought Lake Nona and Isleworth which is why he kept investing in those areas. Vinik is a different generation and was determined to make a splash in Tampa. 

[Urbo]

6 hours ago, jrs2 said:

not to derail this great news for Lake Nona, b/c the hits just keep on coming...

but...imagine if Darden, Advent Health, and Disney all invested in downtown Orlando and built office space for their new offices...instead of going to the 'burbs.  Granted, The City still makes out here b/c that's city limits property...

say what one will about Chicago, but they just keep on developing their downtown with new office space; new towers housing big companies' offices.  that's a priority for City Hall and as a result more cranes, more business, more people.   

I honestly think Lake Nona can play a positive role in the redevelopment of downtown in the long term (Think how Silicon Valley originated from the high tech companies establishing around San Jose and Santa Clara, then moved northern to San Francisco ). Lake Nona is building a hub for innovation and high technology, which is attracting a lot of capital, talent, and expertise to the area. The more this cluster grows it will eventually spread to other parts of the region and spur the infusion of capital and innovation in Downtown Orlando.  But at the moment, It just doesn't seem that the majority of the people and politics in Downtown Orlando is as progressive and forward thinking in urban development as major cities like Chicago. The planning department doesn't appear to have spent the time developing an innovative comprehensive plan to layout a vision and get residents and businesses on board. And the infrastructure of the Airport and what Lake Nona is accomplishing with the development of the most advanced Aerotropolis in the US, is far more superior and attractive than the infrastructure of SunRail and Lynx, and any attempt at Transit-Oriented Development we've seen in Downtown Orlando.

I totally agree with your point about making it a priority. The City has to prioritize urban development and take a revolutionary step forward. Miami did it back in 2005 with the launch of Miami 21 , they totally revamped their zoning, embraced new planning trends, which resulted in gaming-changing developments like the Design District, Brickell City Center,  Midtown Miami, and Miami World Center. And now Miami's urban core has been seeing a renaissance in development over the past decade. Finger's crossed we will see the change in the future for Orlando, but for now I'm appreciative of what Lake Nona has to offer.

[Urbo]

It appears a long awaited apartment close to Lake Nona Town Center (adjacent to Landon House apartments and across the street from Pixon apartments) could begin development soon. Tavistock is currently seeking approvals for height increases throughout the entire master plan which would likely change the design and concept of the project (earlier renderings of the original plans are below). Hopefully this development will kick start more residential development in the urban district adjacent to the Town Center. Pixon has proven there is a high demand for mid rise, mixed use, urban style multifamily projects. OBJ article listed below

Exclusive: 16-story apartment tower may rise in Lake Nona

Jul 27, 2021, 10:20am EDTA

Southeast Orlando's Lake Nona — one of the best-selling U.S. communities — soon may see a new apartment tower.

Lake Nona developer Tavistock Development Co. LLC is in early discussions to develop a 16-story multifamily project east of LandonHouse and north of Tavistock Lakes Boulevard, Tavistock spokeswoman Karlee Kunkle told Orlando Business Journal.

There's no official construction timeline as the project is still in early development phases.

"I definitely think it could work, given that location," said apartment expert Scott Ramey, senior managing director of New York-based real estate brokerage Newmark Knight Frank, who isn't involved with the proposed development.

There has been discussions for years about a potential apartment project on the site. In December 2018, Tavistock was planning an 11-story, 450-unit apartment complex at 7042 Lake Nona Blvd., as previously reported by OBJ.

The apartment project is among dozens of commercial and residential projects planned in and around the fast-growing Lake Nona community. For example, Walt Disney Co. revealed plans July 15 to relocate roughly 2,000 jobs to Lake Nona, which will be an economic generator for the area, experts say.

These projects are important because they create jobs, opportunities for subcontractors and vendors, and serve Lake Nona's growth.

The Lake Nona apartment submarket's average vacancy rate is 4.2%, which is lower than the Orlando-area average of 6%, according to CoStar Group research. In addition, the submarket's average rent is $1,894 per unit, the highest of all Orlando area submarkets, compared with the Orlando-area average of $1,514 per month. Those metrics show the demand for Lake Nona apartments.

In fact, Tavistock's Pixon apartment community had a waiting list for some units when it opened in mid-2019.

Lake Nona has roughly 260 apartments under construction as of second-quarter 2021, CoStar Group reported. In addition, the submarket saw an 18.1% increase in rent year-over-year, which was second-highest in Orlando behind Windermere.

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http://media.bizj.us/view/img/12063753/screen-shot-2021-07-26-at-24944-pm*750xx.png

  

[jrs2]

4 hours ago, Urbo said:

It appears a long awaited apartment close to Lake Nona Town Center (adjacent to Landon House apartments and across the street from Pixon apartments) could begin development soon. Tavistock is currently seeking approvals for height increases throughout the entire master plan which would likely change the design and concept of the project (earlier renderings of the original plans are below). Hopefully this development will kick start more residential development in the urban district adjacent to the Town Center. Pixon has proven there is a high demand for mid rise, mixed use, urban style multifamily projects. OBJ article listed below

Exclusive: 16-story apartment tower may rise in Lake Nona

Jul 27, 2021, 10:20am EDTA

Southeast Orlando's Lake Nona — one of the best-selling U.S. communities — soon may see a new apartment tower.

Lake Nona developer Tavistock Development Co. LLC is in early discussions to develop a 16-story multifamily project east of LandonHouse and north of Tavistock Lakes Boulevard, Tavistock spokeswoman Karlee Kunkle told Orlando Business Journal.

There's no official construction timeline as the project is still in early development phases.

"I definitely think it could work, given that location," said apartment expert Scott Ramey, senior managing director of New York-based real estate brokerage Newmark Knight Frank, who isn't involved with the proposed development.

There has been discussions for years about a potential apartment project on the site. In December 2018, Tavistock was planning an 11-story, 450-unit apartment complex at 7042 Lake Nona Blvd., as previously reported by OBJ.

The apartment project is among dozens of commercial and residential projects planned in and around the fast-growing Lake Nona community. For example, Walt Disney Co. revealed plans July 15 to relocate roughly 2,000 jobs to Lake Nona, which will be an economic generator for the area, experts say.

These projects are important because they create jobs, opportunities for subcontractors and vendors, and serve Lake Nona's growth.

The Lake Nona apartment submarket's average vacancy rate is 4.2%, which is lower than the Orlando-area average of 6%, according to CoStar Group research. In addition, the submarket's average rent is $1,894 per unit, the highest of all Orlando area submarkets, compared with the Orlando-area average of $1,514 per month. Those metrics show the demand for Lake Nona apartments.

In fact, Tavistock's Pixon apartment community had a waiting list for some units when it opened in mid-2019.

Lake Nona has roughly 260 apartments under construction as of second-quarter 2021, CoStar Group reported. In addition, the submarket saw an 18.1% increase in rent year-over-year, which was second-highest in Orlando behind Windermere.

---

 

http://media.bizj.us/view/img/12063753/screen-shot-2021-07-26-at-24944-pm*750xx.png

  

wow. nice project.  adds a lot of "bulk" to an already centralized dense development.

[Urbo]

Lake Nona lands another HQ relocation and continuing to further its brand of Medical City. Lake Nona is continuing to gain momentum and its exciting to see. With big players like Disney and Russell Wilson (a literal big player) having their eyes on Lake Nona, this will only continue to push Lake Nona to the national spotlight. In addition to numerous corporate relocations such is InnovaCare, Beep, and more to come, it seems like we are still just at the beginning of what Lake Nona will become. Check out the OBJ artcile for InnovaCare Health relocation.

New York-based InnovaCare Health to move HQ to Orlando’s Lake Nona, create high-wage local jobs

Jul 29, 2021, 10:51am EDT

 

After being approved for economic development incentives, InnovaCare Health Inc. on July 29 announced its decision to move its headquarters from White Plains, New York, to the Lake Nona Town Center in Orlando. The move will create 60 local high-wage jobs that will pay four times the average wage in Orange County.

The company will lease a dedicated floor of about 22,000 square feet at 6900 Tavistock Lakes Blvd. InnovaCare's local capital investment tied to the new leased office space is estimated at $700,000. The company was represented by Todd Davis of Cushman & Wakefield and the landlord was represented by Ginger Vetter of Lake Nona developer Tavistock Development Co.

The firm’s headquarters includes the executive and market leadership, business development, human resources, information technology, actuarial, risk adjustment and more. InnovaCare Health now is hiring in metro Orlando, with open positions listed at InnovaCareCareers.com.

“As Florida becomes a key market for our growing management services organization and other important partnerships, having a location in the heart of the state is hugely beneficial to our growth strategy,” said InnovaCare Health President and CEO Dr. Richard Shinto in a prepared statement.

The cultural amenities, medical ecosystem and community assets of Lake Nona were part of what drew InnovaCare to relocate its headquarters, he added. Other important factors for the decision included the cost of doing business, cost of living for its employees, quality of life and workforce availability.

The company also was awarded the STRIVE Orlando program by the city to help offset the company’s initial upfront costs of moving its headquarters location. As part of the incentives deal, the city will pay out $87,000 to InnovaCare — or up to $1,500 per new job created — over seven years from fiscal 2021-2022 through 2027-2028. In return, InnovaCare will create 58 new jobs by Dec. 31, 2025. The jobs will pay a median wage of $179,124, which is more than 200% of the national median wage of $40,300, plus additional benefits.

InnovaCare Health owns InnovaCare Partners, a subsidiary created in November that operates more than 30 clinics statewide treating more than 250,000 patients annually. The Central Florida division of InnovaCare Partners, which has an office in Altamonte Springs, oversees the operations and management of Orlando Family Physicians and Trinity Medical Group.

InnovaCare’s relocation and expansion comes on the heels of several newly-announced partnerships within its growing network of health care providers and clinics in Florida, including Family Care Partners.

The Orlando Economic Partnership worked with the city of Orlando to make the business case for the company’s headquarters relocation and helped InnovaCare with its incentive application.

Meanwhile, the deal with InnovaCare shows the strength of the Lake Nona office market. In recent months, other companies have decided to open offices in and around Lake Nona, including Burbank, California-based The Walt Disney Co. (NYSE: DIS).

Lake Nona's high-end office space, shops, restaurants and more make it an attractive place for office users. "It's a great community," previously said Matthew McKeever, executive managing director with Colliers International Central Florida, who wasn't involved in the InnovaCare deal.

The airport/Lake Nona office submarket is a hot one. Its average asking Class A office rent is among Central Florida's highest at $29.99 per square foot, compared with the overall Orlando-area average of $27.90 per square foot, Cushman & Wakefield PLC (NYSE: CWK) reported. The submarket's average office vacancy rate is 8.5%, compared with metro Orlando's average of 11.7%. Both of those figures show demand for office space.

[prahaboheme]

11 hours ago, Urbo said:

Lake Nona lands another HQ relocation and continuing to further its brand of Medical City. Lake Nona is continuing to gain momentum and its exciting to see. With big players like Disney and Russell Wilson (a literal big player) having their eyes on Lake Nona, this will only continue to push Lake Nona to the national spotlight. In addition to numerous corporate relocations such is InnovaCare, Beep, and more to come, it seems like we are still just at the beginning of what Lake Nona will become. Check out the OBJ artcile for InnovaCare Health relocation.

 

 

New York-based InnovaCare Health to move HQ to Orlando’s Lake Nona, create high-wage local jobs

Jul 29, 2021, 10:51am EDT

 

After being approved for economic development incentives, InnovaCare Health Inc. on July 29 announced its decision to move its headquarters from White Plains, New York, to the Lake Nona Town Center in Orlando. The move will create 60 local high-wage jobs that will pay four times the average wage in Orange County.

The company will lease a dedicated floor of about 22,000 square feet at 6900 Tavistock Lakes Blvd. InnovaCare's local capital investment tied to the new leased office space is estimated at $700,000. The company was represented by Todd Davis of Cushman & Wakefield and the landlord was represented by Ginger Vetter of Lake Nona developer Tavistock Development Co.

The firm’s headquarters includes the executive and market leadership, business development, human resources, information technology, actuarial, risk adjustment and more. InnovaCare Health now is hiring in metro Orlando, with open positions listed at InnovaCareCareers.com.

“As Florida becomes a key market for our growing management services organization and other important partnerships, having a location in the heart of the state is hugely beneficial to our growth strategy,” said InnovaCare Health President and CEO Dr. Richard Shinto in a prepared statement.

The cultural amenities, medical ecosystem and community assets of Lake Nona were part of what drew InnovaCare to relocate its headquarters, he added. Other important factors for the decision included the cost of doing business, cost of living for its employees, quality of life and workforce availability.

The company also was awarded the STRIVE Orlando program by the city to help offset the company’s initial upfront costs of moving its headquarters location. As part of the incentives deal, the city will pay out $87,000 to InnovaCare — or up to $1,500 per new job created — over seven years from fiscal 2021-2022 through 2027-2028. In return, InnovaCare will create 58 new jobs by Dec. 31, 2025. The jobs will pay a median wage of $179,124, which is more than 200% of the national median wage of $40,300, plus additional benefits.

InnovaCare Health owns InnovaCare Partners, a subsidiary created in November that operates more than 30 clinics statewide treating more than 250,000 patients annually. The Central Florida division of InnovaCare Partners, which has an office in Altamonte Springs, oversees the operations and management of Orlando Family Physicians and Trinity Medical Group.

InnovaCare’s relocation and expansion comes on the heels of several newly-announced partnerships within its growing network of health care providers and clinics in Florida, including Family Care Partners.

The Orlando Economic Partnership worked with the city of Orlando to make the business case for the company’s headquarters relocation and helped InnovaCare with its incentive application.

Meanwhile, the deal with InnovaCare shows the strength of the Lake Nona office market. In recent months, other companies have decided to open offices in and around Lake Nona, including Burbank, California-based The Walt Disney Co. (NYSE: DIS).

Lake Nona's high-end office space, shops, restaurants and more make it an attractive place for office users. "It's a great community," previously said Matthew McKeever, executive managing director with Colliers International Central Florida, who wasn't involved in the InnovaCare deal.

The airport/Lake Nona office submarket is a hot one. Its average asking Class A office rent is among Central Florida's highest at $29.99 per square foot, compared with the overall Orlando-area average of $27.90 per square foot, Cushman & Wakefield PLC (NYSE: CWK) reported. The submarket's average office vacancy rate is 8.5%, compared with metro Orlando's average of 11.7%. Both of those figures show demand for office space.

Talk about a handout.
 

[Urbo]

8 hours ago, prahaboheme said:

Talk about a handout.
 

The cost of doing business is another way of looking at it.

[jrs2]

9 hours ago, prahaboheme said:

Talk about a handout.
 

Just remember the power play JetBlue pulled with NYC when it threatened to move to ORL a few years ago.  It's like NFL free agency, except here it's a company not a player.

42 minutes ago, Urbo said:

The cost of doing business is another way of looking at it.

all those companies that have been moving into downtown Chicago the past 20 years...I mean...like City Hall wasn't ponying up major mula to get those moves to take place which has been the catalyst for so many new office building in and around The LOOP, namely, along the Wacker Drive corridor.  It is just amazing what's been built up there during that time.

[Alleri459]

On 7/26/2021 at 10:35 PM, Urbo said:

I honestly think Lake Nona can play a positive role in the redevelopment of downtown in the long term (Think how Silicon Valley originated from the high tech companies establishing around San Jose and Santa Clara, then moved northern to San Francisco ). Lake Nona is building a hub for innovation and high technology, which is attracting a lot of capital, talent, and expertise to the area. The more this cluster grows it will eventually spread to other parts of the region and spur the infusion of capital and innovation in Downtown Orlando.  But at the moment, It just doesn't seem that the majority of the people and politics in Downtown Orlando is as progressive and forward thinking in urban development as major cities like Chicago. The planning department doesn't appear to have spent the time developing an innovative comprehensive plan to layout a vision and get residents and businesses on board. And the infrastructure of the Airport and what Lake Nona is accomplishing with the development of the most advanced Aerotropolis in the US, is far more superior and attractive than the infrastructure of SunRail and Lynx, and any attempt at Transit-Oriented Development we've seen in Downtown Orlando.

I totally agree with your point about making it a priority. The City has to prioritize urban development and take a revolutionary step forward. Miami did it back in 2005 with the launch of Miami 21 , they totally revamped their zoning, embraced new planning trends, which resulted in gaming-changing developments like the Design District, Brickell City Center,  Midtown Miami, and Miami World Center. And now Miami's urban core has been seeing a renaissance in development over the past decade. Finger's crossed we will see the change in the future for Orlando, but for now I'm appreciative of what Lake Nona has to offer.

In early 2020 there were plans in discussion with higher level planners in Orange County to transition into a form-based code countywide, similar to what has been done in Miami with Miami 21. I am sure there has been either a delay or pause, but that approach to zoning is very likely a thing to occur here in the future. Maybe once Orange County adopts form-based code the City or Orlando would follow with a similar model.