Urban Land Magazine Features Lake Nona
The ULI pub details the creation and innovation at Lake Nona Medical City.
When private investment firm Tavistock Group several years ago wanted to expand Lake Nona, a 7,000-acre (800 ha) master-planned community in central Florida, it sought an unusual anchor—a medical conplex.
Today, Orlando’s Lake Nona Medical City is home to a thriving health and life science cluster that includes hospitals, universities, research institutions, and life science companies. The college of medicine alone is expected to create more than 30,000 local jobs and have a ten-year economic impact of $7.6 billion, according to a study by Arduin, Laffer & Moore Econometrics.
“Lake Nona Medical City should provide major benefits to the community with thousands of new jobs and billions of dollars in construction,” says Jim Zboril, president of Lake Nona Proprty Holdings LLC. ”The financial strength of the Tavistock Group, combined with the strong support of the city of Orlando, has led to the creation of hundreds of construction jobs during the economic downturn as the hospitals, research facilities, university campuses, and schools have been built. In the long run, the Medical City will provide thousands of diverse jobs for Orlando, with people coming into the area from all over the country. Beyond the jobs, Lake Nona Medical City will bring state-of-the-art clinical care, biotech research, and educational facilities.”
Lake Nona highlights how important medical and education economic components are today, says Tom Murphy, ULI senior resident fellow, ULI/Klingbeil Family Chair for Urban Development, and former mayor of Pittsburgh. “Las Vegas gave the Cleveland Clinic over $100 million to locate a facility there,” he notes. “New Orleans is spending $2.2 billion for facilities at Tulane and LSU. Doha in Qatar has given hundreds of millions of dollars to attract universities from around the world to locate campuses there, including Carnegie Mellon University from Pittsburgh.”
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