A $1 billion health care “city” that’s home to a brand new assisted living provider could soon arrive in Orlando, Florida.
The planned project, called Vertical Medical City, would include three separate high-rise towers: one that’s 300 feet tall, another that’s 450 feet tall and a third that’s 540 feet tall, Ponte Health Properties founder and CEO Tabitha Ponte told Senior Housing News.
Approximately 40% of the combined three towers would be designated for residential use, with another 40% going toward office space for physician and clinicians. The remaining 20% of space would be used for emergency and surgical facilities.
The residential space would include housing for physicians and nurses, as well as assisted living apartments for seniors to be operated by Ponte Health. Though the Orlando-based company is primarily a builder and developer, its CEO has a vision for how the project’s assisted living component should look—and she feels strongly that only Ponte Health can execute on it.
“[The assisted living component is] actually the one piece that I would rather create from scratch,” Ponte explained. “It’s the only piece in the building that I care to develop better than to just bring somebody in.”
Ponte Health is currently in the process of negotiating the acquisition of the site in Orlando where it plans to build the billion-dollar project, Ponte said. She expects that Vertical Medical City will be privately financed, though she’s still on the hunt for investors.
The project as a whole represents a glimpse into the future of urbanism, according to Ponte.
“Most people today develop urbanism around retail and entertainment, and also sometimes around higher education, but I believe the future of urbanism is going to revolve around health care,” she explained.
In addition to offering assisted living, Vertical Medical City will also have common spaces where residents, doctors and nurses can enjoy life-enriching activities, such as social gatherings, movies, tai chi lessons and dance classes, Ponte explained.
The project will likely include a number of different stakeholders when all is said and done.
“The building is going to be owned by multiple parties, including us,” Ponte said.
If all goes according to plan, Vertical Medical City will break ground in the latter half of 2019, and construction will be completed in early 2023.
“I think it’s a realistic timeline to think that it would be occupiable in 2024,” Ponte concluded.
Written by Mary Kate Nelson