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M E D I A F E AT U R E S
PROPERTY DEVELOPER Tavistock lays the groundwork for Lake Nona’s medical city
THE VALUE OF A NAME Architects are ranked according to home appreciation rates on courses they designed
NEW THEME There’s more to Orlando than theme parks
NONA TAKES DOWN ISLEWORTH For this, and so many other reasons, we love Tavistock Cup
BusinessWeek: The Value of a Name
Orlando Home & Leisure: Living in the Hot Zones
Financial Times: Central Florida’s New Theme
Golfweek: Nona takes down Tiger, Isleworth
Architects are ranked according to home appreciation rates on courses they designed
Orlando’s best-performing 25 zip codes
A city best known for its theme park is now seen as an appealing destination for holiday and primary home buyers
For this, and so many other reasons, we love Tavistock Cup
Orlando Home & Leisure: Lake Nona’s Medical City
Unique Homes: Boomers Driving Golf-Home Demand
Burnham Institute, Nemours Children’s Hospital, UCF College of Medicine and V.A. Medical Center
Florida’s golfing communities are offering buyers much more than just championship golf courses
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olf homes offer a compelling opportunity to combine where you live with what you live for. But as indulgent as they may be, they're investments, just like all other real estate. In many cases, they are investments that demand even more legwork than a house in a traditional neighborhood. Say you're considering a 4,000-squarefoot Western-style ranch on a golf course adjacent to the 15th green. Given the location, that house will likely prove to be a better investment than a similar home in a generic subdivision two blocks away. Now put that same house on a course designed by Pete Dye, and you've hit the jackpot. That's because homes on Dye courses have appreciated faster over five years than residences on courses created by other architects, even Jack Nicklaus, Tom Fazio, and Robert Trent Jones Jr., according to data just released by Golf Digest and BusinessWeek. In short, while multiple factors determine value and potential appreciation of golf real estate, one of the most critical factors is who designed the course. A total of 1,800 homes built on golf courses in the past 20 years and valued at more than $1.5 billion were included in the analysis.
The golf-course homes were assessed based on how their market value changed over the past 1-, 5-, and 10-year periods, and how that appreciation compared with other homes in the same Zip Code. On average, for the six architects included in the study (Dye, Arthur Hills, Fazio, Trent Jones Jr., Nicklaus, and Arnold Palmer), the golf homes appreciated 28% faster over five years, a higher rate than similar homes in the same areas. Golf real estate accounts for $9.9 billion of an estimated $62.2 billion industry, according to the National Golf Foundation. Not surprisingly, the homes in this study fall in the high end of the market, with an average value of $894,000. The architect makes a big difference there, too. On average, a home built on a Fazio course is more
than 4,000 square feet and costs $1.3 million. A home on a Palmer course averages 3,200 square feet and costs $690,000. According to Hegarty, the majority of buyers are keenly aware of the investment aspect of their purchases. â€œThey could invest that money elsewhere, but they believe the most productive investment opportunity is to put the money in a golf-course home," says Hegarty. "They believe it will perform better than the stock market, bonds, or anything else they could invest in. Quite often, they're right." Admittedly, investing in real estate is equal parts strategy and luck, and golfcourse real estate is no different. But buying a home on a course designed by a well-known architect, like striping one straight down the middle, can have its benefits.
HOW DESIGNERS AFFECT REAL ESTATE Rank Architect
1-year 5-year 10-year change change change
1-year 5-year 10-year ratio ratio ratio
R.T. Jones Jr.
*Golf-home appreciation vs. non-golf-home appreciation.
Lake Nona Golf & Country Club has a championship golf course designed by Tom Fazio in 1986.
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ORLANDO HOME & LEISURE
1. Lake Nona
2. Winter Park
4. Lake Mary/Heathrow
6. Delaney Park
7. Longwood East
9. Winter Springs
Using the words “hot” and “real estate” in the same sentence
these days makes people think you haven’t been paying attention.
11. College Park
Everyone I know is worried that they are - or are about to be —
12. Lake Baldwin*
upside down in their mortgage. Along with the rest of Florida,
13. Dr. Philips/Bay Vista
hasn’t fallen. To be sure, values are down from their peak in 2006.
16. Winter Garden
In some cases, dramatically. But in Orlando’s 25 best-performing
zip codes, sale prices have risen 49% since 2000 and by 66% in the
18. Lake Mary Jane
top 10. Do you lie in one of those hot zones? Let’s find out.
19. Waterford Lakes
20. Bay Hill/Sand Lake
25. Hunters Creek/Southchase
Orlando is prone to periodic bouts of pessimism about housing prices. So, we took a look at the facts, actual sales data broken out by neighborhood, from 2000 through 2008. And guess what: the sky
Zips near the top of the list retained more of the appreciation realized from 2000-2006 than those further down. One, Lake Nona, actually increased, with the others falling between 8% (Winter Park) and 33% (Hunters Creek).
W W W . O HL M AG . COM
O R LAND O H OM E & LEISUR E
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Central Florida’s new theme
hat do Tiger Woods, Ernie Els and Annika Sorenstam have in common besides low golf handicaps and hefty bank balances? They all live in or near Orlando, Florida, a city best-known for its Walt Disney theme park but now seen as an appealing destination for holiday and primary home buyers in the US and abroad, especially if they are interested in golf. Aside from Woods, Els and Sorenstam, more than 100 members of the Professional Golfers’ Association live within the city’s limits and many more are scattered around the area. According to the National Golf Association, there are 97 “golf facilities”
in the metropolitan area, just under 10 per cent of the total number in a state with more than any other in the US. And 56 of those are listed as golf communities – greens and fairways with houses around them. Professionals are, after all, not the only ones who want to live in a warm climate next to a course. And, thanks to the rapid decline of the dollar against most major currencies and the bursting of the Florida real estate bubble, highend Orlando property is now more affordable, with a glut of large luxury houses available in the $1m-$3m range, says Reeta Casey, vice president of the Stockworth Realty Group. “The market has been going down over the last year
to year-and-a-half and inventory is going up, so obviously you get a better deal,” she explains. The two most exclusive golf communities are Isleworth and Lake Nona in south-west Orlando. Each has an impressive line-up of topranked golfer residents. In last year’s Tavistock Cup tournament – an annual contest between the two communities – the Isleworth team included Woods and Mark O’Meara, while Lake Nona’s was led by Els. Isleworth, originally developed by partners including Arnold Palmer and since acquired by British financier Joe Lewis’s Tavistock Group, can also claim baseball star Ken Griffey
Isleworth Golf & Country Club at daybreak.
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Lake Nona Golf & Country Club’s Tom Fazio-designed, championship course.
Jr and basketball player Shaquille O’Neal as residents. “The way I see things working is that Isleworth is a place where really successful American business guys in the area base themselves and Lake Nona is much more cosmopolitan, much more European influenced,” says Roger Smee, former head of the UK’s Reading football club and chairman of Rock Capital Group, a London-based real estate fund management company, who owns a holiday home in the latter. “The Americans go for the much more high-profile, in-your-face approach at Isleworth [but] if you come from [the other] side of the pond you’d probably favour the more relaxed and leisurely
approach to development that Lake Nona represents.” He and his wife decided to buy in the 1990s after his company started investing in Florida. It was recommended to them by golfer Nick Faldo, who was himself a resident. “We saw Lake Nona and didn’t think twice about anywhere else,” Smee says. Orlando International Airport makes the city an attractive base. “It is the best airport I ever go through. I travel a lot and getting into Orlando is always a pleasure,” Smee says. The reason for the large airport, Florida’s biggest in terms of passengers, is what many see as the city’s raison d’etre – Walt Disney
World and ancillary theme parks. But there is a government push to diversify the local economy into high-tech and education businesses, as well as tourism, golf and property. Recently the California-based Burnham Institute for Medical Research, the US Department of Veterans Affairs and the University of Central Florida announced plans to build a medical complex as part of a new 7,000-acre master-planned community adjacent to Lake Nona. BY HENRY HAMMAN Copyright The Financial Times Limited
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Nona takes down Tiger, Isleworth LAKE NONA, Fla. – Graeme McDowell loves Lake Nona. The Irishman has been stationed there a couple weeks now, since playing at Riviera, and he’ll be based there while playing the PGA Tour through The Players in May. When he’s around, he’ll often just tee it up 1. with the regular members. “A few of the boys are very good friends of mine,” he said. “We drink a few cold ones, we play a little golf, and we hang out a little bit. It’s a very friendly club.” On Tuesday at Lake Nona, playing with a few “members,” McDowell shot 66 to help lead his Nona boys to victory over Isleworth at the Tavistock Cup. His 6-under score also garnered the Payne Stewart Salver and $300,000 for low gross. He won another 100K for being part of the winning side. Four hundred grand. We ask, how’s that for a slow Tuesday at the club? For this, and for so many other reasons, we love the Tavistock Cup. Here’s why: You have to wonder how many non-majors in golf get a field this good. Not many. You’d have to think this week Transitions Championship outside Tampa would absolutely die for a field this loaded: Woods, Els, Goosen, Stenson, Poulter, Rose ... good stuff. The Isleworth/Nona toteboard: Fifty-three major championships and more than 710 victories around the world. Beats your local muni. The drama. By winning this year’s two-day event, Lake Nona now stands 2-3-1 in the annual match, and it’s game on. “Yeah, it’s about time we won this thing,” said winning captain Ernie Els. “(If we’d lost), we were going to get a club from Phoenix to play here.” (Actually, just kidding on the drama; there’s not too much of it. That’s OK. The golf is good.) David Feherty, miked for sound. This should be a requirement for any tournament in need of dialing up a little buzz. A few Feherty gems: On J.B. Holmes, who plays, how shall we say, a tad deliberately, after he teed off at 11:35 a.m.: “Have fun out there, J.B. (Golf Channel analyst Peter) Oosterhuis has a flight to the Dominican Republic at 7. Make sure you’re done by then.”
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On Darren Clarke: “From the great province of Ulster ... the only man I have ever seen smoke a hamburger and eat a cigar on the golf course.” On Tiger Woods: “I still think you faked the whole thing (injury) for sympathy. Whatever.” And finally, on the green St. Paddy’s Day beer goggles Feherty, sported atop his hat: “I can see my past through them, and it’s not good.” Of course, the only thing that makes this two-day, sixfigure payday “palpable” for the losing squad is that after finishing up, they are able to hop in the team chopper – that’s right, the team chopper – and head home to Isleworth. The Isleworth Gang was in the air before I even got to my car. I mean, can you imagine these guys having to drive oh, 20 minutes across town in rush-hour traffic? Puh-lease. Can’t think of another event where you’d get to see longtime SoCal buddies and Ryder Cup teammates Mark O’Meara and John Cook teamed up again. Like seeing that. Do you know how, in golf, you are either a Tiger guy or a Phil guy? Well, in my job, I’m both a Tiger Guy AND a Phil Guy. Have to be. But in the Tavistock Cup, I can say, unashamedly, I’m definitely a Nona Guy. By the way, all you Tavistock Cuppers and club members, Manchester United just called. They want their shirts back. How about the Golf Channel, doing scoring projections like it’s a November election night? Forgot to ask: Did Goosen carry the state of Montana? And what were the pivotal “swing holes”? Finally, and not least, the event is terrific because it has Tiger Woods. Believe me, 33 tournament directors of nonTiger events on the PGA Tour are insanely jealous of the Tavistock Cup. Woods may have only 10 competitive rounds under his belt heading into next month’s Masters (OK, 12 if you count the Tavistock), but if you don’t think he’s swinging it good, you haven’t been watching too closely.
PHOTOS: 1. Graeme McDowell leads Team Lake Nona to victory. 2. Lake Nona members show their team spirit. 3. Lake Nona teammates Ernie Els and Henrik Stenson celebrate their win. 4. Justin Rose enjoying the moment on the 18th green.
FINAL: Lake Nona 17, Isleworth 13
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Nearly $2 Billion in Active Lake Nona’s medical city, a 600-acre health and life sciences
cluster will be home to hospitals, universities, research institutions and life science companies. Anchored by UCF’s new College of Medicine, the
Burnham Institute for Medical Research, a VA Medical Center, and
NEMOURS CHILDREN’S HOSPITAL
Nemours Children’s Hospital,
. . . a projected
become the epicenter of health and biomedical research in the region. Also joining the cluster are the M. D. Anderson Orlando Cancer Research Institute and a University of Florida Research Center. This collection of talent, research and investment is leading
Central Florida into a new economy, with a projected $5.2 billion in economic activity over the next ten years through its committed partners alone. Altogether, there is nearly $2 billion in active construction projects at Lake Nona, with all of the major institutions seeking LEED certification for their buildings. These projects are transforming the Central Florida economy as they employ hundreds of construction workers. As the community matures, and hospitals open, the medical city will produce thousands of high wage - high value jobs for the region. * per Arduin, Laffer & Moore Econometrics 2008 study
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SR 417 - THE GREENEWAY
in economic activity over the next ten years. . .
the medical city has already
e Construction Projects $80M
LAKE NONA HIGH SCHOOL
2,000 JOBS LAKE N
VA MEDICAL CENTER
COM BURNETT BUILDING & M.D. ANDERSON ORLANDO CRI
ROADS AND INFRASTRUCTURE
250 JOBS UCF COLLEGE OF MEDICINE
300 JOBS BURNHAM INSTITUTE
NOTE: Construction costs and job total estimates were determined by interviews with each organization. These totals are estimatese and subject to change without notice.
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ORLANDO HOME & LEISURE (1 of 6)
How a history making project will impact Orlando for generations to come.
The Burnham Institute Nemours Children’s Hospital The UCF College of Medicine The Veterans Affairs Medical Center PArADIsE FOUND: A guide for relocators A special Publication of:
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ORLANDO HOME & LEISURE (2 of 6)
Intellectual property developer.
early everyone talks about Lake Nona’s medical city in terms of the four initial anchor tenants. But in reality, there are five: Lake Nona itself has been the key catalyst in making the project a reality. The senior leadership of Lake Nona Property Holdings (LNPH), the subsidiary of the Tavistock Group that owns the land where the medical city is being built, has been involved in creating the project from before its inception. They helped lay the groundwork for what would become the medical city through their work with local planning and development organizations and through their connections with the life sciences industry and sources of capital. The Tavistock Group is a private investment firm with interests in some 170 companies located in 15 countries. Its principal, Joe Lewis, keeps a low profile except when it comes to charity and civic endeavors, and he was named 2006 Central Floridian of the Year for his efforts. The Group’s contributions to the region to date – and they’ve been considerable – will likely pale in retrospect once the full scope of the medical city is realized. “One of the unique things is that there is a Tavistock in the mix here,” said Thad Seymour,Vice President and General Manager for Life Science Investments for LNPH. “If you look at other clusters, they’re either affiliated with a university or they just happen over a long period of time. There isn’t a central glue. We’re the land owner and very interested in accelerating the creation, so that’s one of the keys to moving it along fast.” Fast is an understatement. In addition to bringing four major partners into the development since 2005, the residential side of Lake Nona is springing up quickly as well. Continued expansion of the Lake Nona Golf & Country Club – a perennial list-topper for golf communities – has been matched with the development of NorthLake Park, Waters Edge and VillageWalk, which won the grand award in the 2007 Parade of Homes. The total property is approved for 9,000 residential units, 950,000 square feet of retail, 950,000 square feet of office space and 4.9 million square feet of commercial. Part of that space will be an incubator, built and managed by LNPH. The lab building will give life sciences start-ups a low cost place to develop their products and marketing until they’re viable stand-alone companies.
Thad Seymour (upper left) manages life sciences investments for Lake Nona and has been deeply involved in bioFlorida, a publicprivate consortium focused on growing the biotech industry in Central Florida. Tavistock director Rasesh Thakkar (upper right) was an early proponent of the medical city and has been instrumental in its development. VillageWalk at Lake Nona (below) is just one of four active communities at Lake Nona.
Lake Nona Property Holdings, LLC.
• 7,000 acres in southeast Orlando
• Master-planned community with 1,189
acres of conservation land and four
existing residential communities
• Donated $12.5 million and 50 acres of
land for the UCF College of Medicine
• Will build incubator to encourage life
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ORLANDO HOME & LEISURE (3 of 6)
Burnham Institute Bringing the A-game to Orlando.
hen the Burnham Institute for Medical Research began looking to expand beyond its home in the San Diego suburb of La Jolla, Orlando wasn’t an obvious choice. Orlando had already courted – and been rejected by – Burnham’s San Diego neighbor, The Scripps Research Institute, which chose a site in Palm Beach County. “The Burnham institute made a decision to become more nationwide, so that meant an east coast site,” said Dr. Daniel Kelly, Scientific Director for Burnham’s Orlando campus. And so, Orlando’s great weakness – that it lacked a thriving life sciences industry cluster – became it’s primary asset as far as Burnham was concerned. “We wanted a place where we could have a clean slate and where there was very significant enthusiasm for this kind of development. Those two things were there along with the potential for other partners including educational and clinical partners. It made it a kind of no-brainer,” Kelly said. That’s a ringing endorsement from a heavyweight organization. The Burnham Institute was founded in La Jolla 9in 1976 by Dr. William Fishman and Lilian Fishman, who had retired from Tufts University in Boston to pursue cancer research. It now employs some 900 people and has received more than 200 patents, ranking among the top four institutions nationally for grants from the National Institutes of Health (NIH). Seeing problems, solving problems, creating commercial applications for the solutions. That, according to Kelly, is “the home run” and he believes having a medical school, twohospitals and a commercial incubator right out his front door will make that happen. Burnham received a six-year $97.9 million grant from NIH to become one of four national centers for the screening of small molecules that may be useful in creating new drug therapies.
The Orlando researchers have also been looking into a compound derived from a sponge found off the coast of Florida that appears to be very effective against colon and pancreatic cancers. The primary focus of the work in Orlando, however, will be diabetes and obesity and their many complications, especially cardiovascular effects. “To effectively address diabetes and its cardiovascular complications we need to bring together those who understand diabetes, those who understand metabolic disease and those who understand vascular and heart disease,” Kelly said. “At big universities, these people exist in large numbers, but they tend to be segregated. We want to bring them together as a team. What we’re doing with this research center is innovative, and in terms of its scope, hasn’t been done before.” Kelly said that the help Burnham has received from the Orlando community has helped kick-start its programs, and Burnham is already partnering with area organizations in significant ways. That’s just the kind of collaborative spark Kelly is counting on.
The Burnham Institute for Medical Research East Coast Campus
• 175,000 square feet in two buildings
• Cost: $367 million
• Initial construction completed March 2009
• 300 empoyees by 2017
• Designated one of four small molecule
screening centers by NIH sciences start-ups
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ORLANDO HOME & LEISURE (4 of 6)
University of Central Florida Building physicians for the future, not the past.
eborah German set herself a near impossible task: To attract 40 of the best medical students in America to a medical school that did not exist. When the members of the first class take their seats next fall, it’s likely that her competitors, the deans at places like Tufts, USC and Harvard, will have to admit that the dean of the University of Central Florida’s brand-new College of Medicine succeeded. Dr. German, herself a Harvard-trained physician and former Senior Associate Dean at the Vanderbilt School of Medicine, accomplished her goal with a single stroke of bravado: she raised more then $7 million from the community to give each of the initial 40 students a full four-year scholarship. Since the average medical student in America graduates with more than $100,000 in debt, German created a powerful incentive for the best and the brightest to take a chance on this new school. That single act illustrates better than any other why the medical city can succeed in a crowded field. According to the American Association of Medical Colleges, UCF will be the first ever to provide full scholarships to an entire class. The Lake Nona group helped make it happen, too, by volunteering to fund the first two of the 40 scholarships. Orlando corporations and private donors stepped up, funding the other 38 slots. The move was bold enough to garner national attention when Dr. German and UCF were featured on the NBC Nightly New in March. “Our goal is to build this century’s best medical school. Together with our faculty, researchers and partners, UCF will set the standard for medical education and improve health care in Central Florida,” German said. “A student who is focused not on the dollar, but is focused on the learning, might come out to be a different kind of doctor.” “The very first applicant who was accepted had a perfect 4.0 college GPA and perfect MedCat score,” said Dr. John hitt, President of UCF. Those who are selected will have opportunities available in few other places. Many of the researchers coming to the medical city will have joint appointments at UCF. This means the students will be learning from some of the country’s leading biomedical investigators. They’ll work in labs alongside them on the most advanced equipment, studying the hardest problems in cancer, heart disease, pediatrics and gerontology and creating new therapies that they, as physicians, can use to help patients.
At buildout, UCF programs could occupy up to 2 million square feet of space in the medical city. According to UCF Provost Dr. Terry Hickey, “This will allow programs such as nursing, radiological systems and physical therapy to benefit from close proximity to, and collaborative educational and research initiative with, the medical college and the Burnett School of Biomedical Sciences.” By then, the college of Medicine is projected to graduate 130 new physicians each year. Harvard Medical School currently graduates about 100 per year. “In a time of declining economic activity around the globe, Central Florida has a proven economic engine in the UCF College of Medicine and the medical city at Lake Nona,” Hitt said. “This development is a powerful demonstration of our city, counties and state partnering with an entrepreneurial public university for the public good. Few things, if any, are as important to our Central Florida’s economy as the continued support of the medical school.”
The UCF College of Medicine
• Phase 1: 370,000 square feet in two buildings
on 50 acres
• Cost: $113.3 million
• Lab building to be completed summer 2009;
classrooms opening spring 2010
• 500 employees by 2010
• 2 million square feet at final buildout
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ORLANDO HOME & LEISURE (5 of 6)
Nemours Children’s Hospital Taking care of the most valuable patients.
nlike his peers at the other anchor institutions, William Winder, administrator of the Nemours Childrens Hospital, had a special affinity for the “other” Orlando when the decision was made to locate its new facility in the medical city. “Nemours has had a presence in Central Florida since 1997, and in looking around, this is the fastest growing region of the fourth largest state, plus it has an international brand for children and families,” Winder said. “So Central Florida makes a lot of sense for a children’s hospital. Add the medical city, and you really have a once-in-a-lifetime kind of opportunity. “It starts with recruiting the best talent in the world to come here. Any organization doing it alone would have more of a struggle than when you put these pieces together in the same geography and link them through collaboration and technology.” Those factors convinced Nemours, which was founded in 1936 as a hospital for disabled children by the late Alfred I. Dupont, to build its first freestanding hospital outside of Delaware in the medical city. “Our mission is taking care of the 15 percent of children with significant medical conditions, things like childhood cancer, cystic fibrosis, diabetes and so on,” Winder said. “These children require the coordinated efforts of multiple specialists. I can envision a situation where Nemours works with Burnham to advance and expedite discoveries and quickly get them to the bedside so that children can benefit. Similarly, we’ll work with UCF in training physisicans in the unique needs of taking care of children with complex medical needs.” To do that, Nemours is not just building a hospital. “The campus will include specialty physician practices along with research. It includes teaching programs for medical students, residents, fellows and allied health professionals. It also includes child advocacy and health and prevention services. This is what makes Nemours different from any of the existing health systems and will enhance our impact on children at a national level,” he explained. Nemours will also enhance the work of the other tenants by providing opportunities for their staff to practice and – in what may be a very important piece of the puzzle – was recently accredited by the Association of Human
Research Protection Programs, joining the Cincinnati Children’s Hospital and Boston Children’s Hospital as the only three accredited freestanding pediatric programs in the nation. Nemours is also a leader in digitizing patient records, which has been identified as a key national healthcare priority. “By the end of this month, our entire organization will be on a single platform from one vendor, which greatly improves the safety and effectiveness of outcomes,”Winder said.
The Medical City campus for Nemours is its first hospital outside of Delaware and will include a clinic, specialty physician offices and research labs.
The UCF College of Medicine
• Specialized care and research for children
with complex health conditions
• Broke ground in February 2008
• Planned opening 2012
• Cost: $400 million
• 600,000 square feet on 60 acres
• 2,600 staff
• 95-bed main wing plus pediatric clinic and
medical office buildings
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ORLANDO HOME & LEISURE (6 of 6)
Veterans Affairs Medical Center Central Florida military vets get state-of-the-art facility.
or years, Orlando has been the largest metro area in the country without a veteran’s hospital. The Orlando V.A. Clinic, located in Baldwin Park on the former site of the Naval Training Center, has been the lone local source of care for the area’s former service members. That’s about to change. From being the least served, Central Florida is about to become among the best served. “There’s quite a long history, dating back to the mid-1980s, of a need for a veteran’s medical center in Orlando,” said Timothy Liezert, Director of the Orlando Veterans Affairs Medical Center. “The decision was made in the early 2000s to locate a new center here, and in 2006 the secretary of the V.A. made a decision – I think for all the right reasons – to locate the center in the medical city. “Many people know about us being in healthcare, but we also have critical missions in education and research. “We have affiliations with 107 of the 125 U.S. medical schools, so it makes sense for us to be across the street from the UCF College of Medicine. In research, the cardiac pacemaker was invented at the Buffalo V.A., and the first successful liver transplant was done at a V.A. hospital as well. So the medical city made a lot of sense.” The new center will be enormous – more than 1 million square feet – will cost more than $650 million to build and, Liezert estimates, another $200 million to furnish and equip. That’s nearly a billion dollars before the doors open. Add to that an annual operating budget that may touch $500 million and the economic impact is clear. More important is what it will mean to area veterans. The center plans to serve up to 400,000 veterans when fully operational. The services will include not only hospital care, but also counseling for homeless veterans and treatment for substance dependancy and other conditions. “The veterans of each war have unique needs,” Liezert pointed out. “The World War II veterans have different needs from Vietnam-era veterans or someone coming back from Iraq or Afghanistan. That’s what makes the V.A. unique. “We’re doing this as a tribute to the veterans,” Liezert asserted. “We’re hoping this will be small token of our dedication and commitment to our veterans.”
VAMC Orlando Veterans Affairs Medical Center
• Broke ground in October 2008
• Planned opening 2012
• Cost: $656 million
• 1.2 million square feet on 65 acres
• 2,000+ employees
• Will serve 400,000 veterans
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Boomers Driving Golf-Home Demand By Rick Dandes Florida`s golfing communities are offering buyers much more than just championship golf courses.
ven the most hard-core golfers admit, albeit reluctantly, that golf isn’t everything. The decision to buy a home in a golfing community is based on an array of factors. “These days, building a golfing community involves much more than constructing an 18-hole championship golf course,” explains Christopher Anand, a managing partner with the Tavistock Group, a global private investment company that has developed many golfing communities, including two high-end properties in the Orlando area, Isleworth and Lake Nona Golf & Country Club. “The biggest challenge Florida’s luxury golf community developers face is finding ways to separate themselves from the pack,” he says. “They have to. In Florida, golf-course communities are struggling, because there are so many of them. Most are extraordinary properties – first rate. So, what do you do? As developers who actually live in our communities, we’ve recognized that you have to create a community around the golf course.” “We, as developers have to deliver the expected amenities, spas and facilities for families,” he adds. “But the key is creating an environment where homeowners will want to stay, and not just ‘flip’ their property. If someone buys a lot from us, they must build a home. The integrity of our communities is important. We have quality control measures. We want to maintain and increase home values.” Tavistock must be doing something right. Some pro golf homeowners in Lake Nona include Ernie Els, Retief Goosen and Chris DiMarco. Isleworth, home to Tiger Woods, recently opened a new residential “enclave”, the Gardens of Isleworth, where premier villa homes start at $2.5 million. “Almost every luxury golf-course community boasts an amazing array of high-end amenities that are, to potential home buyers, just as important as the golf course and the surrounding estate-size lots,” said Anand, “including multimillion dollar clubhouses with lavish locker rooms, five-star restaurants, and equestrian facilities.” Voted the best new private club in 2006 by Golf Digest, the Concession Golf Club in Bradenton (30 minutes to downtown Sarasota) has only 236 home sites in the entire community. The golf course is a combined Jack NicklausTony Jacklin effort, the first time the two golfing greats designed a course together. The course and the clubhouse
The Lake Nona Golf & Country Club in Orlando features a Tom Fazio-designed course bordered by more than 1,000 acres of sparkling lakes. are the centerpiece of the 1,200-acre community, but unlike many Nicklaus communities, where homes surround the golf course, this course is set away from residential neighborhoods, in the Florida back country. The Concession is the only Jack Nicklaus Signature Golf Course in the Sarasota area. Stephen Cotton, CEO of Cotton & Company, which markets The Concession, says, “In 25 years of experience with real estate, I’ve seen all kinds of trends develop. Right now, communities have to appeal to younger people. Where traditionally a homeowner in this kind of community will play the same course over and over, players want multiple courses now. You have to appeal to everyone in the family. Spas. Pilates. Amenities that have a fitness element to them are important to baby boomers, who are moving here.” Scott Agran, owner, broker and president of Lang Realty, in Boca Raton, on Florida’s East Coast, has similar thoughts about golfing communities – in Palm Beach County. “A lot of country clubs here are appealing to the younger, more active baby boomer,” he says. “You have to be lavish. You have to be exclusive, with high-end amenities. It’s expected in Palm Beach County. Health and fitness are important. The restaurants on site have to be five-star caliber. And tennis facilities are important as well.”
UNIQUE HOMES MAGAZINE
1 8 L A K E N O N A G O L F & C O U N T RY C LUB
N O N A’ S
1. Surprise Behind The Gates: Behind the gates is a pristine, calming
oasis. Behind the gates is a community built among 600 acres of preserved nature, lined with canopies of oak and cypress trees. Behind the gates is a private and secure environment where people can live and grow. Behind the gates is Lake Nona Golf & Country Club Sense of Community: The enclave behind the gates has attracted an assembly of residents from more than 24 countries around the globe who have come to experience a new standard of living and be a part of the legacy. Those residents form a diverse community, creating a dynamic, yet comfortable and welcoming atmosphere. When you walk into the Clubhouse at Lake Nona, you are greeted by neighbors and instantly comforted by the relaxed, calm environment. Lake Nona’s vibrant population is unified by one common thread – a passion for Lake Nona Golf & Country Club. Golf Tradition: The lifestyle
paired with the classic and legendary links have earned the private community recognition as one of the top golfing communities in the United States. Tom Fazio’s vision for the design of this 18-hole championship course was precise and exceptional. A true testament to the golf experience at Lake Nona is the many professional golfers and world-class athletes who have chosen to call the community home Recognized Leaders: Travel & Leisure Golf: America’s top 15 golf communities. Wall Street Journal: Top 100 golf communities in the US. Golfweek: Best residential courses. Links Magazine: America’s 100 premier properties. Golf Life: Orlando’s best 18 holes. Orlando Magazine: Best Gated Community and Best (private) Golf Course Proximity: With easy access to the city’s main roadways, Lake Nona is only minutes from downtown dining, nightlife and attractions and within 30 minutes to the Atlantic coast beaches. For international residents, the community is a convenient 10-minute drive from Orlando International Airport. New Real Estate Opportunities: Lake Nona’s newest collection of luxury homes, priced from $1 million to over $7 million, features a range of residence options; from Coach Homes with four units per building, to single-family custom estate homes with spacious floor plans and exceptional water vistas Future Growth: The private club community has now become the cornerstone for significant future growth in the southeast region of Orlando. The developer’s 7,000-acre master-planned community will be home to world-class education, medical and recreational facilities, a science and technology park, diverse work spaces, retail centers and entertainment choices, with more than 40 percent of the land reserved for open green space to include 44 miles of bike and equestrian trails.
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