ScionHealth Announces Lease with Upshot Capital Advisors for a New Specialty Hospital in Orlando, FL
64-bed facility – part of the Upshot Medical Center at Mills Park – will help meet growing needs for locally based long-term acute care and acute rehabilitation services.
LOUISVILLE, Ky., July 13, 2022 /PRNewswire/ -- ScionHealth today announced the signing of an agreement with Upshot Capital Advisors (Upshot) – a vertically integrated real estate platform – to lease space in the Upshot Medical Center at Mills Park (UMC) in Orlando, Florida, and operate a 64-bed long-term acute care hospital (LTACH) featuring an acute rehabilitation unit.
ScionHealth's hospital will be an anchor tenant at UMC, occupying one of two towers on the campus, which boasts approximately 160,000 square feet of Class A, LEED® designed, healthcare space, including a six-story parking garage. Upon completion, the 85,500-square-foot LTACH facility will include six floors with approximately 36 long-term acute care beds and an acute rehabilitation unit with approximately 28 beds. While the new hospital will be ScionHealth's first facility in Orlando, the company currently operates 10 specialty hospitals in Florida under the Kindred Hospitals brand.
Construction on UMC is already underway, and the new hospital is expected to begin operations in the first quarter of 2024.
"We are excited to establish a presence in one of the fastest-growing markets in the nation, and eager to leverage our expertise in caring for the most medically complex patients to benefit the residents of Orlando and the surrounding community," said Rob Jay, chief executive officer of ScionHealth. "We are proud to become an anchor tenant in the centrally located, accessible, state-of-the-art Upshot Medical Center at Mills Park. This de novo growth strategically expands ScionHealth's portfolio of specialty hospitals across the country and affirms our commitment to deliver high-quality, patient-driven healthcare solutions in the communities we serve."
"ScionHealth has extensive experience operating specialty hospitals in Florida, and we look forward to delivering the expert, specialized care to meet the needs of patients in the Orlando area," said Mike Warrington, president of ScionHealth's Specialty Hospital division. "With a dedicated acute-level rehabilitation unit within the long-term acute care hospital, we will be able to offer a broader range of physician-led rehabilitation care while avoiding the disruption of transferring a patient to a separate facility, providing enhanced clinical integration for individuals requiring these services."
The Orlando hospital is the first new-construction growth project to be announced by ScionHealth since it launched in December 2021. The company currently operates 61 specialty hospitals and 18 community hospital campuses and associated health systems across the country. It has also reached a definitive agreement to acquire Dallas-based Cornerstone Healthcare Group, a transaction that is expected to close later this year, pending completion of regulatory approvals and satisfaction of customary closing conditions. Upon closing of the Cornerstone transaction that will include the addition of 15 specialty hospitals, the total number of hospitals operated by ScionHealth will stand at 94.
About ScionHealth ScionHealth strives to provide high-quality, patient-centered acute and post-acute hospital solutions. The health system is focused on driving innovation, serving its communities, and investing in people and technology to deliver compassionate patient care and excellent health outcomes. Based in Louisville, ScionHealth operates 79 hospital campuses in 25 states – 61 long-term acute care hospitals and 18 community hospital campuses and associated health systems. For more information, please visit www.scionhealth.com.
Media Contact: Scott Shepherd Vice President, Communications and Marketing ScionHealth Scott.Shepherd@scionhealth.com
About Upshot Upshot is a vertically integrated private equity real estate platform with business-units focused on the management of its discretionary funds, real estate development and construction operations, and its asset management and property management operations. With over 20 years in the medical and healthcare industry, Upshot uses its sector expertise to deliver its best-in-class healthcare projects by partnering with national healthcare systems and other healthcare related companies. For more information, please visit www.upshotca.com.
Media Contact: Erin Simpson Investor Relations Officer Upshot Capital Advisors Erin.Simpson@upshotca.com