FAU Trustees Expected to Approve Lease for New Hospital

Florida Atlantic University’s Board of Trustees is expected to approve a lease with Boca Raton Community Hospital that will pave the way for a new teaching hospital on the university’s Boca Raton campus when Trustees meet on June 28th. Approval is also needed from the Florida State Cabinet. The campus is pictured above.

Boca Raton Community Hospital would pay FAU $21.1 million over 10 years to lease land for a new teaching hospital on the school’s main campus, with an option to try to buy the land after all lease payments are made and requires the hospital to work with FAU’s new four-year medical program. The hospital’s lease would be for 68 years, which is the remainder of the 99-year master lease that FAU has with the state and could be renewed when FAU renews its master lease. The property’s estimated value is about $29-million, and FAU agreed to take less because of the benefit to FAU of having a teaching hospital on its campus. The hospital’s rent would help pay for multi-level parking garages at FAU that would take up less space than lots on the ground, but would be more expensive to build.

The medical facility will become a teaching hospital for interns graduating from FAU’s medical program and will continue to provide medical care for residents of the community and the local area.

A 550-bed hospital would be built on 38 acres of vacant land in the southeast section of the Boca Raton campus along Glades Road, with construction scheduled for completion by 2011, according to FAU President Frank Brogan.