Miami-area hospital sells 6.6 acres to condominium developers for $96 million.

Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2004 The Miami Herald

Byline: Matthew Haggman

Nov. 18--The South Florida condominium market is so hot that a nonprofit hospital is selling a piece of its property for the first time in its 54-year history.

Mercy Hospital, which sits on a 42.5-acre waterfront medical campus near Coconut Grove, is selling 6.6 acres to condo developers for a cool $96 million.

Boca Raton-based Ocean Land Investments has signed a contract to buy land located in the southeast corner of Mercy's existing waterfront property. It plans to partner with Jorge Perez's Related Group to develop three luxury condos there.

Mercy Hospital has never sold land since it opened in December 1950, said Mercy President and Chief Executive John Matuska.

"It is our assessment that the...

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