Sarasota Memorial Health Care System is investing more than $1 billion in new hospitals and outpatient facilities, with several projects near Lakewood Ranch.

The Sarasota County Public Hospital Board voted Tuesday, Sept. 22, to approve a nearly $60 million deal for roughly 120 acres at the southeast corner of Interstate 75 and State Road 64 East in Manatee County. That corridor includes Parrish, Palmetto and Lakewood Ranch, where population growth is projected at 9.6% over the next five years, according to an SMH press release.

The board also approved a 54,000-square-foot outpatient lease in Venice for cancer and endoscopy services.

Building on an existing Lakewood Ranch foothold

SMH already operates a 15,000-square-foot freestanding emergency room at 7250 University Parkway in Lakewood Ranch, which opened in January 2025 with 21 treatment rooms. In 2025, Manatee County residents accounted for more than 185,000 patients, roughly 25% of SMH's overall volume.

In a separate vote in July, the board approved $9 million to acquire a 10-acre parcel with direct access to State Road 64 East for a freestanding emergency department. SMH spokesperson Kim Savage told the Business Observer the purchase price was $8.4 million, with the remainder covering closing costs.

"At this point, it is premature to say how or when we will develop the site," Savage said in an email. "SMH is evaluating all of its options, including a full-scale hospital."

The 120-acre land deal is contingent on rezoning and environmental reviews with Manatee County government. No development timeline has been announced.

Venice cancer center and rehab pavilion take shape

At the Sept. 22 meeting, the board approved moving forward with a new outpatient cancer center adjacent to the SMH-Venice campus. SMH leased the entire 54,000-square-foot building at 2695 Curry Lane in Venice from North Carolina-based Flagship Healthcare Properties. It is the largest lease in Flagship's history, according to the Business Observer.

The first floor will house a radiation oncology center and physician clinics with access to infusion services and diagnostic imaging, according to an SMH press release. The third floor will hold an endoscopy center and SMH First Physicians Group gastroenterologists.

The second floor is shelled for future growth. Build-out is expected to finish in 2028.

The Venice outpatient center expands the Brian D. Jellison Cancer Institute, which SMH launched in 2020. Before the institute opened, about 50% of local cancer patients left the area for advanced care. That figure has dropped to about 30%, according to SMH.

Separately, SMH is building an $82.5 million, 83,000-square-foot Rehabilitation Pavilion at its Venice campus. The hospital board approved funding in September 2025, and SMH selected architect Gresham Smith and general contractor DeAngelis Diamond for the project.

The four-story facility will have 50 private patient suites, therapy gyms and training areas that replicate real-life settings, including an apartment, kitchen, car and grocery store. It is scheduled to open in summer 2028, with space to expand to 75 beds.

A fourth hospital in a crowded Manatee market

The Manatee campus would be SMH's fourth hospital location. A $507 million, 100-bed hospital in North Port is already under construction and expected to open in fall 2028. The hospital board approved up to $425 million in revenue bonds for 2026 to help fund capital projects, Becker's Hospital Review reported in January.

SMH is not the only system eyeing Manatee County. BayCare broke ground this year on Parrish's first hospital, and HCA Florida Healthcare is building a facility north of the Manatee River off Moccasin Wallow Road, the Bradenton Herald reported.

Nearly 3,500 SMH employees live in Manatee County. The next step for the 120-acre site is confirmation of a rezoning pathway with Manatee County government.