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A commercial development project worth up to $15 million that could bring a Canyon Ranch-like medical spa destination to the Sarasota-Manatee region is close to coming together.
Jim Abrams, who built Sarasota-based Clockwork Home Services into a $215 million company, is the lead force behind the proposed project. The medical center, says Abrams, would be the corporate headquarters for Fyzical, his latest business, which is a nationwide network of franchised and branded physical therapy centers. The center would also include a spa, a holistic health center, a physical therapy floor, a nutritional restaurant, and a fitness center that focuses on full-body exercise, not only muscle building. (See Business Observer, April 5.)
Abrams talked up the medical center at an event for local physicians held June 28 at the Mote Marine Laboratory in Sarasota. Abrams tells Coffee Talk he's narrowed down the possible locations for the project to two: one is in a mostly rural area, while the other is near a major retail center.
A possible downtown Sarasota location has been eliminated from contention, and Abrams now hopes to have an official site chosen within the next few weeks. “I think people will come here,” says Abrams, “and if not spend a day, at least spend a few hours.”
The business side of Fyzical has also gained some momentum in the last few months. The firm, for instance, recently completed all the legal work for signing franchisees, which Abrams planned to talk about at the physician event. The company is also in the final stages of closing a deal to buy a business that provides balance treatments and services for clients. “They have the most sophisticated and comprehensive balance program in the country,” Abrams says.
Abrams left Clockwork in 2010, soon after Toronto-based Direct Energy bought the franchised-based company for $183 million. Abrams says Fyzical could grow even faster and bigger than Clockwork, which is composed of three home repair brands. Abrams, in fact, hopes to have 1,000 Fyzical franchises within a decade. That would be about a 10% market share of a $32 billion industry.
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