Women’s College Hospital achieves financial close with Women’s College Partnership to construct new hospital
July 13, 2010
460.00 Million CAD
On July 13, 2010, Women’s College Hospital, with its co-sponsor Infrastructure Ontario, reached financial close with private sector partner Women’s College Partnership for the design-build-finance-maintain of their hospital redevelopment project.
This project involves the construction of a new 630,000 square foot hospital on the current WCH Grenville Street site. Construction of the new building commenced in fall 2010 and is expected to be completed in 2016. In a media release, Infrastructure Ontario stated “The redeveloped Women’s College Hospital will replace all existing buildings and consolidate most hospital services in one location, enabling innovation in ambulatory models of care and enhancing the hospital’s stature as a leader in women’s health care, research and education”.
Women’s College Hospital’s redevelopment project is being delivered using an Alternative Financing and Procurement model. Women’s College Partnership will receive annual payments from Women’s College Hospital over a 30-year period following construction completion. Payments cover construction, building maintenance, life-cycle repair and renewal, and project financing. The annual payments are comparable to a fixed-rate mortgage with maintenance and repair expenses included and, along with payments made at substantial completion, will total approximately C$941 million after 30 years (approximately C$460 million in today’s dollars).
McCarthy Tétrault LLP acted as counsel to Infrastructure Ontario and Women’s College Hospital, with a team led by Gordon Willcocks.