Last hurdle for new hospital cleared
University and Medical Center officials got the green flag Thursday, Oct. 7, to begin construction on the first phase of MUSC's new hospital.
A
model of the new MUSC Hospital to be built on Courtenay Drive, between
Doughty and Charleston Center Drive.
With the approval from the U.S. Department of Housing and Urban Development (HUD) to insure $401million in bonds, the last hurdle has been cleared and site preparation should get under way within the next few weeks. Officials expect the first phase of the desperately needed hospital to be completed in January 2008.
The backing by HUD means the university will be able to issue hospital revenue bonds at a lower interest rate than it would have been able to do on its own, lowering the cost of the project.
Since MUSC made the initial application a year ago, HUD has scrutinized the hospital, looking carefully at feasibility studies, the current hospital's financial performance, its market share with competitors, its medical staff's credentials and its general financial stability.
“HUD's backing validates the finan-cial feasibility of our plans and enables us to move forward immediately,” said MUSC President Ray Greenberg, M.D., Ph.D. “The project will assure future generations of South Caro-linians a modern health care facility second to none in this country. We are grateful for the support we have already received from the City of Charleston, the Veteran's Administration and our own university community.”
The first phase will include a 625,000-square-foot building to accommodate cardiovascular and digestive disease services.
The hospital will contain 156 beds, including 32 ICU beds, nine operating rooms, catheterization laboratories, interventional radiology laboratories, endoscopy suites, imaging suites, a specialized chest pain center and outpatient clinic space.
The $401million insures both bonds for the new construction project and re-funding of existing debts. The consolidation of these debts is a requirement for the new funding.
Friday, Oct. 15, 2004
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