Morguard Corporation and William Osler Health System recently celebrated the topping off of the Ancillary Services Building at Etobicoke General Hospital. The seven-storey, 156,000 square foot Class A building is targeting LEED Gold certification.
In 2016, Morguard’s Etobicoke General Hospital Health Partners consortium was awarded permission to design, build, finance and maintain the $56 million Ancillary Services Building through an alternative financing arrangement.
“Morguard has the flexibility to provide alternative financing options that offer innovative and accessible means for the public sector to modernize and replace aging infrastructure,” said K. Rai Sahi, chairman and CEO of Morguard Corporation, in a press release. “We are pleased to join our partners to celebrate a milestone in the development of this modern facility that will provide world-class medical care in this community.”
The development of the medical office building is key in the expansion and transformation of Etobicoke General Hospital. The new facility will replace the existing building, providing more than twice the square footage to meet the hospital’s growing needs. It also acts as a connection to the newly constructed Etobicoke General Hospital patient tower through a covered pedway on the second storey.
The medical office building was designed to the hospital’s specifications and will house physicians’ offices, classrooms and outpatient programs and services, including a fracture clinic, diagnostic imaging and a satellite dialysis program.
“This marks a significant milestone in the revitalization journey at EGH,” said Ann Ford, vice president facilities, redevelopment and information technology at William Osler Health System. “With the support of our partners, we are excited about the tremendous progress we are making in transforming this site, which will help increase access to the health care services most needed by patients and families in the community.”
The project is a hybrid infrastructure/commercial real estate alternative financing arrangement between the consortium and William Osler Health Systems. Under the terms of the partnership, Morguard will develop, own and operate the building for a 40-year term, during which time 100 per cent of the space will be leased for William Osler Health System. The consortium includes Morguard Investments Limited as developer, financial advisor/arranger and facilities manager; Bird Construction as constructor; ARK Inc. as architect; Fasken Martineau as legal partner; RBC Capital Markets as construction financer; and RBC Insurance as long-term financer.
Executives from William Osler Health System joined Morguard at the topping off ceremony, a key milestone in the development process. Construction is on track to be substantially complete by late 2017.
