- The Surry County (NC) commissioners unanimously approved a deal to transfer Northern Regional Hospital to Novant Health. The agreement protects more than 1,000 jobs, with Novant committing more than $135M in investment.
- After the Charity Hospital building in New Orleans sat empty for over 20 years, Tulane University has announced plans to buy and then transform the building into a bioscience and medical education hub. The project is estimated to cost $500M and be more than 650,000 sf.
- The California Attorney General is reviewing NorthBay Health’s planned acquisition of Queen of the Valley Medical Center in Napa, CA. NorthBay agreed to purchase the hospital and related assets for $450M, financed with debt.
- OHSU is petitioning the state of Oregon for help funding a $400M expansion of the NICU at its Doernbecher Children’s Hospital (Portland, OR). The project would expand the NICU from 46 beds to 60 beds.
- The Southwestern Medical District Board and Texas Trees Foundation are investing $225M to transform the 1,000-acre medical district into a more walkable mixed-use corridor. The district also contains the $5B pediatric campus currently under construction by UT Southwestern and Children’s Health.
- El Camino Health will invest more than $1B to rebuild its Los Gatos (CA) hospital to new state seismic standards. The new hospital will have 122 patient rooms and 12 operating rooms. The existing hospital will remain open during construction.
- Elevance Health has invested $640M in affordable housing over the past five years, including 15 properties and the development of 2,650 affordable housing units across 10 states. The insurer’s total investment in affordable housing totals $1B over the last 20 years.
- Sturgis Hospital in southwest Michigan recently ceased operations, pending its full closure. The rural hospital cited years of declining reimbursement rates, rising operating costs and a decrease in utilization.
- Ascension broke ground on its new hospital campus in Clarksville, TN. The 96-acre campus will feature a $148M full-service acute-care hospital, an inpatient rehabilitation facility operated in coordination with Lifepoint, and oncology, orthopedic and cardiac clinics.
- University of Michigan Health-Sparrow broke ground on a new surgery center in Lansing, MI. The $60M expansion project is set to include additional operating rooms and a new MRI unit.
For additional information on this topic, please contact:
- Andrew Dick at adick@hallrender.com or (317) 977-1491;
- Joel Swider at jswider@hallrender.com or (317) 429-3638; or
- Your primary Hall Render or Hall Render Advisory Services contact.
Special thanks to Summer Associate Gabriel Vaughn for his assistance with the preparation of this article.
Hall Render blog posts and articles are intended for informational purposes only. For ethical reasons, Hall Render attorneys cannot—outside of an attorney-client relationship—answer specific questions that would be legal advice.
