The hospital also plans on expanding its clinical care space by taking down a five-story building on its campus and replacing it with a 10-story 200,000-sf building at a cost of $120 million. The hospital is financing these two buildings through the issuance of long-term debt and a philanthropic campaign. The hospital also plans on renting out three floors of its research building to cover construction and operating costs. The building will include retail space on its first floor and an additional three floors of parking.
According to a released statement, the hospital has not been renovated in over ten years but in that time inpatient and outpatient visits have grown by 30% each. Children's Hospital has the largest pediatric research program in the world with over $100 million last year in public and private grants.
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