Children's Hospital Begins Construction on New Building

BOSTON-Children’s Hospital here began construction on a 295,000-sf research building. The $130 million facility will increase the hospital’s research space by 50% and is expected to open by the spring of 2003. It is located across the street from the hospital in the Longwood Medical area.

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.