Infrastructure Ontario and Providence Care has signed a fixed-price contract with Integrated Team Solutions to design, build, finance and maintain the new Providence Care Hospital.
The Team includes:
• Developer: EllisDon Corporation / Fengate Capital Management Limited
• Design: Parkin Architects
• Construction: EllisDon Corporation
• Facilities Management: Johnson Controls
• Financial Advisor: Scotia Capital
Equity funding for the project will be provided by EllisDon and Fengate Capital, and short-term and long-term bonds are fully underwritten by National Bank Financial Inc.
This announcement signifies that all contractual steps have been completed and construction will start immediately. The project is expected to be completed by fall 2016.
Once construction is complete, the new 270-bed hospital will be approximately 618,000 square feet. Services and programs from the St. Mary’s of the Lake Hospital site and the Mental Health Services site of Providence Care will be relocated into the new hospital to offer a comprehensive range of inpatient and outpatient programs.
The project will incorporate sustainable design and construction features, with the goal of achieving LEED Silver certification.
The value of the contract with Integrated Team Solutions is approximately $810 million in today’s dollars. Over the 30-year life of the contract, when adjustments for anticipated inflation are made, the contract value is $901 million. The contract cost covers the design and construction of the facility, building maintenance, life-cycle repair and renewal, as well as project financing.