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EllisDon Infrastructure Healthcare has announced that it has reached financial close on a healthcare centre redevelopment project in Toronto. This comes less than one week after West Park Healthcare Centre and Infrastructure Ontario announced that the contract to design, build, finance and maintain the project had been awarded to the EllisDon team.

The redevelopment project includes a new, approximately 730,000 square foot hospital building, which will provide various inpatient, outpatient, and outreach services. The building will contain 314 beds, 80% of which will be in single-patient rooms.

Located in west Toronto, West Park Healthcare Centre currently provides specialized rehabilitation; complex continuing care, long-term care and community health services to individuals suffering from lung disease, diabetes, stroke, amputation and musculoskeletal issues arising from a life-changing event or illness.

The outpatient care space of the centre will be significantly increased to accommodate current and new services such as geriatric clinics and day hospital, and satellite hemodialysis. Furthermore, the redevelopment will include expansion of green space and extensive landscaping to create outdoor therapy areas and therapeutic gardens.

The P3 contract is valued at CAD1.2 billion (US$915.4 million), which reflects the payments made during construction, the substantial completion payment, and the facility maintenance payments over 30 years. 

Construction is set to begin immediately and substantial completion is slated for early 2023.

CannonDesign and Montgomery Sisam Architects have been selected to design the redevelopment works, while subsidiaries of EllisDon will take responsibility for construction and facilities management.

The team has not disclosed any information about how financial close has been achieved. However, in late July, Moody's Investors Service disclosed that it had assigned a first-time A3 rating to two amortizing senior secured bonds totaling approximately CAD219.1 million (US$167.1 million) that were to be issued by EllisDon Infrastructure WPHC General Partnership - the project company.

This indicates that EllisDon was able to secure financing before being officially awarded the contract. The team were selected as the preferred bidder for the project at the end of June, according to Infrastructure Ontario's website.