TORONTO - Infrastructure Ontario and the Rouge Valley Health System announced that the hospital and Aecon Buildings have achieved financial close, which signals that all contractual steps have been completed for the Ajax and Pickering Hospital Phase I Redevelopment Project.
The Rouge Valley Health System project will see the addition of more than 75,000 square feet of new construction and more than 65,000 square feet of renovations.
The project, led by Aecon Buildings, also includes financing arranged by Stonebridge Financial Corporation.
The deal commits Aecon Buildings to build and finance the hospital's redevelopment project for $63,941,270 million, which will be paid only when substantial performance is achieved. Approximately 75 workers will be on site daily.
The estimated total cost of the hospital's redevelopment project is approximately $94 million. This includes the fixed construction contract with Aecon Buildings as well as other ancillary costs.
Construction will start in the next few weeks and is expected to be completed in summer 2010.
Infrastructure Ontario is working with the Rouge Valley Health System to redevelop the Ajax and Pickering Hospital, which will remain publicly owned, publicly controlled and publicly accountable. Infrastructure Ontario is a Crown corporation dedicated to managing some of the province's larger and more complex infrastructure renewal projects - ensuring they are built on time and on budget.
This project is guided by principles outlined in the province's Building a Better Tomorrow framework, which ensures public ownership of core assets such as hospitals, schools, and water and wastewater facilities.
Visit www.infrastructureontario.ca for more information.
Contacts:
Terence Foran
Infrastructure Ontario
416 325-2939
David Brazeau
Rouge Valley Health System
416 284-8131, Ext. 4010