TORONTO - Construction of the new Runnymede Healthcare Centre is set to begin in early November. Infrastructure Ontario and Runnymede Healthcare Centre announced that the hospital and Bondfield Construction Company Ltd. have achieved financial close, which signals that all contractual steps have been completed for the hospital's project.
The state-of-the-art new hospital will be built on the existing Runnymede Healthcare Centre site and will replace the older facility. The new hospital will provide complex continuing care to adults of all ages and increase the number of beds from 95 to 200. Enhanced clinical and medical services will include a full range of therapeutic services such as physiotherapy, occupational therapy, communication and swallowing therapy, audiology services, respiratory therapy, customized dietary programs, activation and recreation therapy, and social services.
The project team, led by Bondfield Construction Company Ltd., includes financing by the Ontario Teachers' Pension Plan, which was arranged by National Bank Financial.
The deal commits Bondfield to build and finance the hospital's redevelopment project for $63 million, which will be paid only when construction is completed. Approximately 100 workers will be on site daily.
The estimated total cost of the project is approximately $89 million. This includes the fixed construction contract with Bondfield as well as other estimated costs related to the project such as furniture, equipment, permits, architectural and engineering fees, transactional and project management fees.
“We are excited to see this project moving forward,” said Connie Dejak, President & Chief Executive Officer, Runnymede Healthcare Centre. “This redevelopment project will ensure that patients at Runnymede Healthcare Centre continue to receive exceptional care in a new facility that addresses the increasing demand for our specialty services.”
Construction is expected to be completed in summer 2010.
Infrastructure Ontario is working with the Runnymede Healthcare Centre to build the replacement 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:
Jennifer Sclisizzi
Infrastructure Ontario
416-325-7409
Connie Dejak
Runnymede Healthcare Centre
416-762-7316, Ext. 220