On Wednesday, CoxHealth broke ground on a new 310,000-square-foot addition to Cox Medical Center South. This new patient tower, scheduled to be completed in 18-24 months, will house a Women’s and Children’s Hospital, a Neuroscience Center, and will include room for expansion.
CoxHealth’s president and CEO Steve Edwards said the new tower is designed to meet the area’s health care needs now and in the future. “Our existing tower was designed 30 years ago. It has served us and the community well. But we know the population we serve is growing and aging, and looking forward we determined that now was the time to expand to meet those needs.”
The $130 million project is financed in part by an April bond issuance. Two major gifts in support of the project were also announced at today’s groundbreaking. Donors include:
· The Jared Family: Linda and Jerry Jared, Curtis and Jade Jared, Roger, Andrew and Cindy Jared, and Brian and Michelle Jared, in support of the now-named Jared Neuroscience Center.
· Arthur and Ruth Ann White, in support of the now-named Dee Ann White Women’s and Children’s Hospital.
“As Springfield’s only locally owned non-profit health system, CoxHealth depends on the generosity of our friends and neighbors,” said Lisa Alexander, CoxHealth Foundation president. “We’re thankful to those who have committed to this project, and we look forward to working with community members at all levels of donation who want to help CoxHealth meet the needs of those around them.”
Once completed, the Dee Ann White Women’s and Children’s Hospital will occupy the Ground – 2nd floors of the project and include a new Neonatal Intensive Care Unit, Pediatric Intensive Care Unit, Pediatric Unit and Post-Partum Unit with easy access to Cox South’s existing Labor and Delivery area and women’s and children’s physician offices. The Jared Neuroscience Center will occupy floors 7 – 9 and include inpatient care units, plus clinic space for Springfield Neurological and Spine Institute physicians and Ferrell-Duncan Clinic neurologists.
CoxHealth leaders say that even though there is uncertainty in the health care industry, historically low interest rates in the bond market made now the time to make this investment. The organization’s analysis shows that if current interest rates were to increase by only 1.5 percentage points, the cost of the bond offering would have increased by $43 million.
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