Some Chicago-area hospitals have postponed major building projects because of the recession but not the University of Chicago.
Construction began in May for a new $700 million-dollar patient tower pavilion at the South Side medical center. And now U of C is looking at debt financing to raise at least $500 million for projects including the new pavilion.
A report from Moody's Investors Service says the hospital has plans to issue bonds early next month. Fundraising also is expected to help cover the pavilion's hefty price tag.
The pavilion will house adult programs in cancer, digestive diseases, neurosciences, advanced surgery and high-tech imaging. It is expected to open by 2013.
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Construction began in May for a new $700 million-dollar patient tower pavilion at the South Side medical center. And now U of C is looking at debt financing to raise at least $500 million for projects including the new pavilion.
A report from Moody's Investors Service says the hospital has plans to issue bonds early next month. Fundraising also is expected to help cover the pavilion's hefty price tag.
The pavilion will house adult programs in cancer, digestive diseases, neurosciences, advanced surgery and high-tech imaging. It is expected to open by 2013.
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
