North Oaks Medical Center expansion is now a sure bet

The first expansion phase of the North Oaks Medical Center in Hammond has been reinstated and funded through a $99 million bond issuance. “Since December 2008, when the economic downturn caused us to delay our expansion plans, we have closely monitored the municipal bond market for more favorable conditions to fund and reinstate the project,” says Shirley Hsing, North Oaks’ senior vice president and chief financial officer. “Due to the significantly lower interest rate of 4.7%, we believe this is an opportune time to proceed with expansion.” The initial phase of the 200,000-square-foot, five-story hospital addition includes 14 new operating-room suites, 12 more outpatient “same day surgery” beds and 67 new private inpatient rooms. With the addition, the hospital’s inpatient bed count will increase to 326. New infrastructure, including a central mechanical plant, medical gas farm and a helipad, are also components of the project. Nearly 30,000 square feet of space adjoining the emergency department, along with 20,000 square feet of space adjoining the new operating room suites, will be shelled in for future expansion in phase two. North Oaks is accepting bids and is set to award a construction contract by Dec. 4 in order to break ground in January. The addition is tentatively slated to open in February 2012.