This article is part of a daily series of MegaProjects articles. If you want to know more about PPP projects with a considerable size visit our MegaProjects section. You can receive them by email on a daily basis.
On January 23, 2014, Plenary Health announced the inauguration of the new St. Joseph's Healthcare Hamilton P3 project, a mental health and addiction hospital in Hamilton, Ontario, that provides an integrated approach to education, research and clinical care.
Mike Marasco, CEO of Plenary Concessions, stated:
We are pleased to have achieved on-time and on-budget completion of the construction phase, and we are excited to build on this great partnership over the next 30 years.
Plenary Health will receive annual payments from the province over a 30-year period. Payments cover construction, building maintenance, lifecycle repair and renewal and project financing and are equivalent to approximately C$581 million in today's dollars.
The project was awarded on September 28, 2010. The contract to design, build, finance and maintain the new West 5th Campus project was signed on December 7, 2010 and construction started in January 2011.
Financing for the project was comprised of short-term bonds and long-term bonds and was provided by RBC Dominion Securities Inc. as bond underwriter and initial bond purchaser. Equity was provided by Plenary Group (Canada) Ltd. and Innisfree PFI Secondary Fund LP.
The new 830,000 ft2 hospital has a facility houses 305 mental health and addiction inpatient beds, mental health and medical outpatient clinics, clinical support, administrative and facility support functions, and education and research space.