Fairview Embarks on Building Blitz
Officials at Fairview Health Services are hoping to cash in on $54 million in bonds, which will kick off a construction boom across the health giant's holdings, including the hospital in Burnsville.
Burnville's Fairview Ridges Hospital could be in for a major overhaul. The hospital's parent company, Fairview Health Services, appears to be on the cusp of a major building boom.
According to plans presented to the City of Minneapolis, the company has tentatively proposed an addition and renovation to Fairview Ridges Hospital, that would include a new, 16-bed observation unit, a new public entryway, a skyway link and an expansion of the hospital's clinical laboratory.
According to a recent report in Finance & Commerce, the Minneapolis-based company is will soon be flush with cash. Fairview recently sold its Red Wing Medical Center to Mayo Clinic, a deal that garnered $64 million. In addition to direct proceeds from the sale, the transaction resulted in yet another financial windfall for Fairview, freeing up about $54 million-worth of bonding proceeds that had been allocated to the Red Wing hospital.
However, to spend the bonding funds elsewhere, Fairview officials will need approval from the city of Minneapolis and the Minnesota Agricultural and Economic Development Board, both of which issued the original bonds.
Other possible construction projects in the Twin Cities region include:
- An expansion and renovation at the Southdale Hospital in Edina, which would include a three-story addition and a helipad;
- Expansion and renovation of the bone marrow transplant and intensive care units at the University of Minnesota Medical Center in Minneapolis.
Fairview could also use the money to pay off leftover construction costs resulting from the University of Minnesota Amplatz Children’s Hospital, $275 million facility in Minneapolis that opened last year.
The Minneapolis City Council will consider the proposal on Aug. 31. The Minnesota Agricultural and Economic Development Board will hold a hearing on the matter on Sept. 6.
Fairview's Burnsville campus has been the scene of many improvements as of late. This month, Ebenezer Management Services and Krause-Anderson broke ground on a new $12 million senior living complex, and last year Fairview wrapped up construction on an expansion of its Breast Center.