Saint Vincent's Selects the Rudin Family as Development Partner for New Hospital Project
08/06/2007
Media Contact:
Michael Fagan
212-604-7965
NEW YORK, NY (May 16, 2007) - Saint Vincent Catholic Medical Centers took a big step forward today in achieving its vision of a new state-of-the-art green hospital for the West Side and Downtown by selecting the Rudin family as the development partner in its project for the new St. Vincent's Hospital Manhattan.
St. Vincent's anticipates emerging from Bankruptcy court protection this summer with a healthy balance sheet and up-to-date financial systems and controls. Having once faced an uncertain future, St. Vincent's is now positioned to focus on meeting the growing healthcare needs of the communities that the hospital serves. Saint Vincent's is filing a motion today that seeks authority from the Bankruptcy Court to enter into a memorandum of understanding with the Rudin family.
'Saint Vincent's chose the Rudin family because of its longstanding commitment to New York City,' said Alfred E. Smith, IV, Chairman of the Board, Saint Vincent Catholic Medical Centers. 'They are recognized as a responsible developer and outstanding corporate citizen. The partnership will provide us some of the needed resources to build a new St. Vincent's for the next century.'
St. Vincent's has a responsibility to be prepared for, and is committed to meeting the healthcare needs of its neighbors on the West Side and Downtown, now and for the next century. This requires a significant investment in a new hospital, equipment, and technology by St. Vincent's. The hospital system will embark on a philanthropic campaign under the leadership of new Board Chair Alfred E. Smith, IV to raise funds for the new building, however it must also make the best use of its real estate assets to be able to make the needed capital investment.
'Together we will help St. Vincent's Hospital build a new, 21st century, environmentally friendly, state of the art, health care facility. This partnership allows the hospital to serve its ever-growing community and continue to fulfill its mission for the next 150 years,' said William C. Rudin, a managing partner of the family's holdings. 'We are honored to be chosen and look forward to working with the hospital, the city, our elected officials, and the local community to make this vision a reality.'
The new hospital will use green technologies that will emphasize conservation of energy, water and other natural resources resulting in a reduction of carbon emissions. It will have the most technologically advanced procedure areas and patient records, diagnostic test results, and radiological images will be kept electronically.
Why a New Hospital?
St. Vincent's service area, which includes Downtown and West Side neighborhoods from the Financial District to Times Square, is experiencing unprecedented residential growth. In recent years new residential development has been approved and construction is underway in the Far West Village, West Chelsea, and Hudson Yards.
In addition, the Berger Commission's recommendations for hospital closures will actually increase emergency department visits and inpatient admissions at St. Vincent's, making the commission's references to the need for the 'hospital of the future,' with the latest technology, flexibility to adapt as technology changes, and greater operational efficiencies, particularly important for St. Vincent's and the neighborhoods it serves.
St. Vincent's plans to build the new facility on the site of the O'Toole Building, the current location of physician offices and its outpatient health center (West Side of 7th Avenue). When the new facility is complete, St. Vincent's will vacate its current hospital buildings on the eastside of 7th Avenue, which the Rudin family will develop primarily for residential use.
Commitment to the Community
St. Vincent's is extremely mindful of the challenges and considerations inherent in the construction of a building that needs to be consistent with the fabric of its historic surroundings.
As a large-scale community facility development, St. Vincent's will submit the proposal for the project -- including both the construction of the new hospital and construction on the Current Campus -- to the Landmarks Preservation Commission and City Planning Commission.
St. Vincent's Hospital has already briefed local elected officials and Community Board 2 on the proposed project. It has also formed a Community Working Group comprised of elected officials, representatives from Community Board 2, block associations, community leaders and physician representatives from St. Vincent's to provide a forum to receive input and disseminate information on the project throughout the public approval and development process. The hospital looks forward to continued work with all of these stakeholders with its new partner the Rudin family, and to seek input and share plans as they become available.
Saint Vincent's
Saint Vincent Catholic Medical Centers (Saint Vincent's) is anchored by St. Vincent's Hospital Manhattan, an academic medical center located in Greenwich Village, St. Vincent's Westchester, a behavioral health hospital in Westchester County, and continuing care services that include two skilled nursing facilities in Brooklyn, another on Staten Island, a hospice, and a home health agency serving the Metropolitan New York area. Its behavioral health services also provide supportive housing programs for people with mental illness throughout the Metropolitan area. The system became affiliated with St. Vincent's Midtown Hospital (formerly St. Clare's) in 2003. Saint Vincent's is the designated provider for the New York and New Jersey region of the US Family Health Plan sponsored by the US Department of Defense.
Saint Vincent's serves as the academic medical center of New York Medical College in New York City. The healthcare organization is sponsored by the Roman Catholic Bishop of Brooklyn and the president of the Sisters of Charity of New York.
The Rudin Family
The Rudin Family has owned real estate in the City of New York for over 100 years. Currently, the family holdings include 16 office buildings and 20 apartment buildings. The family prides itself in working with local stakeholders to make their developments relate to the context of the existing community.
Examples of this commitment to the City and its neighborhoods can be found in projects like 55 Broad Street, the world's first totally wired work environment and a driving force in the redevelopment of Lower Manhattan during the mid nineties, the Reuters Building at 3 Times Square, where they worked in tandem with the city and state as well as the New Victory Theatre and the New 42nd Street to help revitalize Times Square and create one of the city's first green buildings and 32 Avenue of the Americas where they worked with the local Community Board and Landmarks Commission to restore and transform an historical landmark into one of the most important telecommunications and media properties in America, now home to international telecommunication, television, radio and advertising companies.
Members of the Rudin family hold or have held leadership positions on the boards of many New York not for profit institutions including but not limited to: Memorial Sloan Kettering Hospital, New York Downtown Hospital, Lenox Hill Hospital, Jazz at Lincoln Center, Central Park Conservancy, Metropolitan Museum of Art, Brooklyn Academy of Music, NY Hall of Science, Battery Conservancy, Whitney Museum and the Gay Men's Health Crisis.
