Fully funded healthcare facilities for Vancouver Island
LOCATION
Campbell River and Courtenay, BC
CONTRACT MODEL
P3/Design-Build-Finance-Maintain
DATES
2017
(construction completion)
COST
$606 million
PUBLIC PRIVATE PARTNERSHIPS
Two healthcare facilities, built simultaneously
The project’s long-term bonds represent Canada’s first official Green Bond P3 financing.
Graham Capital was a developer, builder, and equity provider for this complex social infrastructure project.
We found cost savings by working collaboratively with all development workstreams.
Like most social infrastructure projects, the projectfaced significant cost challenges at the outset because of the owner’s affordability constraints. We proposed value-engineering initiatives incorporated into construction procurement to reduce costs. Graham Capital and Graham continued to work with the owner to develop value engineering initiatives that created additional cost savings. Graham Capital’s finance teams worked on several initiatives to materially reduce interest costs during construction and advisory, security, and financing costs, eventually resulting in a fully funded and affordable project.
A successful one-stop solution
The complex social infrastructure project demonstrates Graham Capital’s ability to structure robust long-term financing solutions that deliver critical infrastructure.
We’re currently managing the project company for the Island Health Authority, ensuring the maintenance of healthcare facilities is properly managed and getting total lifecycle value from the facilities.
The North Island Hospitals Project achieved a value-for-money savings of $131.50 million, or 17.13% of its original capital cost.
North Island Hospital
The Campbell River and District Hospital is a 32,316-square-metre acute care facility. It includes 95 patient beds, an emergency department, diagnostic imaging, surgical and endoscopy services, an ambulatory care program, maternity, cardiopulmonary diagnostic services, support services, and a mixture of structured and surface parking.
The 39,826-square-metre Comox Valley Hospital has 153 patient beds, an adult and adolescent psychiatric unit, emergency care, diagnostic imaging, surgical and endoscopy services, support services, maternity, ambulatory care programs, cardiopulmonary diagnostic services, a clinical support building, a University of British Columbia teaching facility, and a mixture of structure and surface parking.
About the hospitals
An award-winning project
2015 Silver Award, Best Social Infrastructure Project North America, North American P3 Awards
2014 Silver Award for Infrastructure Sustainability from the Canadian Council for Public-Private Partnerships
2018 Vancouver Island Real Estate Board (VIREB) Commercial Building Awards Award of Merit, Institutional(Campbell River), Award of Excellence, Institutional (Courtenay)
2017 Security Integrator of the Year for the electrical contractor
Let’s talk about
your project
Every project is different. We’ll help you find a tailored solution that ensures a reliable outcome. Contact us to find out how we can support you.