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.