Maryland Approves $543M Largo Medical Center After $100M Cuts
Want to get a jump-start on upcoming deals? Meet the major D.C. players at one of our upcoming events!
Maryland regulators yesterday, in a landmark agreement, approved the Prince George's Regional Medical Center in Largo.
The approval allows construction to begin on the $543M project, $100M less than the University of Maryland Medical System and Dimensions Health Care Systems had originally proposed, the Washington Business Journal reports.
Maryland healthcare commissioner Robert Moffit recommended approval last month after the partners agreed to his $100M in cuts, which scale back the number of operating rooms, emergency department bays and square footage per patient.
In a statement released yesterday, Baker celebrated the decision and emphasized the economic benefits the medical center will create.
"This Regional Medical Center will improve healthcare options and outcomes in Prince George’s County and has already begun to spur transit-oriented economic development around the Largo Metro station," Baker said. "We are confident it will be the anchor of 'Downtown Largo' attracting brand new retail, residential, office space, and other transit-oriented development."
The hospital, which has been going through the approval process for years, is expected to be completed by 2020. Leaders in Healthcare Real Estate will convene on Nov. 8 at Bisnow's National Healthcare Expansion and Innovation Series in Philadelphia. [WBJ]