September 13, 2017
Phoenix-based Banner Health secured $550 million in a revenue-bond issue to finance $325 million of the cost of a new 16-story patient tower now under construction at Banner University Medical Center Phoenix. Another $225 million in bonds will be used to construct and outfit a nine-story tower at Banner University Medical Center in Tucson (pictured).
Located at 11th Street and McDowell Road in Phoenix, the teaching hospital is planned to include 256 patient beds, a new emergency department and trauma center, operating rooms and lab space. The tower is expected to deliver by October 2018.
Banner is investing nearly $1 billion in clinics and new teaching-hospital towers in Tucson and Phoenix, which includes offices for managers and department leaders at the Tucson hospital tower. The county-approved revenue bonds will allow the health-care system to lower borrowing costs.
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