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Duarte-based City of Hope National Medical Center has significantly boosted its planned investment to $1 billion for a new comprehensive cancer center and specialty hospital in Irvine.
City of Hope is buying 11 acres of land, including a building of about 190,000 square feet, at Irvine’s FivePoint Gateway office campus.
The cancer center at the existing building, now unoccupied, is expected to open in 2021.
The project is being built in collaboration with partner FivePoint Holdings, the Irvine-based developer of the Great Park Neighborhoods.
Terms of the land and office sale by FivePoint to City of Hope were not immediately disclosed.
City of Hope said last year it would spend $200 million on a cancer center, a first-of-its-kind center for Orange County, at a different location on FivePoint’s land.
Officials said community support for the initial proposal, and an urgency to move faster on the project, caused them to expand and speed up their plans.
For more details, see the July 1 print edition of the Business Journal.