Hoag Memorial Hospital Presbyterian’s expansion of its Irvine campus, with a first phase expected to top $650 million in costs, has received a major funding boost.
The Sun Family Foundation announced this month it would contribute $50 million to the transformation of the Irvine campus, which opened in 2010 and is anchored by a 154-bed hospital.
Hoag last year completed the $226 million buy of its Irvine hospital facility and adjacent land parcels, in the largest local real estate deal of the year, in preparation of an expansion there.
The hospital is now in the early stages of expansion at the campus, located at the intersection of Sand Canyon Avenue and Alton Parkway, just off the San Diego (405) Freeway.
The first phase of expansion at the site, expected to cost $653 million, “will feature inpatient and outpatient cancer and digestive services, as well as inpatient and outpatient women’s services,” notes a recent report from bond ratings agency Fitch Ratings Inc. (see page 3).
The first phase should be completed in about three years.
The Sun family’s gift will be used for both the Irvine campus’ physical expansion and medical advancements at the campus, according to Hoag officials.
In 1987, David Sun and John Tu co-founded Fountain Valley’s computer memory products giant Kingston Technology Corp.
Today, it’s among Orange County’s largest private companies, with an estimated $13 billion in revenue. The maker of computer memory products and related gear has operations in six countries and 3,500 total employees. Both founders are among the wealthiest businesspeople in OC.
In 1999, Sun and his wife, Diana, co-founded the Sun Family Foundation to better educational opportunities and the well-being of underserved communities.
“Our gift is no more important or meaningful than any other gift to Hoag, no matter the amount, if it comes from the heart and is made in the hope of helping others,” said David Sun, who serves as Kingston’s chief operating officer.
“Diana and I simply hope this gift will inspire others to give whatever they can, as Hoag increasingly assumes a leadership role nationally in providing innovative health care that saves lives.”
“Hoag has a very special place in our hearts, to say the very least,” said Diana Sun, who serves on the Hoag Expansion Executive Committee.
“Had it not been for the world-class specialists and care available right here in our community, my mother might not have survived her benign brain tumor several years ago. The care and compassion Hoag showed her—and our entire family—was incredible. David and I hope this gift will enable many, many more people to experience that care and compassion if and when they need it.”
The nonprofit health network, with its main campus in Newport Beach, says it has committed more than $1.3 billion to its Irvine campus over the last decade.
Hoag’s plans in Irvine are one of many notable healthcare projects in the city, including University of California, Irvine’s $1 billion hospital and medical complex going up along Jamboree Road, and City of Hope’s $1 billion cancer campus in the city’s Great Park Neighborhoods.