$2.5 billion

2012 Rank: 10

2011 Rank: 8

Sector: Health Care

Location: Montreal, Quebec

Owner: CHUM

Engineer: AECOM (consulting engineer)

Architect: Cannon Design, BPYA—Birtz Bastien Beaudoin Laforest Architectes, Provencher Roy, Yelle Maillé, Arcorp

Research Tower DBFM Team: Accès Recherche Montréal—a joint venture of Pomerleau and Verreault, a subsidiary of Dessau.

Hospital DBFM Team: Collectif Santé Montréal—a joint venture of Laing O’Rourke, Obrascón, Huarte Lain S.A. (OHL), Innisfree, and Dalkia Canada.

Other:  Infrastructure Québec, formerly PPP Québec (procurement advisor); SNC-Lavalin and GENIVAR (owner’s advisors)

Funding: P3 (DBFM)

Financing: In June 2011, the Collectif Santé Montréal consortium reached financial close for the design, build, finance, and maintenance of the hospital portion of the project. The consortium raised $1.37 billion through the sale of secured bonds and agreed to contribute $180 million of its own capital. The financial arrangement is underwritten by RBC Capital Markets. To finance the CHUM project, the consortium placed short term bonds with Canadian institutional investors and long-term senior bonds for a total of over $392 million. Additionally, the sponsors are providing liquidity by way of a mezzanine facility.

Description:

A new hospital and research centre will replace the three facilities which currently make up the CHUM—the Hôtel-Dieu de Montréal, Hôpital Notre-Dame, and Hôpital Saint-Luc. Both old and new buildings will have to meet national building code requirements, which involve a major seismic retrofit, site decontamination, vibration and water control, built environment preservation, and so on. The Research Centre is targeting LEED Certification.

LEED Target: Certification for Research Centre