Canada’s leading equipment finance company donates $15 million to help build new patient care tower for critically ill patients at St. Michael’s Hospital
Toronto, October 3, 2014
By Leslie Shepherd
Rendering of the Element Financial Atrium
Element Financial Corp. announced today that it is donating $15 million toward the construction of a new patient care tower for critically ill patients at St. Michael’s Hospital in downtown Toronto. The 17-storey tower is being purposely designed to transform patient care as St. Michael’s seeks to become the premier critical care hospital in Canada.
“The services provided by St. Michael’s Hospital help to make the Greater Toronto Area a compelling place to live for people who work in our industry,” said Steven K. Hudson, Element’s chairman and chief executive officer. “We depend on the availability of a world-class, well-educated workforce and recognize how important institutions like St. Michael’s Hospital are to sustaining the profitability and growth of our business. That’s why we are investing $15 million over the next five years in St. Michael’s to help ensure that the Greater Toronto Area remains such a great place to live and work.”
This is the single largest gift St. Michael’s has ever received from a corporation. It was made as part of the St. Michael’s Hospital Foundation’s Inspire 2018 fundraising campaign.
In appreciation for the gift, the atrium in the new tower, which is intended to be the heart of the hospital, will be named the Element Financial Atrium. A new pedestrian highway running throughout the first floor, improving wayfinding for patients and visitors, will be known as Element Financial Way.
St. Michael’s expects to break ground in January 2015 for the new patient care tower at the northeast corner of Queen and Victoria Streets. Construction is expected to take three years, during which time the hospital will remain open.
The patient care tower is part of a larger hospital redevelopment, St. Michael’s 3.0, which includes renovations that will nearly double the size of the Emergency Department. The ED now sees close to 75,000 patients a year, about 1.5 times the number it was designed to handle.
Rendering of the Element Financial Way
Running from the atrium through the hospital to the historic Bond Street entrance will be Element Financial Way, a major pedestrian thoroughfare that will improve patient and family navigation, which currently is a challenge. Other highlights of the 250,000-square-foot tower include:
- Five new purpose-built, state-of-the-art operating rooms designed to incorporate medical imaging equipment such as MRIs, CT scanners and X-rays
- Two new intensive care units
- All in-patient rooms will be private, meaning more privacy and better infection control, with space for families, leading to better outcomes
“Element Financial has, with this gift, signalled their belief that corporate philanthropy can be a powerful strategic tool and that giving back to the community makes good business sense,” said Dr. Robert Howard, the hospital’s president and CEO. “Element understands how to make capital work in our community. Their capital, in the form of this generous gift, combined with St. Michael’s commitment to quality, will allow us together to build Canada’s premier critical care hospital.”
The Inspire 2018 fundraising campaign of St. Michael’s Hospital Foundation, co-chaired by Tony Arrell, John Cassaday, Bill Downe, John Tory and honorary co-chair Margaret McCain, has raised $168 million of its $200 million goal.
About Element Financial Corporation
With total assets of $10 billion, Element Financial Corporation is one of North America’s leading equipment finance companies. Element operates across North America in four verticals of the equipment finance market – Commercial & Vendor Finance, Aviation Finance, Railcar Finance and Fleet Management.
About St. Michael's Hospital
St. Michael’s Hospital provides compassionate care to all who enter its doors. The hospital also provides outstanding medical education to future health care professionals in 27 academic disciplines. Critical care and trauma, heart disease, neurosurgery, diabetes, cancer care, care of the homeless and global health are among the hospital’s recognized areas of expertise. Through the Keenan Research Centre and the Li Ka Shing International Healthcare Education Centre, which make up the Li Ka Shing Knowledge Institute, research and education at St. Michael's Hospital are recognized and make an impact around the world. Founded in 1892, the hospital is fully affiliated with the University of Toronto.
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