Banner to Rebuild UA Medical Center; Arizona Board Approves Merger
Arizona Daily Star has announced Banner Health has plans to rebuild Tucson’s only academic medical center in a three-year project, estimated to begin in 2016.
The details of this project emerged when the Arizona Board of Regents voted unanimously to approve a merger between University of Arizona Health Network and Banner Health, with Banner Health being the surviving entity.
The complex deal is expected to close Feb. 27, 2015 and has three main components — the merger, a deal to purchase land that includes rebuilding the main hospital, and a long-term academic affiliation with the UA College of Medicine, both its Tucson and Phoenix locations.
A few details about the construction include that the hospital will not be shuttered, but rather renovated and expanded.
Additionally, the UA will put $39 million of the $60 million land payment into a trust to establish an academic enhancement fund. Banner will contribute $261 million to that fund.