PIDC INVESTS IN THE CENTER FOR THE URBAN CHILD
On June 20, 2013, St. Christopher’s Hospital for Children, PIDC and Bank of America Community Development Corporation closed on $15 million of New Markets Tax Credit financing to develop the Center for the Urban Child (the “Center”) in the Feltonville/Juniata Park Community of Philadelphia. PIDC provided $10 million of its $50 million New Markets Tax Credit allocation received in 2012 through the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. These dollars are utilized to spur private sector investments in highly distressed communities. PIDC specifically target development projects that support a comprehensive strategy of building sustainable neighborhoods and revitalizing business corridors to create jobs, eliminate blight, and provide needed goods and services in disinvested communities.
St. Christopher’s Hospital for Children and Tenet Healthcare Corporation, its parent company, plan to develop the Center for the Urban Child, a community-focused initiative designed to help the children of Philadelphia break the cycles of food insecurity, violence and childhood illness. The goal of the Center is to provide children with comprehensive medical treatment and services to: 1) reduce barriers to health care access for children and their families, 2) improve the diagnosis of and care for diseases that disproportionately impact children in the community, and 3) modify the factors that contribute to disparities. The Center for the Urban Child will be housed in a newly constructed 30,000 square-foot, 2-story medical office building located in the rear of the hospital’s main 10-acre campus at 100 East Erie Avenue.
The Center is the first phase of an overall $110 million Tenet Healthcare Corporation expansion project at St. Christopher’s Hospital for Children in Philadelphia. The second phase of the expansion will consist of the new construction of a 135,000 square foot, four-story Critical Care Tower attached to the main hospital building. The Tower will house 50 new critical care beds and 60 Level IIIC neonatal intensive care unit (NICU) beds. The Tower will enable the hospital to offer larger, private critical care rooms incorporating advanced technology while accommodating families.
St. Christopher’s Hospital for Children was founded in 1875, when it opened as a one-room dispensary for the mill workers’ children of the Kensington area of Philadelphia. Today St. Christopher’s is considered a premiere children’s hospital in the Greater Philadelphia area and has been at the forefront of many areas of pediatric medicine.
In 1998, St. Christopher’s Hospital was acquired by Tenet Healthcare Corporation of Dallas, Texas, a leading health care services company. Tenet, through its subsidiaries, operates 50 hospitals, over 100 free-standing outpatient centers and Conifer Health Solutions, a leader in business process solutions for health care providers that serves more than 300 hospital and health care entities nationwide.