$43 million expansion proposed at Froedtert
Advanced Care site to add four floors
Less than 18 months after opening its Center for Advanced Care, Froedtert Hospital is seeking approval to add four floors to the building at a projected cost of $43 million.
The Froedtert & the Medical College of Wisconsin Center for Advanced Care — a 12-story building, including three floors of underground parking — opened in October 2015 and cost $140 million.
It was the initial phase of a $240 million expansion and renovation at Froedtert Hospital.
The center houses the hospital’s heart and vascular center, transplant center and surgical specialties clinic as well as two floors used for inpatient cancer care.
The building was designed so that four floors could be added, according to a statement from Froedtert Hospital. The expansion would add about 165,000 square feet to the building and is driven by the hospital’s need to increase inpatient capacity.
The project would begin this spring if approved by the Wauwatosa Design Review Board and is projected to take two years to complete.
It was first reported by the Milwaukee Business Journal.
The Center for Advanced Care freed up space for Froedtert Hospital, part of the Froedtert & Medical College of Wisconsin network, to renovate and consolidate its operating rooms in one area in the hospital.
It was Froedtert Hospital’s largest expansion project since completing its $95 million cancer center in 2008.
Froedtert Hospital had operating income of $138.7 million on revenue of $1.4 billion in its fiscal year ended June 30.
Froedtert Health, the parent organization, had operating income of $144.6 million on revenue of $2 billion for the fiscal year.
Operating income was down slightly from $149 million in its 2015 fiscal year but included a $16.3 impairment charge on its 50% interest in Network Health Inc., a health insurer. It was up sharply from the $83.4 million in operating income reported for its 2014 fiscal year.
The $2 billion in revenue reported for the 2016 fiscal year was up from $1.9 billion in the 2015 fiscal year and $1.7 million in the 2014 fiscal year.