UC Health to Acquire Avondale Campus

Uc Health To Acquire Jewish Foundation’s Avondale Campus
Jewish Foundation Fulfills Its Obligations To Drake Center

CINCINNATI, OHIO (March 3, 2011) – UC Health and the Jewish Foundation of Cincinnati announced today that UC Health will purchase the Jewish Hospital Medical Campus in Avondale from the Jewish Foundation. The purchase price was not disclosed. They also announced that they had reached agreement on fulfilling The Jewish Foundation’s obligation to provide financial support for financial losses at Drake Center. The closing, which is subject to environmental inspections of the site, is expected to occur within 60 days.

“We are very excited about this agreement, as we are able to secure a property important to our future growth” says James A. Kingsbury, President and CEO of UC Health. “We’ve also had extensive discussions with Cincinnati Children’s about opportunities to develop the campus jointly. We see this as another way to enhance our partnership with Cincinnati Children’s while avoiding significant costs in relocating our corporate office and data center.”

“This is a true win for everyone involved, especially the community at large, which will benefit from the partnership that UC Health is building with Cincinnati Children’s” says Gary Heiman, President of The Jewish Foundation of Cincinnati. “The Jewish Foundation has appreciated its partnership with UC Health to ensure Drake Center continues to meet its mission and serve this community. While we will always have an emotional attachment to the Avondale campus, we know it will be in good hands and continue to effectively serve the people of Greater Cincinnati.”

“We are delighted by this constructive agreement,” says Michael Fisher, President and CEO of Cincinnati Children’s. “It’s great for UC Health, for the Jewish Foundation, for Cincinnati Children’s, and the entire Uptown area. It offers us a unique opportunity to work with UC Health and strengthen our region’s academic medical center to better serve the patients and families of our community.”

With this agreement, The Jewish Foundation will have satisfied its financial obligations to Drake Center and to UC Health. Upon leaving the former Health Alliance, The Jewish Foundation agreed to underwrite 45 percent of Drake Center’s financial losses from March of last year through August of this year. The Jewish Foundation has now agreed to pay in full its obligation for that entire period. The Avondale medical campus includes the former Jewish Hospital located at 3200 Burnet Avenue (home to the UC Health Business Center), the Jewish Medical office Building and garage and the parking facilities located at the intersection of Reading Road and Martin Luther King Drive.

About The Jewish Foundation of Cincinnati

The Jewish Foundation of Cincinnati was founded as a private philanthropy in 1995.  Its mission is to support, promote, advance and strengthen the Jewish community and Jewish causes in Greater Cincinnati. Since its inception, the Foundation has focused on capital or capital improvement projects in and around Cincinnati.

About UC Health

UC Health (www.UCHealth.com) is the affiliated health system of the University of Cincinnati, one of the nation’s top 25 public research universities. UC Health includes University of Cincinnati Medical Center, Cincinnati’s only academic medical center; West Chester Hospital, Cincinnati’s newest hospital; Drake Center, the region’s premiere rehabilitative hospital, and a network of primary care physicians. UC Health is also partnered with UC Physicians (www.UCPhysicians.com), the multispecialty clinical practice group of the UC College of Medicine. The group includes nearly 600 board-certified clinicians and surgeons and an additional 200 nurse practitioners, physician assistants, psychologists and certified nurse anesthetists who provide care to more than 1 million patients annually through all Greater Cincinnati hospitals and nearly 30 outpatient locations.

 

 

Press Contacts

Brian Jaffee

Jewish Foundation of Cincinnati
513.792.2715
bjaffee@thejewishfoundation.org

Anthony Condia

UC Health
513.584.1134
anthony.condia@uchealth.com

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