Penrose-St. Francis Health Systems has announced plans to build a new $500 million hospital at the corner of Fillmore Street and Centennial Boulevard in Colorado Springs.
The company just purchased a 51-acre lot there on the northeast side of the intersection.
Penrose-St. Francis Health Systems spokesman Chris Valentine says that the current Penrose Hospital will not be able to keep up with community growth in the future.
Once the new hospital is constructed, most of the essential services from Penrose Main hospital will be transferred to the new facility.
The old hospital will likely still house the cancer center and other doctors offices.
"That 50 acres will give us room to grow, to build another tower if need be, to build another medical office building, have more parking. Whatever the community is needing, so that's elbow room, that's what we're looking for up there," said Penrose-St. Francis Health Systems spokesperson Chris Valentine.
Valentine says that the initial hospital that will be built will be designed to accommodate the next 10-15 years of growth, but it will allow expansions to grow with the community for the next 100 years at least.
The new hospital isn't even in the design phase yet. Officials say groundbreaking on the project likely won't happen for the next two to three years, which means the hospital would not open for five to six years.
Right now, the project is still awaiting final approval for funding from sponsors, including the hospital's parent company, Centura Health.
Hospital administrators say the estimated $500 million price tag will not affect the cost of healthcare in southern Colorado.