Brooklyn (N.Y.) Hospital Center is planning to invest $1.2 billion to redevelop its main campus in downtown Brooklyn, according to The Wall Street Journal.
With the hospital facing an imminent cash shortfall, officials said they are counting on a lucrative sale of some land to finance the redevelopment, according to the report.
The hospital has proposed selling off about two-thirds of its 5.5 acre property in Fort Greene Park to commercial or residential developers.
"We're trying to use our own assets to put us in a better situation for the community we serve," Gary Terrinoni, president and CEO of the hospital, told the Journal. "This is survival for this hospital, honestly it is. If we can’t do this, and do it rather quickly, then I think our viability financially is in jeopardy."
The initial proposal calls for the hospital to have at least 17 levels of care within several towers. It would have a cancer center, ambulatory surgery center and more outpatient facilities.
Construction would happen in stages and take about 10 years to finish, according to the report.