1935 Medical District Drive, Dallas, TX
Tracing its origins to the creation in 1913 of a pediatric dysentery clinic established on the lawn of Parkland Hospital, Children’s Medical Center Dallas has grown to the fifth largest pediatric healthcare organization in the nation. In 1967, the present facility opened within the nascent Dallas Medical District. In the past 45 years Children’s has developed numerous centers of excellence, among them pediatric cardiovascular care. The Comprehensive Center for Heart Care at Children’s Medical Center today attracts referrals from throughout the region, the nation, and internationally.
The Heart Center’s units have always been spread out across different floors of the hospital, scattered throughout the campus. To increase patient capacity, improve care outcomes, and provide additional research opportunities, Children’s developed a Master Design Plan for a state-of-the-art centralized Heart Center. In 2010, after three years of planning, Children’s launched a $77 million, multi-phase initiative that would result in the consolidation of every functional unit of the Heart Center onto one floor of Children’s main hospital. Children’s anticipates that its plan, once fully realized, will meaningfully improve collaboration among specialists, streamline administration by locating back offices adjacent to care administration areas, and promote improved cooperation from the families of the children receiving care, an essential component of pediatric medicine.
In late 2012, Children’s brought Crescent Growth Capital (“CGC”) in to help them secure New Markets Tax Credits to help finance the fourth phase of this plan: a new $11.1 million Interventional Suite. The fourth and most expensive phase of Children’s Master Design Plan, the Interventional Suite project will include new, state-of-the-art operating rooms and catheter labs, MRI facilities, a multi-purpose procedures room, and a relocated cardiac prep & recovery unit. On October 31, 2013, CGC helped Children’s close and fund a $10.5MM Federal Qualified Equity Investment to finance the construction of the Interventional Suite, using a $10.5MM allocation of Federal New Markets Tax Credits provided by Hampton Roads Ventures, and NMTC equity provided by AT&T Corp.
Not only will this subsidy consolidate and significantly upgrade Children’s ability to provide state-of-the-art patient care, but it will also free up hospital funds to open 5 additional pediatric primary care clinics in distressed neighborhoods, locating non-emergency care within communities of need and freeing up valuable ER space within the main hospital for emergency cases.