The redevelopment of Saint Joseph Hospital in central Denver is expected to create 1,400 construction jobs annually and contribute $340 million in wages from now until it opens in 2014, according to an economic study conducted by Denver-based BBC Research and Consulting.
The study, done on behalf of the hospital, said the redevelopment is also projected to infuse $13.6 million annually to the city of Denver and $8 million annually to the state of Colorado in use taxes.
The hospital is investing more than $700 million in the multi-year project, known as the Saint Joseph Heritage Project, which includes the cost of purchasing The Children’s Hospital property in 2007.
The redevelopment includes a new 348-bed, 826,000 square foot hospital which will be located in the middle of the campus.
The hospital is expected to open in December 2014.
Denver Mayor Bill Vidal said that the Saint Joseph redevelopment project is vital to Denver’s future.
“With the constant need to create jobs and the recent trend of hospital systems leaving Denver for the suburbs, the study’s findings are positive indicators that Exempla Saint Joseph Hospital’s new facility will make a significant economic impact on Denver,” said the mayor.
Vidal said it will provide growth and stability to the construction industry as well as the overall job market.
The hospital, which was founded in 1873 by the Sisters of Charity of Leavenworth, directly employs 3,000 people and contributes $177 million in annual labor compensation. Saint Joseph produces an estimated $2.8 million in annual sales tax revenue for city and local amenities and $1.7 million for the state of Colorado.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com.
