Hoag Hospital has secured an extension until 2040 of its right to build out space on the upper and lower portion of its campus in Newport Beach under a previously negotiated development agreement that gives it flexibility in what additional facilities it would add to meet future health care needs.
The City Council recently approved this fifth extension to the development agreement first reached in 1994, allowing the hospital to finish building out about 450,000 square feet of the property within certain design parameters.
In return for the agreement, the city gets fees from the hospital that it has been using to help the city’s homeless outreach programs. The hospital pays $300,000 a year for the development rights.