Park Royal Psychiatric Hospital has closed on a $23 million bond issue to finance the construction of a 76-bed facility near Health Park Medical Center in south Lee County. The bonds were issued through Oppenheimer & Co. Inc. The announcement was made Friday.
"This is a significant step in expanding mental health services in Southwest Florida," said Jim Harper, CEO of Park Royal Psychiatric Hospital. "We couldn't have come this far without the support and involvement of many community leaders, particularly the Lee County Board of Commissioners, the Industrial Development Authority, Lee Memorial Health System and Lee Mental Health Center. I am sincerely appreciative of everyone working with us to make the psychiatric hospital a reality."
The hospital anticipates receiving its final development approval from Lee County in the next 60 days. Construction of the 69,500-square-foot hospital is expected to begin in February 2011 with an anticipated opening in February 2012.
Once completed, the hospital will provide in-patient psychiatric care with a focus on senior behavioral health. The Park Royal psychiatric team currently provides inpatient care through a contract with Lee Memorial Health System in its 15-bed Senior Behavioral Care unit at Lee Memorial Hospital, which opened in 2009.
"The issuance of the bonds needed to construct Park Royal is excellent news," said Jim Nathan, CEO of Lee Memorial Health System. "Expanding the availability of behavioral health services was one of the top priorities that we identified during our Community Health Visioning 2017 initiative.
"The opening of Park Royal Psychiatric Hospital will have a very positive impact by providing much-needed psychiatric services in our community," he said.
About Park Royal
Park Royal provides psychiatric care for adults and geriatric patients through inpatient and outpatient services.
It currently operates the Senior Behavioral Health Center at Lee Memorial Hospital, a 15-bed psychiatric unit for geriatric patients, the Intensive Outpatient Behavioral Health Center for patients requiring intensive follow-up services and the Outpatient Behavioral Health Center to provide less intense services for patients.
The Park Royal Psychiatric Hospital is expected to open the first quarter of 2012. The hospital will be a 76-bed facility with two
GeroPsychiatric units, an Adult Psychiatric unit and an Acute/Progressive Care unit.
It will be located on the campus of Health Park Medical Center in south Lee County.