University of Texas Medical Branch Receives $170 Million From Sealy & Smith Foundation

University of Texas Medical Branch Receives $170 Million From Sealy & Smith Foundation

The University of Texas Medical Branch has announced a $170 million gift from the Sealy & Smith Foundation in Galveston, Texas, to support construction of a new hospital.

The largest single gift ever to a health institution in Texas will be used to begin construction of a $438 million hospital that features nearly two hundred and fifty family-centered patient rooms, state-of-the-art surgical suites and intensive-care space, and areas for visiting and consultations with caregivers. Scheduled to be completed by 2015, the facility will complement the existing John Sealy Hospital, which is being renovated and modernized.

The commitment boosts the foundation's total giving to UTMB over its 89-year-history to nearly $800 million. In addition to the foundation's lead gift, the Texas legislature appropriated debt service for a $150 million Tuition Revenue Bond after the UT System Board of Regents gave its approval for the new hospital. The remaining $118 million will be provided by UTMB and raised through a $100 million capital campaign.

"We greatly appreciate the continued confidence that the regents, the foundation, and Texas elected officials have in UTMB," said UTMB president Dr. David L. Callender. "This new hospital represents a major milestone in the university's recovery from Hurricane Ike. It is also a vital part of UTMB's long-range plans for ensuring a sufficient and highly trained healthcare workforce for Texas."

"UTMB Set to Move Forward on New Hospital: Sealy & Smith Foundation to Contribute $170 Million." University of Texas Medical Branch Press Release 08/25/2011.