The project will see a private partner enter into a development phase agreement with IO and The Ottawa Hospital, and is anticipated to enter into a design, build, finance and maintain P3 deal once the development phase is completed.
IO said the development partner is expected to be named in early 2024.
The scheme involves establishing a new state-of-the-art acute care academic hospital, supporting training of healthcare workers and advancing life-changing research.
IO has been developing a range of procurement routes over recent years, as it looks to increase competition from the market. Its first progressive P3 - the Weeneebayko hospital project - began work earlier this year, after securing three bidding teams during its procurement.
However, in October last year, only one bidder submitted a proposal to deliver the Peter Gilgan Mississauga Hospital under IO’s progressive P3 model, while in the same month, a request for proposals was issued by IO to the single bidder for its Trillium Broader Redevelopment Project, being developed under a build-finance approach.