Construction in April 2000 on the site at 900 23rd St. NW.
By 1997, the pressure was mounting on then-George Washington University? President Stephen Joel Trachtenberg to solve the hospital dilemma. George Washington University Hospital was hemorrhaging money under academic control, and three years of searching for an answer hadn?t worked. Finally, GW closed a deal in July 1997 to hand over control to Universal Health Services ? a for-profit, publicly traded national chain.
The complex transaction set off a chain of events ? among other things, it stabilized the university's finances and led to one of the District's most prominent mixed-use developments.
The acquisition is No. 17 in our series on the top 30 business stories of the last 30 years.
>>>Click through the slideshow to the right to see archival photos of the hospital under construction.>>>
Also, click here for reporter Ben Fischer's story on the transaction, and click here for a blog with more from Trachtenberg and Universal Health executive John McDaniel on the deal.
By 1997, the pressure was mounting on then-George Washington University? President Stephen Joel Trachtenberg to solve the hospital dilemma. George Washington University Hospital was hemorrhaging money under academic control, and three years of searching for an answer hadn?t worked. Finally, GW closed a deal in July 1997 to hand over control to Universal Health Services ? a for-profit, publicly traded national chain.
The complex transaction set off a chain of events ? among other things, it stabilized the university's finances and led to one of the District's most prominent mixed-use developments.
The acquisition is No. 17 in our series on the top 30 business stories of the last 30 years.
>>>Click through the slideshow to the right to see archival photos of the hospital under construction.>>>
Also, click here for reporter Ben Fischer's story on the transaction, and click here for a blog with more from Trachtenberg and Universal Health executive John McDaniel on the deal.
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