DUARTE, Calif.--(BUSINESS WIRE)--City of Hope, a world-renowned independent cancer research and treatment center, and Five Point Holdings, LLC (NYSE: FPH), the largest owner and developer of mixed-use, master-planned communities in coastal California, today announced the signing of a memorandum of understanding formalizing a collaboration to build a $200 million, best-in-class, cancer center in Irvine. The cancer center, part of FivePoint’s Great Park Neighborhoods project on the former El Toro Marine Corps Air Station, will be equipped with leading-edge technologies and dedicated oncology specialists to provide innovative, high quality care to Orange County and beyond. The center will be developed on property donated to City of Hope by the FivePoint joint venture that owns the Great Park Neighborhoods’ project.
“The City of Hope state-of-the-art cancer center will anchor a comprehensive new medical campus that will ultimately feature multiple centers of excellence offering the very best health care and wellness services in the heart of Irvine,” said Emile Haddad, chairman and CEO Five Point Holdings, LLC. “This unique campus and the cancer center will be dedicated to longevity and the best possible quality of life, and they will reflect our commitment to make Great Park Neighborhoods a model for all other communities in California and beyond.”
"City of Hope’s vision is to bring tomorrow’s discoveries to the people who need them today. Increasingly, this means bringing technologically-advanced care, physician expertise, and clinical research closer to home for patients and their families,” said Robert W. Stone, president and CEO of City of Hope. “In FivePoint, we have an ideal partner to develop an extraordinary center that will serve the residents of Irvine and all of Orange County.”
City of Hope has been expanding its clinical network. In the past five years, it has grown to 17 locations across Southern California to allow patients more easy access to its unique brand of cancer care. A cancer center in Irvine would extend this reach and complement its main campus in Duarte, California. It will also strengthen the longstanding relationships City of Hope has built with patients, volunteers and philanthropic supporters in Orange County who have come to regard City of Hope as Southern California’s premier cancer research and treatment center.
About City of Hope
City of Hope is an independent research and treatment center for cancer, diabetes and other life-threatening diseases. Designated as one of only 49 comprehensive cancer centers, the highest recognition bestowed by the National Cancer Institute, City of Hope is also a founding member of the National Comprehensive Cancer Network, with research and treatment protocols that advance care throughout the world. City of Hope is located in Duarte, California, just northeast of Los Angeles, with community practice sites throughout Southern California. It is ranked as one of "America's Best Hospitals" in cancer by U.S. News & World Report. Founded in 1913, City of Hope is a pioneer in the fields of bone marrow transplantation, diabetes and numerous breakthrough cancer drugs based on technology developed at the institution.
FivePoint, headquartered in Aliso Viejo, California, designs and develops mixed-use, master-planned communities in coastal California. FivePoint is developing vibrant and sustainable communities in Orange County, Los Angeles County, and San Francisco County that will offer homes, commercial, retail, educational, and recreational elements as well as civic areas, parks, and open spaces. FivePoint’s three communities are: Great Park Neighborhoods® in Irvine, Newhall Ranch® near Valencia, and The San Francisco Shipyard/Candlestick Point in the City of San Francisco. The communities are planned to include approximately 40,000 residential homes and approximately 21 million square feet of commercial space. The Great Park Neighborhoods project is owned by Heritage Fields El Toro, LLC, a joint venture in which a subsidiary of Five Point is a member.