SAN DIEGO — Officials at Rady Children’s Hospital held a news conference Thursday to announce the largest single donation in the hospital's history. The hospital will use the funds, which came from a familiar donor, to redevelop and expand its facilities.
“I think that you will find that this is going to be truly a landmark day, not only for Rady Children’s Hospital, but a landmark day for the city of San Diego and the county of San Diego,” said Stephen Jennings, senior vice president and executive director for the Rady Children's Hospital Foundation.
The hospital’s president and CEO Patrick Frias announced the donation was pledged by Ernest and Evelyn Rady in the amount of $200 million.
Frias said the Radys have been supporters of the hospital for over 30 years even before it was called Rady Children’s. Ernest Rady previously served on the hospital board of directors and was chairman of the board for several years. The couple has given several large donations to the hospital in the past including $60 million in 2006 and $120 million in 2014.
The hospital was renamed in honor of the Radys after the 2006 gift which helped with the construction of its Acute Care Pavillion.
Frias thanked the couple for their “visionary spirit”
“This transformational gift will allow us to create a new healing environment that will ensure that we have the ability to care for kids for generations to come,” said Frias. “The future campus will utilize innovative technology and incorporate leading patient center design elements that will ensure compassionate care, not only for the patients and families, but also for our care providers that are involved day in and day out caring for these children.”
Hospital officials and board members began formulating a master campus and system plan last year and created the Rady Reimagine Fund to help support the hospital's expansion efforts. Hospital officials said the matching fund could surpass a total of $400 million.
After the donation was announced the couple received a standing ovation from former and current hospital personnel who had gathered to hear the news.
“I came here today to say, ‘thank you’ to all the people who have worked at this hospital for all these years,” said Ernest. “I hope that this gift will help you continue with the great mission that you folks are on. It’s beyond what I ever imagined.”
A gift to thank Ernest and Evelyn was unveiled at the event – a replica of the hospital’s skyline engraved with the words:
“In grateful recognition of Ernest and Evelyn Rady. Thank you for daring to imagine all this.”
The billionaire made his fortune in the insurance, investing and real estate industries. He founded American Assets Inc., now American Assets Trust, in 1967 and Insurance Company of the West in 1971. Wachovia purchased the latter in 2006.
The Radys has given millions of dollars to causes around San Diego, including UC San Diego, the San Diego Zoo, Jewish Family Services of San Diego and the Salvation Army of San Diego.
Planning for the re-imagined campus is scheduled to conclude by June 2021, after which construction will begin, according to Rady Children's officials.
Frias, called the gift "a landmark day for pediatric health care."
"This is a top-to-bottom transformation," Frias said. "Our focus is on building a healthier future to serve the needs of current and future generations. ... This investment will allow us to do exactly that."
