SAN DIEGO -- Ernest and Evelyn Rady Thursday announced a $200 million gift to Rady Children's Hospital to redevelop and expand its existing facilities.
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.
The Children's Hospital of San Diego was renamed in Ernest and Evelyn Rady's honor in 2006 following their first gift of $60 million to support the construction of the hospital's Acute Care Pavilion. In 2014, the Radys gave $120 million to support the establishment of Rady Children's Hospital's Institute for Genomic Medicine.
"Evelyn and I have gotten a great deal of pride and satisfaction from the wonderful care that the people at Rady Children's Hospital have provided to the children of our community," Ernest Rady said. "We are fortunate in San Diego to have easy access to the best doctors, nurses, scientists, technicians and care providers for children in the world."
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.
Rady Children's president and CEO, Dr. Patrick 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."