The hospital plans to get $20 million in its current fund-raising drive.
The project actually will provide about 100 new patient beds, but the hospital plans to retire many that date back more than 40 years.
He explained that the hospital planned to lease the space in the new building to doctors.
The hospital plans to use land value to offset the costs of modernization.
The hospital plans to discharge him soon, and his future is uncertain.
In the near future the hospital plans to move its location.
The hospital plans to make its case at a Health Department hearing next month.
Collectively, the hospitals plan to spend $6 billion on construction over the next decade.
The hospital plans to start construction in April and complete the 12-story, $908 million building in 1998.
He said at least a half-dozen private hospitals in the city were already planning such cuts.