Sarasota Memorial Health Care System is pressing ahead with more than $1 billion in capital projects aimed at expanding access to high-quality care across Southwest Florida—momentum the system says is helped by stronger bond ratings that reduce borrowing costs.

Construction is already underway on the system’s $507 million SMH-North Port hospital, where crews have started work on deep foundations. SMH also has multiple upgrades and expansions in progress, including an $82.5 million inpatient rehabilitation facility planned for the SMH-Venice campus and more than $50 million in radiology improvements in Sarasota and Venice.

Leadership credits the financing advantage to upgraded and reaffirmed credit ratings from Moody’s and Fitch, which function much like a personal credit score—strong ratings typically mean lower interest costs on major projects. SMH CEO David Verinder said the organization’s ability to self-fund and borrow strategically is tied to its market position, growing patient volumes, and financial discipline.

To help fund the work, the Sarasota County Public Hospital Board voted to issue up to $425 million in revenue bonds this year. Moody’s also upgraded the hospital district’s rating to Aa3, while Fitch reaffirmed the system’s “AA-” rating in 2025. Verinder said the savings created by lower borrowing costs can be redirected into infrastructure and technology investments that support the system’s “5-star” commitment to the community.

Major projects highlighted by SMH include:

• SMH-North Port (opening in 2028): A nine-story, first-of-its-kind acute-care hospital for North Port. It will open with 100 beds, with built-in shell space designed to expand capacity to 208 beds as demand increases.
• Milman-Kover Cancer Pavilion (Spring 2026): A new outpatient cancer facility on the Sarasota campus, part of the expanding Brian D. Jellison Cancer Institute, intended to bring advanced treatments, technologies, clinical trials, and supportive services closer to patients at home.
• Venice Rehabilitation Pavilion (construction expected to start this year): A four-story facility designed to provide specialized inpatient and outpatient rehabilitation services for residents in the south county area.

Founded in 1925, Sarasota Memorial is the only public health system in Florida’s Suncoast region. It is owned and operated by the Sarasota County Public Hospital District and overseen by a nine-member, locally elected public hospital board.

Today, SMH describes itself as a regional medical center with broad services across its network, supported by roughly 2,500 physicians and advanced practice providers, 11,000 employees, and about 2 million patient visits annually.