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WATCH: The New Golisano Children's Hospital

A ribbon-cutting ceremony Wednesday for the "new" Golisano Children's Hospital.

The 8-story, $145 million project is the largest capital project in the University of Rochester's history.

It includes state of the art patient care technology, and living space for parents so they can be with their children during their hospital stay.

Pediatrician-in-chief, Dr. Nina Schor, says this facility was built specifically with children and families in mind.

"The ability of that family to take care of that child when they are back home will increase, because they've already been part of the care team at the hospital."

She says the ability to have family members present may help in the healing process.

Chief surgeon Dr. Walter Pegoli, calls it a "jewel" for upstate New York.

"There's no other hospital like it, there's no other hospital that has the technology we have, so we are the bellwether for not only pediatric medical care but pediatric surgical care in the state of New York."

Pegoli says they expect to transition from the old hospital to the new Golisano Children's Hospital starting in July.

Thousands of donors helped make the project possible.

Paychex founder and local philanthropist Tom Golisano donated $20 million to get it off the ground. He says the new hospital will help with the recruitment of top-notch staff. And in an emotional speech to those attending the afternoon dedication he talked about how important this investment in the medical facility is for him.

"The only wealth you get to keep, is that which you give away. And I know someday I'm not going to be here and some of the families won't be here, but this building will be here, and that's our ongoing wealth."

Phase I of the project has been completed.

Phase II will include the construction of 24 private neonatal intensive care units, a Pediatric Intensive Care Unit and Pediatric cardiac care center.

A "Play Deck" at the hospital
Interactive atrium at the hospital