Newport Beach retired businessman Bill Holmes has donated $27 million to help pay for construction of Children’s Hospital of Orange County’s new tower, the hospital announced Monday.

The 425,000-square-foot addition to the hospital will be named for Holmes, who owned the manufacturing company, L.A. Spas, until he sold it and retired nine years ago.

When completed in June, the tower will triple the size of the hospital in Orange at a total cost of $558 million, according to the hospital announcement. In addition to Holmes’ contribution, the addition is financed through income from hospital operations, new debt, public funding and philanthropy.

“This is my legacy gift to CHOC Children’s and to the children and families in the community,” said Holmes in the news release. “The new tower expands on what CHOC can do for the children in our community. Orange County residents should take tremendous pride in having a world-class pediatric facility here.”

CHOC’s announcement stated it is also working to create an endowment to support recruiting top pediatric experts “who can drive research and clinical breakthroughs” and is increasing its academic and research ties to UC Irvine’s School of Medicine to advance treatments and cures for children.

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