A federal arbitration panel has ruled in favor of the State of Louisiana, awarding it $474.7 million in compensation for the loss of Old Charity Hospital. The settlement will largely fund the construction of a new, 424-bed teaching hospital adjacent to Downtown New Orleans.

"This monumental victory for the State of Louisiana makes today one of the most exciting for New Orleans and Downtown in particular. The State's investment in this new facility will not only provide much needed health care for our citizens, but will also ensure that we can continue to train the best and brightest health care professionals here in our city, provide the best platform for the burgeoning bioscience industry to thrive, and help to position New Orleans as a world-class leader in medical research and medical care," says Kurt Weigle, President & CEO of the Downtown Development District.

To read the NOLA.com announcement and related stories, click here.