The facility is expected to cost $754 million. It's projected to open in December of 2013.

updated: 11/4/2009 8:20:35 AM
Marion County voters approved a referendum allowing the creation of a new Wishard Hospital in downtown Indianapolis. Wishard sought approval to issue up to $703 million in public bonds for construction. The move allows the hospital to tap into more than $600 million in federal stimulus funding. The new Wishard Hospital will be located on the Indiana University-Purdue University Indianapolis campus.
Source: Inside INdiana Business

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The next step is demolition, then site preparation, followed by construction.
The project had received endorsements from the Indiana and Greater Indianapolis Chambers of Commerce.
Source: Network Indiana\WIBC and WISH-TV