Plans for a €120 million development at Dublin's Rotunda Hospital, which would see a new maternity hospital and other healthcare facilities built on the site, were announced by the hospital yesterday.
It said it would come up with half the funding if the remainder was provided by the Government.
Master of the hospital Dr Michael Geary said the plan had already been presented to Minister for Health Mary Harney, and had received "an acknowledgment that it is a cohesive, logical, sensible and achievable plan".
He said the Rotunda stood on 4½ acres at Parnell Square, only half of which was now in use for clinical facilities. The plan was to develop the remainder.
The hospital was 260-years- old, and while it had "wonderful modern facilities within the old structure" the hospital was delivering 7,000 babies a year.
"We want to build a new, purpose-built modern public maternity hospital on the west side of Parnell Square," Dr Geary said.
This would see the labour ward and theatres extended, new laboratory facilities, new pre and postnatal wards, and new purpose-built outpatient facilities.
On the east side of the site it was hoped to build a new education and research centre, a new clinical skills laboratory and accommodation facilities important for the recruitment and retention of staff.
"And on the top of the square then we hope to have a new private clinic and a new Human Assisted Reproduction Ireland unit," he said.
Dr Geary said if funding was provided the plan could be realised in four to five years.
He hoped private funding would come from income from retail units and accommodation facilities on the site.
Over the following five years Dr Geary said the plan was for the development of an underground car park in the centre of the square and for the pleasure gardens to be rebuilt over it.
"We would hope to have the hospital done and finished and the pleasure gardens restored by maybe eight to 10 years' time."
He said most of the facilities in the old hospital would continue to be used for patients, but some of it could be used for a museum or gallery.
The plan was announced during a hospital visit by Ms Harney to mark its receipt of a top-quality award from the Irish Health Services Accreditation Board.
The development plan, Ms Harney said, would have to be assessed by the HSE.
"But one of the things I'm impressed with is the fact that 50 per cent of the funding will come from private sources, and I'm always very anxious to ensure that we get as much money as possible from private resources and not from the taxpayer into the healthcare system."
It was an ambitious plan and had to be "rigorously assessed on the same basis as every other project".