Hoag Memorial Hospital Presbyterian in Newport Beach, California, has announced a $20 million gift — the largest in its history — from Bill and Sue Gross in support of its new women's pavilion.

According to the Los Angeles Times, the gift will provide $10 million for construction of the pavilion, $4 million for new digital mammography equipment, and $6 million to endow the women's wellness center. In recognition of the gift, the seven-story tower, which is scheduled to open in October, will be named the Sue and Bill Gross Women's Pavilion. In addition to the wellness center, the building will house operating and procedure rooms, private patient rooms, and three floors dedicated to maternity services. Fundraising for the $200 million project began in 1999, and total contributions, including the gift from the Grosses, now exceed $72 million; the remainder will come from the hospital's reserves and bonds.

"For us, Orange County is home for both our family and business interests," said Bill Gross, 60, founder and chief investment officer of PIMCO, one of the world's leading fixed income managers. "Personally, we wanted to give back in this special way to support the development of an important resource that impacts all of us who live in Southern California. We want to ensure Hoag remains a hospital we can all count on, right in our neighborhood."