A health facility with emergency care will open in Greenwich Village after a deal was struck among Saint Vincent Catholic Medical Centers, the North Shore-LIJ Health System and the Rudin family. Plans call for a neighborhood medical complex as part of a proposed redevelopment project, the organizations announced Thursday morning.

St. Vincent's is seeking court approval to sell its most significant real estate asset, the Manhattan campus, for $260 million to the Rudin family.

It will also transfer the O'Toole Building to North Shore-LIJ, which will invest $110 million in a project to renovate and develop the building to create the North Shore-LIJ Center for Comprehensive Care. The facility is expected to treat more than 72,000 patients annually and employ 300 people but it will not be a trauma center as was St. Vincent's Hospital.

The O'Toole Building is located on the west side of Seventh Avenue between West 12th and West 13th streets. The Rudin family is providing $10 million to partially offset North Shore-LIJ's costs.

The proposed center would provide round-the-clock emergency care. If approvals are granted, it would open in the fall of 2013. North Shore-LIJ said in the announcement that the facility would be the first freestanding, 24-hour emergency department in the New York area.

Michael Dowling, North Shore-LIJ's president and chief executive, said in a statement that "making this facility a reality, however, will require city, state and federal approvals, all of which are needed for us to move forward with this project."

St. Vincent's said the transaction would provide money for its creditors. Its board of trustees and creditors approved the deal, which will be brought before the bankruptcy court at a hearing to approve the sale on April 7.

The original Rudin contract and all previous proposals involving the Manhattan campus were contingent on obtaining zoning approval, so SVCMC pursued an amended transaction with Rudin, which had made extensive progress in navigating its plans "through the uncertain, often contested and costly zoning, landmark and community approval process," the hospital wrote in court papers, concluding the Rudin group had the best chance at completing a transaction.

Last fall, SVCMC said it received an initial proposal from Rudin that did not include a health care transaction, remained conditioned upon zoning approval and whose purchase price, payment and other terms were "deemed inadequate even in the current market."

The deal for a new medical facility is linked to a Rudin family residential development on West 12th Street between Sixth and Seventh avenues, previously approved by the NYC Landmarks Preservation Commission. That project includes about 300 apartments and five brownstones. It would reuse four buildings that were part of the St. Vincent's campus. The project meets previous Landmarks decisions by preserving five key buildings: O'Toole, Spellman, Smith, Raskob and Nurses'.

The proposed sale includes lots, pieces or parcels of land located at 1 Seventh Ave., 133 W. 11th St., 143 W. 11th St., 148 W. 12th St., 158 W. 12th St., 170 W. 12th St. (collectively referred to as the East Campus); 76 Greenwich Ave. (the Triangle Site); and 20 Seventh Ave. (the O'Toole Building).

The Rudin family said in the announcement that its project team would work with the local community and elected officials to design new park space at the St. Vincent's triangle. A new 564-seat elementary school at the Foundling Hospital at West 17th Street and Sixth Avenue is also proposed. The Rudin family said it will build the park on the triangle, in addition to providing financial backing for the new elementary school.

The deal in its current form is not conditional on zoning approvals for the East Campus, nor is it dependent on state Department of Health and related regulatory approvals for the North Shore-LIJ transaction at the O'Toole Building.