NEW YORK - Mount Sinai says it's moving forward with plans to close down and relocate Beth Israel Hospital in the East Village.

The new hospital will be on 14th Street and Second Avenue, just blocks from Beth Israel's current location.

It will be known as Mount Sinai Downtown Beth Israel.

As part of a $500 million, the hospital will become a network of buildings, including a specialized care facility and with a new urgent care center, among other upgrades.

The Union Square location's brand-new lobby is expected to be completed in the coming weeks.

Beth Israel will remain open throughout the transformation, and its emergency room will not close until the new location is ready.