Tulane University announced Tuesday that it is taking the next step in bringing the old Charity Hospital building back to life.
The university is buying the building, vacant since 2005's Hurricane Katrina, and taking lead in its redevelopment.
"Tulane's role in the project has evolved significantly. Rather than serving solely as a tenant, Tulane is transitioning to an ownership role and lead developer of the project," the school said in a statement.
Tulane is not expected to close on the property until the fall, but even before than, pre-construction activity at the site should begin in the coming weeks.
University president Michael Fitts said the task is "the largest and most consequential effort of its kind in the history of Tulane."
"While there is still much work to do to finalize this deal, this once-in-a-generation opportunity will reimagine a historic treasure as a new center for the latest breakthroughs and innovations in human health," said Fitts.
The plan is to turn the former Charity Hospital into the home of the Tulane Celia Scott Weatherhead School of Public Health and Tropical Medicine. It will also house other educational uses, and residences, and community spaces.
"The agreement to move forward with the transformation of Charity Hospital is another powerful sign that confidence in New Orleans is growing," said New Orleans Mayor Helena Moreno. "This project will breathe new life into one of our most iconic landmarks while creating jobs, driving innovation, attracting talent, and strengthening downtown as a center for research, education, and economic opportunity."
The half-billion dollar project could have a $1.2 billion economic impact, and once finished, create more than 2,400 new jobs.
It should be complete in 2029.
