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The Texas Medical Center in Houston is slated to break ground on new TMC3 Campus in the fourth quarter of 2021.
Rebusiness Online reports that the 37-acre TMC3 master plan comes with a price tag totaling $1.8 billion and will encompass about 6 million square feet of development. Groundbreaking is scheduled for late 2021.
"Texas is a global leader in innovation and life sciences. Construction is underway at the new 37-acre TMC3 campus at the Texas Medical Center, already the largest medical city in the world, representing $5.4B in economic growth and adding 42,000 new #jobs," Texas Gov. Greg Abbott wrote in an Sept 2. Twitter post.
The new medical campus is projected to generate approximately $5.4 billion in annual revenue for the state of Texas and create 19,000 construction jobs during development and 23,000 permanent jobs.
"Concept to completion – the TMC3 campus will be a hub for a creative collaboration featuring innovation, business and public spaces with a $5.4 billion opportunity for economic growth in the City of Houston," Texas Medical Center wrote in an Aug. 31 Twitter post.
Phase One of TMC3 will consist of 950,000 square feet of space dedicated to research, according to Rebusiness Online.
“It is an unprecedented time for life sciences and innovation in the U.S. and Houston has all the factors that are required for explosive growth in this space,” Steve Purpura, president of life science at Beacon Capital Partners said, according to Rebusiness Online. “TMC has done the work necessary to seed innovation, build relationships with the world’s leading life sciences companies and create the infrastructure needed for long-term success.”
Texas Medical Center admits approximately 10 million patients and performs more than 180,000 surgeries annually.
The new TMC3 Campus master plan was designed by Elkus Manfredi Architects, a firm headquartered in Boston, Massachusetts.