The Texas A&M University System has recently announced its intention to build a $550 million complex in the Texas Medical Center area. The complex will be constructed to house the nursing and medical students for its specialized engineering medicine program in Houston.

The $550 Mn complex will cover an area of 5.5 acres of land, which includes three major projects for the construction of an 18-story building at the southern border of the medical center, a 30-story medical office, and a 19-story building for student housing, with the A&M logo in all the three buildings. It will be built for the purpose of specialized EnMed (engineering medicine) program, on which Houston Methodist and Texas A&M are partnering.

According to Texas A&M System’s Greg Hartman, the vice chancellor for strategic initiatives, the company has invested huge stake in the new complex to become the center of the health science activity and become the greatest medical center through this endeavor. The biomedical innovation project will create a multi-institutional venture by uniting University of Texas Health Science Center, Texas A&M, MD Anderson Cancer Center, and Baylor College of Medicine. It will be located outside the main campus at Old Spanish Trial and Brays Bayou.

The expense of the project for the public-private partnership, including $145 Mn in state money, will be used to finance the renovation process of the existing EnMed building and the land purchase, while the remaining sum of approximately $401 million will be paid by Medistar Corporation, a Houston-based company for office buildings and student housings.

As a part of the deal, Medistar will lease a portion of land from Texas A&M with initial payments of $500,000 for constructing the system in the first two years. A $3.7 Mn hike will be added annually to the lease payments, which will start from 2022. The Texas A&M system will also sell its Alkek building, which is located at 2121 Holcombe, to Medistar, for the sum of $51 Mn.

Source credit:

https://www.houstonchronicle.com/news/houston-texas/houston/article/Texas-A-M-medical-center-TAMU-college-med-millio-15069488.php