$400m student housing and medical plaza announced in the USA
The Texas A&M University System is building a half-billion dollar complex in the Texas Medical Center area to house its groundbreaking Engineering Medicine (EnMed) program and provide desperately needed housing for medical and nursing students in Houston.
The development project is the largest in the Texas Medical Center area. The Texas A&M System’s expansion includes three major projects, two of which, with an estimated investment of US$401 million, will be constructed through public-private partnerships (PPP).
Texas A&M University System is expanding in Houston near the Texas Medical Center to meet the medical needs of Texans.
The cost of the complex is an estimated US$546 million, including US$145 million for the purchase and renovation of an 18-story building, plus US$401 million in private sector money to build two new towers.
The three major projects include:
EnMed - renovation an 18-story building for students in the innovative EnMed program.
Student Housing - a P3 project, the new, 19-story building will have 572 units and 704 beds. The facility – at 365,000 square-feet – also will include a 1.2 million-square-foot parking garage with 3,444 spaces. Texas A&M medical students and Prairie View A&M nursing students will be given priority for housing, but students from other institutions could fill open slots, if available. The project is scheduled to be finished in June 2022.
Integrated Medical Plaza - second P3 project, the new medical office building will take up 587,000 square feet and will be 30 stories tall. It will include a 13-story parking garage. Further, it will incorporate 72,000 square feet of retail space and 8,700 square feet of lush green space. Completion is expected in June 2023.
The developer for the P3 projects is Medistar Corporation. American Triple I Partners, is part of the financing team.
The Texas A&M University System is one of the largest systems of higher education in the USA. Through a statewide network of 11 universities, a comprehensive health science center, eight state agencies, and the RELLIS Campus, the Texas A&M System educates more than 153,000 students and makes more than 22 million additional educational contacts through service and outreach programs each year.
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