NEW ORLEANS — Tulane University announced a major milestone in its plans to transform the iconic former Charity Hospital building into a national hub of bioscience discovery and medical advancements with more than 650,000 square feet dedicated to Tulane education, health, research and innovation initiatives.
The university has signed a purchase and sale agreement for the project with the original developer, 1532 Tulane Holdco, LLC. This is a significant step towards redeveloping the Charity building. As part of the agreement, 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.
This increased role underscores the university’s commitment to the project and reflects its active and central effort in advancing the redevelopment of this landmark building.
Tulane and 1532 Tulane Holdco, LLC., will now work toward financial closing, which is expected to be completed by the fall. During this next phase, they will work through a development agreement and several other critical issues to finalize the deal before major construction can begin.
Pre-construction activity on the site will begin in the coming weeks. The university is planning a groundbreaking ceremony in the fall, after the financial closing, to officially kick off the construction phase of the $500 million project. The ceremony will include city, state and federal officials and representatives of the Goldring Family Foundation, which is providing the lead private gift for the project. Construction is expected to be completed in 2029.
The effort to revitalize Charity is being supported by the state of Louisiana, the city of New Orleans and BioDistrict New Orleans. In addition to the support of the Goldring Family Foundation, Tulane will also enlist other private philanthropy for the project.
“This is a significant step forward in what would be the largest and most consequential effort of its kind in the history of Tulane and perhaps in the history of New Orleans itself,” Tulane University President Michael A. Fitts said. “We are grateful to Gov. Jeff Landry, State Senate President Cameron Henry, Mayor Helena Moreno, New Orleans BioDistrict and its Board Chair Andy Kopplin, the entire Louisiana Legislature, Councilmember Lesli Harris and the entire New Orleans City Council, our congressional delegation and the Goldring Family Foundation for their ongoing support of this project.
“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,” Fitts said. “The concentration of scientists, students and entrepreneurs in this revitalized space will result in cures and new treatments for diseases as well as vast economic opportunities for our city, state and region. This project goes far beyond new laboratories and classrooms — it is about accelerating New Orleans’ shift toward an economy powered by advanced research, startups and high-growth industries, and creating a vibrant neighborhood with housing, jobs and community spaces where New Orleanians can live, work, play and prosper.”
Tulane plans to utilize a significant majority of the one-million-square-foot structure, marking a major expansion of the university’s downtown campus in the heart of the city’s growing biomedical district. The building will become the new home for Tulane’s Celia Scott Weatherhead School of Public Health and Tropical Medicine and the Tulane University Innovation Institute. Parts of the Tulane School of Medicine will also occupy the redeveloped structure, which will include state-of-the-art classrooms, community spaces and interdisciplinary labs for approximately 700 new researchers. Plans call for the remaining sections of the building to be used for a mix of residential living, a food hall, community gathering space and other retail purposes.
The Goldring Family Foundation issued a statement that called the planned transformation of Charity “a true watershed moment.”
“This is an effort that has the potential to define Tulane as an institution and position New Orleans and Louisiana among the nation’s most forward-thinking. The Goldring Family Foundation is honored to be a part of this historic moment and urges others to join it in what promises to be a new and exciting chapter for our university and hometown,” the statement said.
“We are grateful for the opportunity to be part of such a meaningful project and to work alongside Tulane in shaping the future of this iconic property,” said Glen Smith, CEO of The Magnolia Group, lead advisor to 1532 Tulane Holdco, LLC. “For generations, Charity Hospital has been woven into the fabric of New Orleans and we recognize the responsibility that comes with helping to guide its next chapter. As we move closer to bringing this vision to life, we remain focused on creating a residential community that complements the broader redevelopment and contributes to the continued growth of downtown. This project is about more than restoring a historic building — it’s about honoring its legacy while creating new opportunities for people to live, work and connect. We are proud to play a role in transforming this landmark into a place that will serve and inspire the community for decades to come.”
The reimagining of the former Charity Hospital building is expected to enhance even further Tulane’s role as a primary engine for the city and state’s economy. Tulane makes a current annual impact on the state’s economy of $5.2 billion (a figure that is rapidly growing), supports more than 30,000 jobs and contributes to $88.2 million in annual state tax revenue.
The revitalization of Charity alone is expected to make a $1.2 billion impact on the state’s economy, creating a one-time impact of approximately 7,300 jobs and producing $10.5 million in state tax revenues. Once completed, the project is anticipated to create more than 2,400 new permanent jobs and make an annual impact on the state’s economy of $530 million.
The university has 2,700 employees based downtown and more than 2,600 students there. Over the next eight years, Tulane expects to add roughly 2,500 more employees downtown and increase its annual research expenditures to approximately $400 million.
Tulane’s expanding downtown campus, including the former Charity Hospital building, is also a vital component of the city’s BioDistrict, a publicly and privately supported economic development district that works to grow the biosciences sector of the New Orleans economy. The BioDistrict stretches from the Central Business District to Carrollton Avenue and has played a critical role in cultivating a thriving ecosystem that connects research institutions, healthcare providers and industry partners to drive economic growth and scientific advancement.
“This project truly embodies the mission and values of Tulane University,” said David Mussafer, chair of the Board of Tulane. “I have witnessed similar initiatives across the country change the trajectory of entire cities while driving transformative breakthroughs in medicine, public health and countless other fields. This endeavor represents an extraordinary opportunity for Tulane and New Orleans to grow and thrive together. The future it promises is bold, inspiring and filled with possibility, and I am excited for all that lies ahead.”
Patrick Norton, Tulane senior vice president, chief operating officer and treasurer and executive lead for the project, called the agreement a defining moment.
“This is a defining moment for Tulane and for New Orleans. The transformation of the former Charity Hospital building is about far more than restoring a building — it is about creating a new engine for discovery, talent and economic growth. By bringing together researchers, students, entrepreneurs and healthcare innovators under one roof, we are building a place where breakthroughs happen, companies are launched and lives are improved. We believe this project will become a cornerstone of New Orleans’ emergence as a leading center for bioscience, public health and innovation, while honoring the extraordinary legacy of a building that has served this city and region for generations.”
Tulane’s Senior Vice President for Academic Affairs and Provost Robin Forman said the repurposed building will reflect the mission of its original tenant.
“When Tulane was founded in 1834 as the Medical College of Louisiana, a partnership was formed with Charity, and working together with Tulane physicians, Charity was able to excel in its new role of a teaching hospital, providing high-quality healthcare to a growing population while also serving as one of the country’s most important training grounds for future physicians,” Forman said. “Charity Hospital stood as a symbol of our city’s commitment to public health. We are proud that this powerful legacy will continue and this new space will be a monument to public health, as the scientists and students who call it home embark on path-breaking research and studies that will improve health and create the leading doctors, researchers and cutting-edge cures of tomorrow.”
For more information, please visit: impact.tulane.edu.