Tulane University has signed a purchase and sale agreement to redevelop the vacant former Charity Hospital in downtown New Orleans. The university becomes owner and lead developer of the $500 million bioscience project, targeting completion in 2029.
Tulane University has signed a purchase and sale agreement to acquire and redevelop the long-vacant former Charity Hospital building in downtown New Orleans, advancing a $500 million effort to convert the landmark into a center for bioscience research, education and medical innovation.
Under the agreement, Tulane shifts from its earlier position as a prospective tenant into the role of owner and lead developer, partnering with 1532 Tulane Holdco, LLC, the structure’s original development group. Both parties now move toward a financial closing anticipated in the fall, when a development agreement and remaining terms are expected to be finalized.
Rising 20 stories along Tulane Avenue, the Art Deco building has stood empty since flooding from Hurricane Katrina forced its closure in 2005. Its roughly one million SF footprint ranks among the largest vacant properties in the city, and earlier reuse proposals had stalled for years before the current plan took shape.
Tulane intends to occupy a significant majority of the building, with more than 650,000 SF set aside for university functions. Planned occupants include the Celia Scott Weatherhead School of Public Health and Tropical Medicine, the Tulane University Innovation Institute and portions of the School of Medicine. Designs call for classrooms, interdisciplinary laboratories and shared community space supporting approximately 700 researchers.
Remaining floors are slated for a mix of residential units, a food hall, retail and gathering areas, according to information released by Tulane University. The Goldring Family Foundation is providing the lead private gift toward the project.
Pre-construction activity is scheduled to begin within weeks, with a groundbreaking ceremony planned after the financial closing and completion targeted for 2029. The redeveloped property sits within the New Orleans BioDistrict, which extends from the Central Business District to Carrollton Avenue. Glen Smith, CEO of The Magnolia Group, serves as lead advisor to 1532 Tulane Holdco, LLC.