HOUSTON — The Texas Medical Center (TMC) is set to break ground on Phase I of TMC3, a $1.8 billion life sciences campus in Houston.
The 37-acre TMC3 master plan, which will encompass approximately 6 million square feet of development, was designed by Boston-based Elkus Manfredi Architects. Groundbreaking is scheduled for the fourth quarter of this year.
Phase I of the campus will include 950,000 square feet of space dedicated to research, anchored by a 700,000-square-foot facility developed by Beacon Capital Partners and strategic partner Braidwell; a 521-room hotel; 65,000 square feet of conference space; a 350-unit residential tower; over 2,000 parking spaces; and 18.7 acres of public space, including six parks designed by Mikyoung Kim Design.
Upon full build-out, the development will also include six future industry and institutional research buildings and a mixed-use building with retail. The campus is expected to generate up to $5.4 billion in annual economic impact for the state of Texas, as well as 23,000 permanent jobs and 19,000 construction jobs.
“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,” says Steve Purpura, president of life science at Beacon Capital Partners. “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.”
Additional members of the project team include Majestic Realty, Transwestern Development, the University of Texas M.D. Anderson Cancer Center, Texas A&M University Health Science Center and the University of Texas Health Science Center at Houston.
With an existing campus of more than 50 million square feet with 106,000 employees, The Texas Medical Center hosts 10 million patients and performs over 180,000 surgeries annually, alongside its robust clinical research program.