Tulane University President Michael A. Fitts joined business and civic leaders recently for the latest installment of the Urban Land Institute Louisiana Real Estate Breakfast Series, presented in partnership with the Downtown Development District. In his address to attendees gathered at the 400 Poydras St. Tower, Fitts discussed the university's evolving presence in downtown New Orleans and its ever-increasing role in shaping the city's future.

As one of the country's longest-serving leaders of a major university, Fitts reflected on Tulane's current unprecedented momentum, its achievements on every measure of university success and its rising stature as one of the nation's leading research universities. He noted that federal research funding at Tulane has risen 87%, and also pointed to the Louisiana Promise program, which has broadened educational opportunities for students from across the state.

Fitts said that the university's progress has positioned Tulane to play an even greater role in serving as a primary engine driving the New Orleans economy.

- President Michael A. Fitts

The university currently makes a $5.2 billion annual economic impact in Louisiana, a figure that is rapidly growing. Tulane also supports more than 30,000 jobs and contributes $88.2 million in state tax revenue each year.

Tulane has embarked on plans to invest more than $600 million in expanding its downtown campus. 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.

The numerous Tulane projects already reshaping downtown include a recent $35 million renovation of the fifth and seventh floors of the Hutchinson Building, which created 50,000 square feet of research space.

"This project is the equivalent of adding a new building to our downtown campus," Fitts said at the dedication for the new space. "Its scale and scope strengthen Tulane's commitment to bringing researchers from a wide array of fields and specialties together to discover the cures and treatments of tomorrow."

A central component of Tulane's downtown expansion will be the redevelopment of the former Charity Hospital building. Once one of the nation's largest public hospitals, the landmark art deco building has been vacant since Hurricane Katrina in 2005. On June 23, university officials announced a major milestone in plans to transform the iconic landmark 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. 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.

Preconstruction 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.