AUSTIN -- Austin is one step closer to having a brand new teaching hospital.
City and medical leaders gathered to show off their plans to build the new facility and make a big announcement about the funding needed to do it.
Nearly $300 million has been approved by Seton Family Healthcare's parent company. It will allow Seton to break ground on the massive project.
The hospital, designed by Dallas based HKS, Inc., will be built on the north side of 15th Street, across from the current UMC Brackenridge building. It will take over the Erwin Center parking lot, and several roads may eventually need to be rebuilt.
Right now the land is owned by the University of Texas. It will be leased to Travis County's health care district, Central Health. They will then sub-lease the land to Seton. Seton's President says he is pleased to finally see the plan in action.
"This project is moving forward, and now it has a lot of momentum," said Jesus Garza. "I think now the momentum is gonna carry us to redevelop and tranform this quadrant to be very, very different than it is now. It will serve the medical school, serve the teaching hospital but more importantly partly create a new economic platform really, in the medical field, that we had not had in Austin before."
Part of that platform is the jobs. Garza added that an estimate of 15,000 jobs will be created by the medical school and teaching hospital which are not construction jobs. He says they are jobs created by the spin-offs from the investments made by Seton, the University of Texas and Central Health.
Taxpayers will see an increase of about $100 a year in property taxes. Construction is set to start in 2014 and end in 2017.