Tennessee-based health system Regional One Health tapped joint venture Memphis Healthcare Builders to build a new $1 billion academic medical center in Memphis, according to a Monday announcement.
The JV team consists of four general contractors: Turner Construction, Flintco Construction, Nickson General Contractors and Fifer & Associates, according to the news release.
The planned campus will expand Regional One’s hospital system in the region, which is currently the only adult Level 1 Trauma Center within 150 miles and the only verified Burn Center within 400 miles, according to the release. The new facility will also feature a new bed tower and modernized ancillary services suites.
“We are pleased that we were able to attract some of the best national talent in healthcare companies specializing in architecture, engineering and construction,” said Dr. Reginald Coopwood, CEO and president of Regional One Health. “These companies have partnered with local firms, ensuring that a significant portion of this investment remains right here in Memphis.”
Shelby County, the largest county in Tennessee, has pledged $500 million toward the project, with philanthropy and other funding sources expected to cover the balance. Hospital officials expect the $1 billion project to bring in between $693.6 million to $892.3 million in economic growth by 2027, according to the release.
