In a collection of land swaps, Medical College of South Carolina and its well being system and basis are rearranging items on its historic and landlocked campus to clear up monetary relationships and support future development.
The MUSC board of trustees on April 14 approved the sale of 13 properties from its basis to MUSC for $14.8 million, and MUSC agreed to promote its well being system 9 properties for $4.8 million for a future medical workplace constructing on the nook of Courtenay and Bee streets.
The board additionally accepted a $70 million funds for a brand new School of Well being Professions constructing, about $20 million greater than a earlier estimate, and a $200 million funds for its new School of Drugs constructing, $28 million greater than the earlier estimate.
The flurry of back-and-forth actual property gross sales between MUSC and the opposite entities is to assist clear up tangled relationships that usually contain leasing properties between them, mentioned MUSC President David J. Cole.
“We’re attempting to get applicable possession and consolidation of properties to maneuver ahead with deliberate growth,” he mentioned.
As an example, one of many properties being transferred is a parking storage that MUSC had been leasing from the inspiration, its charitable arm that has historically owned a variety of buildings on campus. The sale, together with another buildings close by, will clear up any remaining debt on them permit MUSC to maneuver ahead with plans to renovate and repurpose Rutledge Tower. That growing older construction, which the board has already accepted changing, would have its scientific features moved to the brand new medical workplace constructing whereas college workplaces there would possibly switch to the brand new School of Drugs constructing, Cole mentioned.
The School of Drugs has by no means had its personal constructing, and its accrediting company want to see devoted area for its college and different features in that constructing that MUSC has been promising to offer, he mentioned. The School of Well being Professions has additionally been increasing in recent times, responding to rising wants like extra genetic counseling, Cole mentioned.
The brand new medical workplace constructing might be owned by the hospital authority in order that entity might be the one which develops it, Cole mentioned.
“That is actually laying the groundwork” for that, he mentioned.
MUSC typically faces a troublesome process growing new buildings on its campus as a result of various present buildings are historic and cannot be demolished, whereas some properties have bushes that should be preserved, mentioned Rick Anderson, government vp for finance and operations. The cluster of buildings at Bee and Courtenay streets are usually not historic and can be utilized for the brand new constructing, he mentioned. That spot can be handy to MUSC’s Ashley River Tower and Shawn Jenkins Youngsters’s Hospital.
“They need it as near the opposite well being care amenities as doable,” Anderson mentioned.
Neither Cole or Anderson would speculate concerning the price ticket of the medical workplace constructing, given the unsure nature of development prices.
“Clearly, right here in Charleston, it is even larger to construct on the peninsula,” Anderson mentioned. However even after 40 years within the enterprise, “I haven’t seen development inflation go up this fast in my lifetime.”