The cat is out of the bag. Christus Schumpert is donating the Margaret Place hospital property to a new nonprofit organization.

In June, Christus Health donated the closed hospital to Margaret Place Properties, a new nonprofit group that will support the hospital. The donation includes the hospital, several medical office buildings and A parking garage.

MPP will lease space to generate income for the LSU medical school.

Christus is also chipping in $6.5 million over the next three years to help Margaret Place Properties cover operating costs. Stephen Wright, Christus North Louisiana CEO, said some of the money could pay for renovations to meet the needs of new tenants in the building.

Medical school faculty will also have the opportunity to operate clinics at the former hospital, which would provide more opportunities to see patients and train medical students, said Dr. G.E. Ghali, the LSU Medical School chancellor.

“This donation represents an important and exciting development for our health sciences center, providing an opportunity to enhance our mission and ultimately increase our impact on the regional economy," Ghali said.