The Bolton College of Medical Sciences is due to open next year at the Royal Bolton Hospital site on Minerva Road, Farnworth.
The college is expected to train 3000 students a year and contribute as much as £150million to the borough’s economy, according to project director Mark O’Reilly.
He said: “After several years in the making, it’s fantastic to see our vision for this trailblazing facility come to life.
“We’re now well on our way to opening the doors to a facility that will change people’s lives not just here in Bolton, but across the North West.”
According to University of Bolton President and Vice-Chancellor Professor George E Holmes, this will be hugely important to the borough’s future.
He said: “BCMS is arguably one of the most significant projects delivered in the North West in decades.
“Not only will it increase employment prospects in the local area and make healthcare professions more accessible, but it will also help alleviate NHS staffing pressures in Greater Manchester and provide improved levels of care in our community.
“It’s brilliant to see the build underway.”
The major project is a collaboration between the University of Bolton, Bolton College, Bolton NHS Foundation Trust and Bolton Council
It was made possible after £20 million worth of Levelling Up funding was granted by the government and after Bolton Council granted planning permission for the development in June.
Cabinet member for regeneration Cllr Adele Warren said: “Bolton College of Medical Sciences will be a great asset to our borough, creating jobs and giving residents the opportunity to learn skills and train for a new career.
“The council is proud to work closely with our partners on this development, one of many key regeneration projects being delivered across the borough.”
Once completed, the college will aim to provide a range of courses and training opportunities for medical students including nursing apprenticeships and higher apprenticeships in care leadership and management.
Bolton NHS Foundation Trust director of finance Annette Walker said: “Bolton College of Medical Sciences will help us develop our existing staff and provide new routes for those who want a future in healthcare to expand their skills.
“It really is an exciting project both for us as an organisation and the whole town.”
The foundation for the new college is now being laid, with the construction of the building frame set to begin next month.
Developers have pledged that while the building is underway, extra additional parking will be provided for hospital staff, replacing those spaces that will be displaced by work on the site.
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Once built, the college aims to create an extra 250 parking spaces.
Construction will be led by contractor Willmott Dixon.
Managing director Anthony Dillon said: “We are hugely proud to continue to play our part in shaping the future of Bolton.
“BCMS will be built for the people of Bolton by the people of Bolton, and we will work with our local supply chain partners to create sustainable employment opportunities and a lasting positive legacy in this community.”