A new 36-bed inpatient rehabilitation hospital will be built in Temple, the city's Economic Development Corporation announced Wednesday.

The $17 million project will create 120 new jobs with an average annual salary of $52,000, according to the city.

The Economic Development Corporation's board approved a cash grant to assist with infrastructure for the project during their May meeting.

"Everest Rehabilitation Hospital and TMED South will be the Southeast gateway to the community which is an ideal location for a specialty healthcare companies [sic] to locate," Temple EDC President David Blackburn said. "Taking advantage of more than just our proximity to the population in the region, Everest Rehabilitation Hospital will also benefit from the talent and cost of doing business in Temple."

The rehabilitation hospital will be 38,000 square feet and serve patients in all of Central Texas.

"We are proud to provide comprehensive inpatient physical rehabilitation to patients who have experienced a stroke, trauma, brain injury, complex orthopedic conditions, as well as other major illnesses or injuries," CEO of Everest Rehabilitation Hospitals Jay Quintana said.

According to the EDC, the rehab hospital is the first part of a 360-acre master plan for development along Loop 363 and South 5th Street. The multi-year project is meant to result in the creation of a regional hub with residential space, retail stores, office buildings and entertainment venues.