Construction is underway on what will be the latest addition to the New Brunswick skyline — a 12-story, 510,000-square-foot cancer hospital operated by two of the city’s anchor institutions.

On Thursday, leaders of RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey welcomed a large crowd to break ground on the $750 million project. Built in partnership with the New Brunswick Development Corp., the new building on Somerset Street will rise across from Robert Wood Johnson University Hospital and the existing cancer institute, serving as a hub for treatment, patient services and research in a first-of-its-kind facility in New Jersey.

The hospital is slated to open in 2024 as the Jack and Sheryl Morris Cancer Center, a nod to the philanthropic efforts of one of the state’s prominent real estate families.

“There is nothing that feels better or more gratifying than helping others in need,” said Jack Morris, CEO of Edgewood Properties and chair of the RWJBarnabas board of trustees. “Cancer touches the lives of everyone — and we believe that people should not have to travel to New York or Pennsylvania to get great cancer care. It has been our vision, our hope and our dream to have the top cancer center in the nation right here in New Brunswick.