Providence St. Joseph Health and Cedars-Sinai have agreed to create a joint venture to own and operate Providence Tarzana Medical Center, Cedars-Sinai announced Tuesday.

The hospital’s new name will be Providence Cedars-Sinai Tarzana Medical Center. Providence will retain controlling interest in the center.

Providence and Cedars-Sinai will continue to operate as separate, independent health care organizations, according to the press release. Providence employees will not be affected by the joint venture, and the center will retain its Catholic identity while embracing the diversity of all faiths.

The two Southern California organizations will continue build-out and redevelopment of the Tarzana campus, including a new patient-care tower with private rooms, an expanded emergency department, new diagnostic and treatment services, and enhanced outpatient and ambulatory services already under development. The project has a budget of $542 million.

The organizations also plan to expand primary and specialty care services, as well as enhance other programs like heart, cancer and women’s services.

When complete in 2022, the new hospital will be a destination medical center for the area.

“Our joint vision is driven by a dedication to provide residents of the San Fernando Valley with convenient access to an expert community of physicians who deliver the highest quality clinical care,” Thomas Priselac, Cedars-Sinai chief executive, said in a statement. “We're delighted that this partnership will have such a meaningful impact on the health of our region.”

“By 2022, the greater San Fernando Valley community will see the completion of a best-in-class medical center campus,” added Dale Surowitz, chief executive of Providence Tarzana Medical Center. “This is an exciting time as we usher in a new era in healthcare for the communities we serve.”