GLASSBORO, NJ (CBS) — A new deal has been approved by Rowan University to sell some 100 acres of land near Route 55, just outside Glassboro, New Jersey to the Inspira Health Network. The site is targeted for use as a new hospital.

The price went up from $9.5 million in January to $11.5 million now. Rowan trustees wanted more money after a new appraisal was done, and concerns from Kennedy Health System about possible competition had to be addressed.

There are a couple of strings attached. One requires Inspira to get the permits to build the hospital.

“There’s a certificate of need process that they appeal to the state for,” Rowan University spokesman Joe Cardona told KYW Newsradio. “If they get it, they can build the hospital on that location.”

If the project is not completed in four years, Rowan can buy the land back.

In addition, some money will be placed in an endowment for students.

“One million dollars will be set aside for the development of internships for our students within the hospital system,” Cardona said. “Now this is beyond medical school-related activities. These are undergraduate internships.”

The sale is expected to close in early May.