Emory University is suspending its $1.5 billion medical expansion project due to concerns about the deteriorating economy.
The suspension is likely to last through the end of 2009, although smaller construction projects already underway – such as a new public health building – will continue.
John Fox, CEO of Emory Healthcare, told the Atlanta Journal-Constitution that construction had not yet begun on the building projects, including a new hospital.
"We're not in a very bad financial situation at all, but we have to do some things to make sure we don't get there," Fox said. "If you're in a period of high uncertainty, you want maximum flexibility."
Emory intends to build a replacement hospital and large outpatient clinic on its main campus, in addition to a medical tower that would have hospital beds along with outpatient clinic space.
The new tower would add up to 300 combined beds to Emory University Hospital and the newly renamed Emory University Hospital Midtown.
About $1.1 billion was designated for the Emory hospitals and outpatient clinics, with the balance targeted for adding medical research capacity.