Woman’s Hospital stopping work on new campus

Woman’s Hospital is suspending construction on its new campus at Airline Highway and Pecue Lane until it can secure permanent financing for the $350 million project. The hospital’s plan had been to pay for the new campus by selling bonds, though the national recession has created an unfavorable credit market, making this a bad time to go after financing, according to hospital officials. The suspension will last as long as it takes for the credit market to turn around. Woman’s President/CEO Teri Fontenot says health care facilities all over the country are making similar decisions on capital expenditures and projects. “This does not mean the project will not be completed, but rather that we need to wait until we can obtain financing that better fits our long-term plans,” she says. Construction started in June, and the hospital, medical office building and support facilities were set to open in early 2011.—Steve Clark