Board Makes Initial Move to Complete High-Tech Healthcare Project
Friday, December 9, 2016
The Invest Atlanta board took a first step toward restarting construction on the $200 million Emory Proton Therapy Center at the corner of Peachtree St. and North Ave. in Midtown.
With a unanimous vote, the board approved an inducement resolution to issue tax-exempt 501(c)(3) bonds, with the proceeds going toward final construction costs and a refinancing of the project’s existing debt. Final approval of the bond resolution could come as soon as February of next year, and if the current timeline holds, the Center could be finished by the end of 2017.
Once complete, the 170,000 square-foot Emory Proton Therapy Center will offer patients advanced cancer therapy treatment. This new state-of-the-art facility along North Avenue’s expanding medical technology district will further solidify the City of Atlanta’s reputation as a global healthcare destination.
“This is a project that is long overdue,” said Dawn Luke, Invest Atlanta’s Senior Vice President of Community Development.
“Not only will it provide a resource in the health care industry, it will provide and help to advance Atlanta’s position as a center for advanced medical treatments as well as really be a part of the growing cluster of jobs focused a lot on this type of therapy.”
All told, the project is set to bring 128 new, well-paid, and permanent medical jobs to the area, as well as 3,900 direct and indirect jobs during construction. The plans also call for around 4,000 sq. ft. of retail space at ground level. Current estimates put the total economic impact of the project at $503 million.
Currently, the nearest facility offering similar treatment options is 300 miles away in Jacksonville, Florida. The new Center in Midtown will be an attractive option for local patients, as well as for “medical tourists” traveling to Atlanta to receive targeted treatments for brain, spine, breast, and other types of cancers.Tweet