From the Memphis Business Journal, Friday, October 16, 2009, by Michael Sheffield:
“Medical corridor development projects air of viability in Memphis community”
The recession may have crippled most new development across Memphis, but a drive through the city’s medical corridor tells a different story.
There is currently $1.5 billion worth of development under way in the medical corridor ranging from a parking garage at the University of Tennessee Health Science Center to the $450 million UT/Baptist Research Park that will house the Memphis Bioworks Foundation’s offices. Also under construction is Le Bonheur Children’s Medical Center’s 650,000-square-foot hospital that includes a 12-story tower and a new emergency room. That project is budgeted around $327 million.
You also can’t forget about the new women’s hospital set to be completed in early 2010 next to Mehtodist Germantown Hospital as well as the gutting of Meth. Germantown for renovation. All this expansion within the methodist system and yet they are still banning overtime for employees.
Importantly, the work in the biotechnology corridor is not funded or controlled by the hospitals.
Baptist formerly owned the site and donated it to the Bioworks Foundation, which oversees the whole operation.
The hospitals have contributed some donations since that time, and of course their physicians and faculty are involved, but the site is separate from the hospitals.
Best,
Chris