Harvard delays construction of $1bn Science Center

Harvard University said Thursday that it would suspend construction work on its planned $1 billion high-tech science center in Allston due to financial troubles.

Harvard did not mention when the science center would be finished. Originally it was scheduled to be completed in 2011.

Harvard President Drew Faust said that University’s governing body the Harvard Corporation reviewed options for the science center this week and decided to delay the next phase of construction.

Recent recession dragged Harvard’s endowment down by 27 per cent to $26 billion in June 2009 as compared with the same period last year.

However, Dr. Faust assured that the suspension of construction work would not slow Harvard’s momentum in the life sciences.

The decision was not totally unexpected as Dr. Faust disclosed earlier in February that the University was planning to decelerate the pace of expansion.