Falls Church, Va.-based Inova Health System has found itself caught up in ballooning costs at the Alexandria Landmark Mall site where it plans to move the system's Inova Alexandria (Va.) Hospital, ALXnow reported May 23.
Total infrastructure improvements at the site, which will also include retail and housing, have risen 40 percent since local authorities approved the initial redevelopment project in 2021, the report said.
Now Inova Health and others involved in the redevelopment are seeking solutions to address a $62 million shortfall to fund the project.
The approved project includes the 569,000-square-foot hospital as well as other care centers in a four-building campus on the site with construction expected to be complete by 2028, according to the report.
The hospital takes up 20 percent of the 52-acre site. Inova Health's plans were unanimously approved by the city of Alexandria in March.
Inova operates seven hospitals in its home state, with a bed capacity totaling 1,952, and employs approximately 20,000 people.