A much-ballyhooed plan to build a $115 million stem cell research center in Torrey Pines may collapse because of the bad economy, it was reported Friday.
The nation's financial woes, coupled with California's budget crisis, is making it difficult for San Diego's stem cell consortium to secure the loans needed to build the center, The San Diego Union-Tribune reported.
The four-story center was originally expected to be completed by December 2010 using a combinations of philanthropic donations, grants and loans.
But now, banks say they do not have the liquidity to finance the construction and the California's budget crisis is preventing the state from issuing bonds needed to fulfill previously awarded grants for the project, according to the Union-Tribune.
Consortium officials may seek to borrow money from private investors to try to salvage the project, the newspaper reported.
If the center gets build, it will serve as the workplace for scientists from UC San Diego, the Burnham Institute for Medical Research, the Salk Institute and the Scripps Research Institute.