Fishman Haygood represents Provident Resources Group in development of $350M Atlanta medical facility
July 13, 2017
Plans for the Emory Proton Therapy Cancer Center in Atlanta are moving forward after Provident Resources Group, Inc. (PRG) acquired the facility. The center, now slated to open in 2018, will give cancer patients new hope for treatment and survival. Emory University’s Winship Cancer Center will serve as the center’s clinical partner. On July 13, 2017, PRG, Emory and the City of Atlanta celebrated the installation of a 90-ton cyclotron at the facility.
PRG’s acquisition of the facility is valued at $350 million. Fishman Haygood partner Louis Quinn, Jr. and Scott Chenevert represented PRG in the project.
PRG is a national non-profit organization that develops, owns, and operates educational, healthcare, seniors housing, and affordable housing properties.
Read about the project here.
The 90-ton piece of machinery uses powerful magnetic and electrical fields to accelerate protons to focus precisely on cancer cells. The cyclotron was driven up from the Port of Savannah by police escort.
Atlanta Business Chronicle reported June 30 that the long-delayed facility was finally moving forward after Atlanta economic development officials approved bond financing for it. After a 2013 groundbreaking, the project stalled in 2016after its original owner, Advanced Particle Therapy LLC, could not finance it. An investor group took over in spring 2016.
“The words that just keep ringing in my ears are never give up, never give up, never give up,” said Ashley Preisinger, president of Georgia Proton Therapy Center, the operating entity of the center until this week, when Baton Rouge, La.-based Provident Resources Group assumed ownership.
Emory University’s Winship Cancer Center will be the clinical partner of the center, but it won’t own it.
“[The center] will help solidify Atlanta’s reputation as a global health-care destination,” Reed said. “…I often call the city of Atlanta the economic and cultural center of the Southeast, but it is also undeniably the health-care center of the region.”
Reed also referenced Emory University’s petition to join the city of Atlanta.
“If all goes well within the next few weeks and months, we look forward to having all of Emory as a part of the city of Atlanta,” he said.
Provident Resources Group’s acquisition of the center is valued at $350 million.
“It’s a great day for the citizens of Georgia, the citizens of Atlanta and the southeast region of the country,” said Provident Chairman and CEO Steve Hicks.
Hicks also recognized Dallas-based investor Ray Wallace, who invested “millions and millions” into the project, but died in June 2016 before seeing its completion. He was a nine-time cancer survivor.
“Studies on proton therapy show superior outcomes for a number of different tumors, giving patients new hope for treatment, survival and decreasing suffering,” said Lewin. “Today marks a milestone for the Emory Proton Therapy Center.”
The center is slated to open in late 2018.
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