In early July of this year, Chevron announced plans to build a 50-story 1.7-million-square-foot office tower in downtown Houston and create what it called an “urban campus” for its growing Houston workforce. The new tower, to be located at 1600 Louisiana Street at Pease, together with Chevron’s existing properties at 1500 Louisiana and 1400 Smith, were to comprise an urban campus with indoor and outdoor common areas, enhanced dining facilities, a fitness center, training and conference rooms, and additional parking.

The new building, which would be large enough to house some 4,200 workers, was set to break ground in the second quarter of 2014 and open by the end of 2016.

This past week, Chevron said those plans are now on hold as the company focuses its resources elsewhere.

“Chevron continues to maintain a strong balance sheet and operating cash flow, but the company is in a unique, capitally-intensive period that will drive peer-leading production and value growth,” spokesman Justin Higgs said last Thursday.

Higgs said Chevron is still committed to building the tower, but does not expect to make a decision on when the project could resume until after 2014. Delaying the building will not affect previously announced employee relocations into Houston, he added. Chevron previously announced that it had planned to hire or relocate 1,750 workers as part of the expansion.

San Ramon, Calif.-based Chevron, which owns its two downtown buildings, bought the site for the tower about two years ago. Earlier this year, Chevron said the building would allow the company to consolidate workers from nearby space the company has been leasing.

Chevron employs approximately 9,000 employees and contractors in Houston, where nine of its businesses are headquartered. In addition to its downtown buildings, the company has locations in Bellaire and the Westchase District.