SAN FRANCISCO (KCBS) – A published report suggests that the cost associated with the Warriors’ plan to build an arena on the San Francisco waterfront has increased by as much as $50 million.
According to a report in Monday’s San Francisco Chronicle, the bulk of additional costs are because of pricey repairs needed for the piers that would hold the venue.
The Chronicle obtained a city memo that suggests the cost of improving the piers could total $170 million. The deal originally struck between the city and the Warriors called for the team to pay upfront to rebuild the crumbling piers, with San Francisco then reimbursing the team up to $120 million for the rehab work.
Team executives are said to be disputing the notion of such a sizable increased cost projection and have downplayed any suggestion that an increase in cost could delay the project, which is slated for completion in time for the 2017-2018 season.
Still, the Chronicle reports that team executives have conceded that there is little room for unforeseen problems in what’s described as a tight construction schedule for the planned 18,000 seat arena spanning Piers 30 and 32.
The entire project is well over the initial $1 billion estimate.
The arena will also have 2 parking garages, a hotel and a condominium tower on a 2.3-acre parking lot just across the Embarcadero, and more than 130,000 square feet of retail space spread across both sites.
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