VANCOUVER – A fixed-priced contract for the construction of a new, retractable roof on BC Place has been signed between the BC Pavilion Corporation (PavCo) and PCL Constructors Canada Inc, announced Kevin Krueger, Minister of Tourism Culture and the Arts and David Podmore, PavCo chair, today.
As first announced in May 2008, a new retractable roof will be built after the 2010 Olympic and Paralympic Winter Games. The project will be completed by the summer of 2011, in time for the 2011 Grey Cup. The total capital cost for the retractable roof project will be $458 million. The final budget for the roof project is based on a competitive bidding process, including a fixed-price contract for construction with PCL, as well as engineering costs. An appropriate contingency fund has been allocated.
First thoughts: $458m? That's a lot more than was first quoted as the cost which was around $300m ($365m for roof and renovations). With the renovations that will be more than half a billion dollars. Wow.Just saw this at the bottom of the backgrounder:
PavCo is committed to repaying the project costs through development of adjacent lands. The lands will be leased, not sold. The last undeveloped lands in the core of Vancouver are now those surrounding BC Place. They are highly desirable for commercial and residential use.
I guess housing and commercial properties will be a hot commodity again in a few years. That is, unless the Canadian housing market bubble bursts. You didn't think there was one anymore? Think again.
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