How the city built libraries at $930 psf … and years behind schedule

Under bureaucratic city design agency, the construction costs doubled

New York /
Apr.April 10, 2017 03:20 PM

A city agency designed to streamline capital projects actually doubled the cost of new libraries and cultural centers between 2010 and 2014, according to a new report.

The Center for an Urban Future, a nonpartisan think tank, just released a report that shows that the median cost of construction for these projects, when managed by the city’s Department of Design and Construction (DDC), was $930 per square foot, the Wall Street Journal reported. The New York Building Congress estimates that speculative office construction usually runs between $425 to $500 per square foot. The median duration of these projects is seven years.

“What starts out as a well-intentioned goal of saving the city some money, I think ends up costing the city money and significantly delaying the process,” Jonathan Bowles, executive director of the Center for an Urban Future, told the Journal.

The extra costs stem from the fact that these projects are subject to many additional reviews and approvals. Even small changes to these projects require approval from the city’s Office of Management and Budget, for example. Representatives for the DDC and Office of Management and Budget told the Journal that the department has improved since 2014. [WSJ] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
Construction labor management platform Bridgit raises $24M
Construction labor management platform Bridgit raises $24M
Construction labor management platform Bridgit raises $24M
Lennar, Icon teaming up on 3D-printed development
Lennar, Icon teaming up on 3D-printed development
Lennar, Icon teaming up on 3D-printed development
Harlem River Houses approved for $130M facelift
Harlem River Houses approved for $130M facelift
Harlem River Houses approved for $130M facelift
Extell Development chairman Gary Barnett and the empty lot between 79th and 80th on First Avenue (Google Maps)
Extell building 30-story medical tower on UES
Extell building 30-story medical tower on UES
Millennium Partners' Philip Aarons and a rendering of the Hollywood Center project (Getty, Rendering via Handel Architects)
Shaken, not stirred: Inside Millennium’s battles at Hollywood Center
Shaken, not stirred: Inside Millennium’s battles at Hollywood Center
BRP’s controversial Bed-Stuy project wins approval
BRP’s controversial Bed-Stuy project wins approval
BRP’s controversial Bed-Stuy project wins approval
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...