Tuesday, December 19, 2006

THOUGHT YOU WOULD LIKE TO SEE WHAT COSTS WERE INVOLVED WITH THE BELOW FIASCO

Budget
The project was known for its notorious delays (it was originally intended to open in 2000 instead of 2004) and tripled costs. Some Chicagoans began to refer to the project deridingly as "next-millennium" park.
During development and construction of the park, many structures were added, redesigned or modified. These changes often resulted in budget increases. For example, the band shell's proposed budget was $10.8 million. When the elaborate, cantilevered Gehry design required extra piling be driven into the bedrock to support the added weight, the cost of the band shell eventually spiraled to $60.3 million. The total cost of the park, as itemized in the following table, amounted to almost $500 million.
Project
Proposed Cost
Final Cost
% of Proposed
Garage
$87.5 million
$105.6 million
121%
Metra superstructure
$43.0 million
$60.6 million
141%
Band shell
$10.8 million
$60.3 million
558%
Music and Dance Theater
$20.0 million
$60.0 million
300%
Park finishes/landscaping
N/A
$42.9 million
Design and management costs
N/A
$39.5 million
Endowment
$10.0 million
$25.0 million
250%
Crown Fountain
$15.0 million
$17.0 million
113%
BP Pedestrian Bridge
$8.0 million
$14.5 million
181%
Lurie Garden
$4.0-8.0 million
$13.2 million
330%-165%
Cloud Gate sculpture
$6.0 million
$23.0 million
383%
Exelon Pavilions
N/A
$7.0 million
Peristyle/Wrigley Square
$5.0 million
$5.0 million
100%
Chase Promenade
$6.0 million
$4.0 million
67%
McCormick Tribune ice rink
$5.0 million
$3.2 million
64%
Misc. (fencing, terraces, graphics)
N/A
$1.6 million

Criticism and controversy