UPDATE: as of 9/18/22
The City has been progressing through the design phase for the Cagni Park North project with the architect and proposed construction manager at risk (CM@Risk) company. One of the requirements for the architect and CM@Risk were to provide a budget estimate upon completion of the 60% construction documents and technical specifications.
The proposed CM@Risk, Thornton Construction Company, has estimated the total hard costs and construction manager costs at just over $15.1 million for Phase I of the project. The architect, Bermello Ajamil & Partners utilized The Bosch Group to provide an independent estimate. The Bosch Group has estimated the total hard costs and construction manager costs at just over $14.7 million for Phase I of the project. Both the architect and CM@Risk attribute the increase in the project budget to material cost increases and higher labor rates experienced throughout the industry over the last two years.
Since the estimates were completed, the 90% construction documents and technical specifications have been submitted. The architect, proposed CM@Risk and City staff continue to work towards a goal of bringing this project and the CM@Risk to Council for award on October 25, 2022. Presuming the City Council’s approval and award on October 25, the groundbreaking for the project will take place on October 27, 2022.
For additional info: https://www.cagniparkproject.com/