Monday, August 29, 2016

Golden 1 Center Costs Rise

The latest construction costs for the Golden 1 Center have reached $556.6 million. As reported by The SacBee, the price has risen by $21.7 million in just a month and $79 million increase since breaking ground in October 2014. The original cost was to be $447 million, so the total increase in price to around $109 million. The Kings Chairman Vivek Ranadive and the rest of the team’s owners are paying for additional costs, the city’s subsidy capped at $255 million.

It’s been said that the increases aren’t cost overruns, but represent the costs of design changes like the team’s practice facility downtown, instead of leaving it at the site of the old arena in Natomas, added $30 million. Additional costs also represent dollars spent renovating the former Downtown Plaza, now known as Downtown Commons.

The building is scheduled to open with a pair of Paul McCartney concerts Oct. 4 and 5.

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