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| Downtown Mall as it is today |
Is it fair to say that if demolition does not start by this time next year, the new arena project will be behind schedule? In my rough estimate, the cost to demo four blocks and clear the land before any work can be done will be around $40 million or more. My number is based on what it cost John Saca to clear the land at 3rd & Capital Mall which was $8 million. The old Sacramento Union building occupied only about half the block and did not have any underground parking. The malls foot print covers nearly 100% of each block with two floors of below ground parking.
Is this demo expense going to be absorbed by Ranadive as an assumed cost overrun?
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