selophane.blog

So it looks like another one of the major Lower Manhattan re-building efforts is facing budget problems. Santiago Calatrava’s path station entrance may be looking at a major value engineering effort in so much that it may be another architect’s rein-visioning of the station, according to an post on Curbed.com. This is bad news for the neighborhood, first the Freedom Tower has yet to start construction (lets not even talk about the deisgn process) then the Fulton Street Transit Hub is looking at ways to work their budget, now this. All of this makes me wonder, has the New York City development community been a victim of the most American of financial flaws – spending beyond their means? Or is this a case of bureaucratic inaction catching up with rising construction costs and inflation? Either way, I think that this is a specter of what is to happening across the board with American projects, I see it in my own office as well. Clients either commission Coach tastes on a Canal Street Budget, or they get massive sticker shock when they see their cost estimate and throw a ton of money into value engineering exercises which end up sucking part of the cost-value of the project away.