Venue Construction Costs Increase for London Olympics

(ATR) The British government today reveals the rising costs of venues for the London Olympics in its annual report on the 2012 Games budget

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The projected costs for the Olympic Stadium increased $63 million in 2008. (London 2012)The British government today reveals the rising costs of venues for the London Olympics in its annual report on the 2012 Games budget.

The projected bill for the 80,000-seat Olympic Stadium increased $63 million in 2008 to $800 million. The higher price tag is due to the cost of an external wrap around the building and changes to the roof to meet requirements of the opening and closing ceremonies.

The aquatics center, touted as the 'Gateway to the Games,' now has a $367 million price tag, $54 million more than the figure cited in November 2007 when the Olympic Delivery Authority baseline budget for projects and venues was finalized. The increase is mainly related to the cost of the bridge to be built over the aquatics center being absorbed into the overall budget.

The Government Olympic Executive Annual Report noted emerging cost pressures on a number of other venue projects. Contamination at the velodrome site has led to projected building costs rocketing $37 million to $154 million.

Total venue costs shot up by $287 million to $1.99 billion from November 2007 to September 2008, but cost savings of $282 million were made on infrastructure around the venues and work to clean up the Olympic Park.

“This shows that we are on course to remain on budget despite the current global economic downturn,” Olympics Minister Tessa Jowell said in a statement Thursday.

"We are now halfway through the project with three quarters of the contingency left available, and we are confident that we can deliver on time and within budget."

In the report itself, Jowell promised that the government's $13.6 billion budget for Olympic venues and infrastructure “will not be exceeded.”

“Inevitably, there will be difficult times in 2009. But there will also be exciting developments on the Olympic Park andOlympics Minister Tessa Jowell insists that venue expenses will remain under budget. (Getty Images)around the U.K.,” she said. “The world-class team at the ODA and LOCOG, and the commitment from the government and all our partners, will see us all rise to the challenge.”

ODA chairman John Armitt said good progress was being made on site “and at this point we are not asking for any more contingency.”

The report's publication comes two weeks after the government released $631million of contingency funding to support the building of the Olympic Village and keep development of the International Broadcast and Main Press Centers on track.

The IOC has set a March deadline for London 2012 organizers to lock down their venue plan.

Construction Updates:

…Construction work at the 500-acre Olympic Park is said to be on schedule. The first sections of the Olympic Stadium roof structure were installed last week. Next month, the erection of the steel roof structure on the aquatics center will begin and is scheduled to be finished by the end of the year.

…Work on other venues will also gain momentum throughout 2009. Broxbourne White Water Canoe Centre is scheduled to start in the spring, while the foundations of the velodrome are being laid in the coming months. Building the last street blocks for the Olympic Village is expected to start in early summer. Construction of the IBC/MPC is due to get under way by May.

…In addition to the government's annual report and six-monthly updates on the 2012 budget, Jowell will be implementing new quarterly financial reporting beginning in April “to improve even further the transparency and accountability of the London 2012 project.”

With reporting from Mark Bisson.

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