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Cost of Golden 1 Center Increases

Golden 1 Center

The cost of the Golden 1 Center has increased by roughly $109 million, according to a recent report. 

Opening this fall, the new home of the Sacramento Kings was initially estimated to be built at a cost of $447 million, only to jump $30 million by the time ground was broken for the project. Merritt & Harris recently took a look at the construction, and determined that certain factors have contributed to the team spending more money on the Golden 1 Center than what was initially expected. More from the Sacramento Bee:

The estimate has risen by $21.7 million in just a month, according to a construction consultant’s report submitted to Sacramento city officials late last week. The $556.6 million price represents a more than $79 million increase since the Kings broke ground in October 2014 on what was envisioned as a $477 million project. When the arena was first proposed to city officials in 2013, Kings officials said it would cost $447 million – bringing the total increase in price to around $109 million.

With the city’s subsidy capped at $255 million, all the additional costs are coming out of the pockets of Kings Chairman Vivek Ranadive and the rest of the team’s owners.

There has been a push to ensure that the Golden 1 Center is up and running early this fall, as a Paul McCartney concert in October will be its first major event.  As a project, the Golden 1 Center has been noted for its broad initiatives, particularly when it comes to technology and environmental sustainability, and is envisioned as part of a larger development in downtown Sacramento. Our Jarah Wright previewed the venue in a feature earlier this summer.
Rendering courtesy of the Sacramento Kings. 

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