Originally expected to cost $1.6 billion, the budget to build San Francisco’s Transbay Transit Center was raised to $2.1 billion two months ago. And yesterday, transportation officials warned that the expected budget to complete the project should be raised by at least another $48 million, and possibly by as much as $244 million, as reported by the Chronicle.
The contract with the general contractor for the Transit Center doesn’t include a maximum price which could continue to grow and the Transbay Joint Powers Authority (TJPA), which is in charge of the project, has been accused of displaying “a pattern of inaccurate estimates on contracts and overly optimistic assumptions.”
Keep in mind that the numbers above don’t include an additional $3 billion, and climbing, which will be required to extend the train tracks from Fourth and King to the Transit Center, the proposed timeline for which has been pushed-back from 2020 to 2024.
And in order to fund the ballooning budget for the Transit Center, the TJPA has already diverted a portion of the funds which had been dedicated to the downtown rail extension for Caltrain and High Speed Rail service and changed the skin of the terminal from glass to perforated aluminum.
San Francisco’s Transbay Transit Center is currently slated to be operational, sans rail service, in late 2017.