The 250-space parking deck Fayetteville officials plan to build near Dickson Street is on pace to be $1.9 million over budget, according to a memo released to City Council members from city development services director Jeremy Pate.
Developers had budged to finish the project in late 2015 for $6.8 million. That number has now jumped to $8.7 million, according to a breakdown of costs presented to the Fayetteville City Council on Tuesday night.
The $1,971,177 increase in cost comes from several factors, including a 10 to 15 percent increase in concrete materials and an increase in the cost of replacing the Walton Arts Center’s administrative offices, which will be demolished as part of the project’s construction, Pate said.
“The city, Walton Arts Center and our design consultants were disappointed to see the numbers for both the deck and the north liner building had increased,” Pate wrote in the memo. “While this is not positive news now, the good thing about this is that it remains an estimate, and these are not final numbers.”
Pate goes on to identify $417,000 in potential price reductions that include reviewing line items of materials and design decisions. He said he plans to have additional recommendations for the city next month.
City officials began pushing the parking deck plans in 2012 to help alleviate parking problems near Fayetteville’s entertainment district. The deck is expected to be built near the intersection of Spring Street and School Avenue.