NEWS RELEASE

For Immediate Release: January 30, 2008

The Albany Convention Center Authority with its consultants has as a component of the legislative requirement to complete a Preliminary Study of the Authority, established a Preliminary Probable Cost Model for the construction of the convention center and hotel complex beginning in 2008 and completing in 2011, in the amount of $397,500,000 dollars including escalation during the construction period.

The firms of HNTB Architecture and Gilbane/BBL, a joint venture of Gilbane Construction and Barry Bette & Led Duke construction services, have developed a Preliminary Probable Cost Model to construct a convention center of 244,000 gross sq. ft. along with a 400 room full service hotel and above ground parking facilities to accommodate some 1100 vehicles in accordance with market study developed by HVS International in 2007 and the program needs of the Sheraton Brand Hotel as the preferred  operator.

The Preliminary Probable Cost Model was developed through a process of independent and distinct efforts by the Architect and Construction Manager, respectively. The cost model is based upon the Preliminary Initial Program developed by HNTB Architects from the parameters of the HVS market study.  The information gathered by each firm was then compared, contrasted, and reconciled taking into account market conditions and a thorough review of national trends, including a best estimate of the inflationary impact on cost during the construction period.  The Preliminary Probable Cost Model also reflects those important elements that were identified in the planning process among them; community benefits, transportation enhancements, physical connection to the Times Union Center, identification of historic and cultural resources, and the advancement of a green, sustainable design. 

“By providing third party verification of cost in this manner, we are better assured of delivering a project on time and on budget, despite the unprecedented volatility in the construction market that has taken place over the past few years and that may continue” said Duncan Stewart Executive Director Albany Convention Center Authority (ACCA).

“The joint development of a Preliminary Probable Cost Model by the Architect and Construction manager, based upon the current market study, and pricing trends, provides a high degree of confidence in its validity” said George Leveille Chairperson Albany Convention Center Authority Board (ACCA).

ABOUT THE ACCA
The nine-member Albany Convention Center Authority was organized in 2006 as a public benefit corporation under the New York State Public Authorities Act. The authority was created to meet an immediate need to institute a comprehensive, coordinated program of convention activities in the City of Albany. The ACCA is to provide the City of Albany with the ability to develop, renovate and undertake economic development projects in the historic downtown area to optimize the economic and social activities of city and its environs.

MEDIA CONTACT:

Duncan Stewart, Executive Director
Albany Convention Center Authority
The R.B. Wing Building
386 Broadway, Albany, New York 12207
518.275.4920
518.275.4921 fax
dstewart@accany.com
www.accany.com

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