A new memo from the Port, uncovered by the Chronicle, shows that the projected cost of rebuilding the crumbling Piers 30-32 that will hold up the new Warriors Arena is on the rise. Original estimates had the rebuilding costs around $100 to $120 million, but newer estimates are putting it well above that, at $170 million. Who will make up the $50 million difference remains to be seen.
The City's contribution to the project, which will come in the form of reimbursing the developers for the pier rebuild, is capped at $120 million, to be derived from revenue generated by the finished project.
The Warriors' project manager for the arena, Jesse Blount, says the $170 million figure is too high, and that there have been multiple, preliminary estimates. But critics of the project are seizing on such figures especially in light of a term sheet (not yet finalized) that would give the developers 13 percent on such unreimbursed costs, like the city's contribution, meaning that it could grow.
The arena, designed by white-hot Norwegian architecture firm Snohetta, is scheduled to be complete in time for the 2017-2018 basketball season, though the schedule is said to be tight.