SYRACUSE, N.Y. — After three and a half years since it was originally proposed, the construction of an aquarium in Syracuse’s Inner Harbor is finally aligning with the economic reality. County officials are assuring that the project will remain within the budget, however, due to a nearly 40% increase in construction material prices over the past four years, it is likely that there will be some downsizing.
Construction on Syracuse’s $85 million aquarium is now underway. County Executive Ryan McMahon is resolute that the total cost of the project will not exceed $85 million. Nevertheless, Ken Simonson, the chief economist for the Associated General Contractors of America, pointed out that this budget will necessitate significant alterations to the original plans. He mentioned, “Chances are they would have to reduce the size of the aquarium or eliminate some features by about 25% to compensate for the rise in costs over the past three years.”
McMahon’s team acknowledges that $85 million does not stretch as far in 2021 as it did when the project was initially announced. They indicated that they are considering seeking additional funds through donations or corporate sponsorships to enhance the aquarium with more exhibits once extra funding becomes available. McMahon stated, “The public funding allocated for this project will be $85 million. If we can secure donors, similar to the zoo, we may have the opportunity to add more exhibits.”
Simonson emphasized that when projects are downsized to adhere to the budget, every element must be reassessed. He explained, “You really have to evaluate every aspect of the design and determine which components are less critical and can be reduced, such as the size, floor area, or volume of the display space.”
The New York chapter of the General Contractors of America noted that while keeping budgets consistent while reducing project scale is not uncommon in New York State projects.