After being proposed three and a half years ago, the development of an aquarium in Syracuse’s Inner Harbor is finally gaining traction in the economy. County leaders affirm that the project will adhere to its budget, yet with construction material prices surging by nearly 40% in the past four years, adjustments will likely be necessary. Construction has commenced on the $85 million Syracuse aquarium. County Executive Ryan McMahon is resolute on maintaining the project’s cost at $85 million. However, Ken Simonson, the chief economist for the Associated General Contractors of America, anticipates significant modifications to the original plan due to increased costs. It is probable that the aquarium’s size or features will need to be reduced by approximately 25% to align with the budget constraints imposed by the heightened construction costs in recent years.

McMahon’s team acknowledges that the purchasing power of $85 million has diminished since the project’s announcement in 2021. Nonetheless, they are open to securing donations or corporate sponsorships to enrich the exhibits once additional funding becomes available. While the initial public investment for the aquarium will be capped at $85 million, efforts will be made to attract external funding to enhance the facility.

Simonson emphasizes that when projects are downsized to align with their budgets, a careful reassessment of every aspect is imperative. Each element of the design must be scrutinized to identify the least crucial components that can be trimmed, including size, floor area, and display space volume. The New York chapter of the General Contractors of America highlights that in New York State, maintaining budget limits while adjusting project scope is a common challenge in the construction industry.