A hotly-anticipated new Comcast Technology Center, which is expected to open this year, has run over budget by $67 million, the building’s developer, Liberty Property Trust said this week.
The construction has a budget of $1.5 billion—up from its projected $1.2 billion in 2014—meaning that the excess is about 4.5 percent of that budget, according to a report from Philly.com.
The budget problems may be due to a contract issue between Liberty Trust and its general contractor, LF Driscoll, Liberty spokeswoman Jeanne Leonard told Philly.com. She didn’t go into details with the site on those issues, but she did say they’re not expected to affect the opening date of the center. The offices are expected to open this summer and the hotel is planned for the fall.
The center, which has been under construction for three years, will be the tallest building in the city, sitting at 60 stories and 1,121 feet high. In addition to its record-breaking (for Philly) height, the innovative building will have a number of unique features. It will be able track how many people are inside at a given time through smart technology, energy-efficient features and multi-story atriums, among other things.
- Comcast Technology Center [Curbed Philly]
- New Comcast tower hit by cost overruns [Philly.com]
- 15 Things to expect from the Comcast tower [Curbed Philly]