San Francisco: Expected Price Tag for Transbay Transit Center Jumps Again

[marmar]

MICHAEL CABANATUAN ON SEP 10, 2015
SOURCE: MCCLATCHY


Sept. 10--Just two months ago, the latest in a string of cost overruns on the Transbay Transit Center pushed the price tag for the first phase -- essentially a big bus terminal with room for a railroad in the basement -- up $247 million to $2.1 billion.

But regional transportation officials warned Wednesday that it's not likely to stop there and suggested that the agency building the bus and rail hub should count on spending as much as an additional $244 million.

As the cost of constructing the quarter-mile-long transit and retail center topped with a park has soared, the Metropolitan Transportation Commission, the Bay Area's transportation planning and financing agency, has repeatedly helped the Transbay Joint Powers Authority balance its budget.

Anticipating more requests, and wanting to ensure that the project is completed, the commission ordered a financial review in an attempt to get a clearer idea of what it will cost to complete.

"This project is going to cost what it's going to cost," Steve Heminger, the commission executive director, said at an agency meeting Wednesday in Oakland. "You need to come up with a budget and raise the money." ..................(more)

http://www.masstransitmag.com/news/12112742/expected-price-tag-for-sf-transbay-transit-center-jumps-again

[yeoman6987]

1. This is why most communities don't build trains and subways

Who could afford them? That is a lot of money.

[marmar]

2. But some essential public services are worth the price, even if it requires subsidizing.....

..... the Europeans, Japanese, Koreans etc. realize this, which is why their public transportation networks make ours look so pathetic.