Project leaders of Nashville’s Music City Center say they have completed a “value engineering process,” bringing construction costs back within budget.
The price tag of the new convention center is $585 million, with a construction budget of $415 million.
Last week, Patrick Holcombe, project manager of Music City Center, told members of the Convention Center Authority that he and others were exploring ways to trim $15 million in construction costs so as to not exceed the $415 million budget.
The construction industry refers to the undertaking as value engineering, or a systematic analysis of all parts of a project to maximize value in order to meet a budget without diminishing its quality.
On Thursday, Larry Atema, senior manager of the convention center project, informed the authority that the value engineering process concluded earlier this week.
“We are officially within budget,” Convention Center Authority spokeswoman Holly McCall said.
According to McCall, bids from would-be contractors on some packages were greater dollar amounts than originally anticipated, prompting the re-evaluation.
McCall said approximately $100 million worth of contracts still haven’t been awarded.