Wednesday, July 10, 2013

Arena construction monitor: project complete by August 30 (or maybe in September), not June 30 as previously estimated

The Barclays Center has been operating steadily since last September, but the predictions about when final work at the arena might be complete remain unsteady.

As I reported last month, the then-latest Desktop Review Report (previously Site Observation Report) from Merritt & Harris, the construction monitor for the arena bond trustee was dated 5/31/13 and predicted a final completion date of 6/30/13, including close-out of subcontracts.

Final completion in June?

Now, the Desktop Review report dated 7/9/13 and released yesterday, makes a couple of contradictory statements. In one place, it states:
Based on our Construction Progress Chart, which compares the cash flow amount to the projected construction progress, the Arena is on schedule for a final completion date of June 30, 2013, including close-out of subcontracts.
Given that the date is already past, presumably the construction monitor could confirm that.

However, some issues apparently remain unresolved, since the report states that a document has been submitted to the Department of Buildings regarding steps taken to resolve "deficiency items with regard to the wall panels, curtain walls, and veneers." No DOB approval is cited.

Finish end of August, or September?

Later in the document, the Construction Progress Chart, based on cash flow projections, leads Merritt & Harris to conclude:
Based on the current level of close-outs and projecting to the final month of all Subcontractor close-outs, we feel the project will be complete by August 30, 2013.
In the previous document, the date was June 30, 2013.

The chart below, from this 7/9/13 report, actually extends to September 2013, not August 2013, though the amounts expected to be spent (bottom right of graphic; click to enlarge) in July, August, and September are quite minor.
In the Merritt & Harris report dated 5/31/13, the chart extended to June 2013.

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