The cynical ones on this forum, including myself, have to admit that Howard Epstein's numbers were accurate. The numbers are higher than I expected. However, a large portion of the cost will be covered by annual revenue which I strongly believe will grow as predicted. I have mixed feelings - I had hoped that the costs would be lower. The interim financing increases the cost by $19 million. If the province and municipality were to pay the construction cost up front as scheduled payments then this cost wouldn't exist, however they would still be paying more interest cost on their earlier payments; but then the federal 1/3 payment of about $47 million for construction costs would come in earlier(?), thus slightly reducing interest costs to the municipality and province.
As a comparison to the Ottawa Convention Centre, their cost is $170 million versus $140 million for the Nova Centre ($119 + $21 million). I think the Nova Centre should be considered based on the actual construction and designs costs of $119 million plus $21 milllion for design = $140 million dollars since the interim financing cost wouldn't exist if the municipality and province were paying up-front based on predetermined scheduled lump sum payments.
I don't know what additional operational costs exist but the
Ottawa Convention Centre will have: (source:
http://ottawaconventioncentre.com/en/venue-services/facility-overview ).
Quote:
* 192,000 sq. ft. / 17,837 sq. m. of usable space
* 28 meeting rooms in maximum configuration
* 56,000 sq. ft. / 5,203 sq. m. multipurpose hall with capacity 6,260 theatre-style, 4,600 banquet style
* 21,300 sq. ft. / 1,979 sq. m. ballroom with view of the Rideau Canal and Parliament Hill
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Based on the Chronicle Herald story by D. Jackson the
Nova Centre would have:
Quote:
* 115,000 square feet of rentable convention space
* 35,500 square foot column-free ballroom
* 52,000 square feet of multi-purpose space
* 28,000 square feet of meeting room space.
PS: The allnovascotia.com states that the total space in the convention centre is 309,000 square feet - this is a good size. It sounds as though the Nova Centre is similar to the Ottawa Centre in terms of size but at a lower total cost (by subtracting the interim financing)
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NOTE: The Nova Centre lists rentable space whereas the Ottawa Centre lists usable space - these might not be the same.
I think that the
Niagara Convention Centre would beat both, at $93 million dollars they are getting: (source:
http://www.fallsconventions.com/ )
Quote:
* an 80,000 square foot free-span Exhibition Hall
* a distinctive 17,000 square foot Ballroom
* 26,500 square feet of flexible Meeting & Breakout Space
* an intimate 1,000 seat Theatre with live performances
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