The price to redevelop the New London State Pier just went up — again
As Governor Ned Lamont toured New London on Tuesday to see progress being made in redeveloping the State Pier for the offshore wind industry, the cost of the project went up again.
The Connecticut Port Authority estimates they may need an additional $13 million to finish the project.
David Kooris, chairman of the port authority, later told board members that they might be able to use contingency money built into the project contract to offset the cost increase.
“Under $2 million of that $11 million has been spent. Again, I don’t want to be overly optimistic, but we are nearly halfway through construction.... The further we go on the less in groundwork there is, in water work,” Kooris said. “So, I don’t know that we should anticipate it getting back but if the entirety of that remaining $9 million is not spent then yes, we would get that back.”
The port authority is reporting a savings of $700,000. But the additional costs could see the project cost rise to almost $250 million.
“We have completed the negotiation,” Kooris said about the new cost. “Our number is $6.8 million, but we don’t yet have the paperwork or the funding in place and so it is not yet before you.”
The original $93 million cost of the State Pier project has since increased over the last two years to $235 million. Now the price could rise again due to design changes, permit delays and facilitating a local ferry business.