Rising costs have hit Leicesters flagship new Performing Arts Centre less than a year into its building programme. The new Arts Centre will form the heart of Leicesters developing Cultural Quarter, and will provide a new home for the Haymarket Theatre and the live performance work of Phoenix Arts. Budgeted building costs of £48m have now risen by over 8%, and a further £4.1m will be required to see the project through to completion in September 2007.
The major funder for the scheme is Leicester City Council, which had earmarked £26m for the project, but may now have to find a further £2.6m. Other funders are being sought for an additional £1.5m. Mike Candler, Cultural Quarter Project Director working for Leicester City Council said, The Council is disappointed that the revised forecast has had to be made so soon into the project, but has set aside money within its capital programme to cover additional costs if they fall. However, it is urging that the scheme looks for savings that wont have a negative impact on the integrity of the building or its operations.
Published: 27-03-2005