HomeMy WebLinkAboutProject CostProject Funding and Costs
The Museum anticipates a total cost for the building project of $208 million, the largest
portion of which—$120 million —will be used to cover the costs directly associated with
the construction of the building and admission -free Art in the Park sculptures. The total
cost also includes $70 million for the Museum's operating endowment and $18 million in
transitional expenses related to the project.
The largest single source of funding for the project is $100 million from Miami -Dade
County's voter -approved General -Obligation Bond (Building Better Communities Bond
program).
The trustees of the Museum are committed to raising additional funds from a
combination of public and private sources and have begun the fundraising process.
Prominent civic leaders and MAM Trustees Ambassador Paul L. Cejas, Jorge M. Perdz,
and Craig Robins are co-chairs of the Miami Art Museum's Capital Campaign
Committee. This committee is currently working on the "silent" portion of the capital
campaign. Nevertheless, we are happy to report that the capital campaign committee is
meeting its goals.
Additionally, MAM will apply for State funding from the Department of State's Cultural
Endowment and Regional Cultural Facilities Programs.
Given all of these funding sources, MAM has the funding in place to continue the project
after the City's planning funds are fully expended and to ensure the successful
completion of the project.
MAM TOTAL PROJECT COST -BUILDING
3.5,07
Executive Summary of Total Project Cost Building
Hard Construction
$74,331,957
Architects, Engineers & Consulting Fees $19,764,336
Architects and Engineers
Design Architect and Executive Architect
MEP/FP Consultants
Structural Consultants
Civil Engineers
Geotechnical investigations & engineering
Site survey
Landscape architect
Consulting Fees
Digital Systems Consultant/Technology Consultant
Architectural conservation/probes
Daylight/thermal studies
Preconstruction services
Curtain wall/Envelope
Estimator
Lighting consultant
Acoustical/audio visual consultants
Elevator/Escalator consultant
Security consultant
Programming/planning
Food service consultant
Signage/graphics designer
Code consultant, expeditor
Existing conditions drawings/survey
Retail consultant
Monitoring
Air flow test / CFD Analysis
Controlled Inspections/Testing
Water feature Consultant
Environmental Engineer EIS
LEED's Consult
Traffic
Expediter
Document Peer Review
Direct Travel and Expense (4% of consultant fees)
Consultant Reimbursables (9% of Consultant's fees)
$9,269,835
$2,229,959
$1,114,979
$450,000
$155,000
$50,000
$0
$50,000
$0
$100,000
$75,000
$325,000
$145,000
$200,000
$125,000
$50,000
$110,000
$50,000
$100,000
$350,000
$55, 000
$0
$50, 000
$0
$50,000
$270,000
$75,000
$100,000
$68, 000
$0
$0
$45,000
$759,891
$1,709,756
FF&E
$5,769,750
Owners Items
$6,284,303
Total Base Project
Owner's Contingency
$106,160,346
$5,000,000
Total Including Owner's Contingency
$111,150,346
Paratus Group
MAM_070305_ city project budget summary jg rev.XLS