Daytona Beach: New School Construction Cost Examples

How fast are construction costs rising?

...The School Board had originally projected a $40 million cost for the school as part of its 2001 sales tax campaign. But a later decision to increase its capacity from 2,000 to 2,500 students coupled with rapidly rising construction costs have pushed the budget to $75 million from sales and property taxes.

To illustrate how fast construction costs have risen, Torbert talked about a Seminole County elementary school his firm designed that was built in 2003 for $4.5 million. The Seminole County School Board received a single bid of $9.5 million five months ago to build essentially the same school, Torbert said. The board held off in hopes of finding a more favorable market, but when the project was rebid two weeks ago, the lowest of four bids came in at $11.5 million...

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