Recently, there have been two updates on the Madison Ave KESKUS project.
The first was released on Feb 24, 2022 and is titled,
“KESKUS donors rally to help meet rising construction costs.” According to the press release, the construction costs of the International Estonian Centre have risen dramatically over the past year due to the inflation caused by the supply chain issues and monetary inflation. This inflation also affects the cost of construction material, which have risen 40% (according to the press release). As a result the projected budget of the project has risen dramatically to $41 million, with $26 million earmarked for the actual construction.
In order to cover these unexpected price increases, the KESKUS project has reached out to its donors, with many donors doubling their initial pledge, and in some cases, tripling their original donation.
The second press release is dated Feb 27, and is titled,
“KESKUS construction update.” According to the press release, the construction project had begun in the week previous to the press release, with “selective site demolition”. This is done to prepare the way for various contractors who will arrive on site later. The demolition work is scheduled to last five weeks.
The reader should be reminded that the
Keskus update #78 on Sept 2, 2020 stated that “Despite the pandemic, construction planning for this exciting next phase has continued. Project Manager David Kalm … anticipates that construction will start before the end of 2020.” Going even further back to the 2019 Estonian House AGM when Rivera was still in the game, we have
this item: “On Madison Ave, the project is in the planning and design stage, with the critical TTC technical review is expected to be finished by the end of the year. The closing of 11 Madison and the beginning of the construction is expected to follow shortly thereafter. Fundraising for the IEC is also going very well and substantial pledges have been secured."
Stay tuned for further updates.
