Article is from the pages of the Hallmark Abstract Service, New York blog.
Located on the Bronx-side of the Whitestone Bridge and scheduled to open in 2015, it’s reported that the Trump Golf Links at Ferry Point will cost 10 times more than originally projected!
The course, being built under the supervision of the New York City Parks Department, has been under construction for about fourteen years, is labeled public, will most likely be priced in the neighborhood of $125 a round, and will now cost an estimated $236 million when completed (Source: Independent Budget Office).
To give that amount some context the Trump National Golf Club in Los Angeles cost about $260 million and the Liberty National Golf Club in Jersey City at $250 million.
The difference is that the latter two are private and built with private money while the taxpayers are on the hook for the course in the Bronx.
Here are some of the details surrounding the course construction and the projects history:
‘The city now expects to spend an astonishing $236 million to complete the Ferry Point project by next spring over a former landfill, according to new figures compiled for the Daily News by the Independent Budget Office.
That includes $181.4 million for the 190-acre golf course itself, plus another $54.6 million for 30 acres of adjacent new parkland and a waterfront esplanade, the IBO says. The total is more than 10 times the original cost when construction started in August 2000…
…but years of construction delays and bungled oversight by the Parks Department made matters worse, a 2007 audit by former Controller Bill Thompson found. After the project’s original developer dropped out, Bloomberg opted in early 2012 for Trump, who has a reputation for successfully operating high-end golf courses, to salvage the project.
“We stopped the bleeding and we got the project to the finish line,” Ron Lieberman, Trump’s vice president for management and development, said Thursday.
Lieberman promised to draw major national golf tournaments to New York City.
Many consider this a sweetheart deal for Trump. The Donald must spend only $10 million to build a clubhouse, and he will pay no rent to the city for the first five years, Lieberman acknowledged…‘ (Source)
Also read HAS article and 'Decisions and how we time them (Slideshow)' here!
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Hallmarkk Abstract Service content created by Michael Haltman
