Tedco Misleads Press

Yesterday’s press release has some factual mistakes regarding “Project Symphony”, aka The First Waterfront Place.

First, Aecon was retained a while ago to build this building.

Second, their winning bid was approximately $140 million.

Third, and more importantly what the press don’t know is TEDCO is trying to reduce the build cost to $110 million.

This $30 million dollar reduction is proving to be a planning nightmare. The sub-trades have already bid the project and many have been selected. They are now being asked to re-tender on the new design. By the way, the new design is not even finished.

Changing the design at this time is proof alone that this project is running into big trouble, even though there has not been one metre of cement poured yet. No one experienced in a project of this size would have these issues.

Jack Diamond is putting on a show like he is mad that TEDCO is butchering his grand design; the truth is his billable hours have just gone up.

Aside from this, TEDCO has guaranteed Corus an occupancy date of August 2009.

There is no way this project will come in on time. Furthermore the rushed workmanship will result in poor quality.

And yes I was informed today that the City is on the hook for the Corus lease payments in Liberty Village if they can not occupy the building in August 09.

As I said in an earlier post in May 07 Jeff Steiner got sucked in.

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