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Construction Projects that Broke the Bank

Construction Projects That Broke the Bank Pre the global recession of 2008, there seemed to be one common goal in construction projects around the world – the bigger the better. This of course meant that costs shot up too and as a result, many projects faced financial woes. Ryugyong Hotel in Pyongyang, North Korea A 105-story building that rises 330 meters (1,082 feet) into the air and has 3,000 hotel rooms. How much did it cost? Exact figure is unknown but an estimation of $426 million is given Still not complete Construction began in 1987 and stopped in 1992 after North Korea spent as much as 2 percent of its GDP on the project and funding dried up. How long it took to build? Financial issues: Montreal-Mirabel Airport, Canada An airport located 40 miles (64 kilometers) from Montreal, Canada. In the 1970's it was the world's largest airport, but later became re-purposed as a testing site and cargo airport. How much did it cost? $1 billion 5 years (construction began in 1970) How long it took to build? Financial issues: Mirabel's distant location and lack of transport links made it unpopular with airlines and travellers. The airport had hoped to take in 50 million passengers a year, but instead their best figure before closing for business was around 2.8 million passengers. It was recently announced that after a decade of lying vacant, the airport's terminal building will be demolished. Millennium Dome, London, U.K. HAlarge dome-shaped building, originally used to house the Millennium Experience, a major exhibition celebrating the beginning of the third millennium. How much did it cost? $1.1 billion How long it took to build? 2 years Financial issues: Ticket sales for the attractions were far below expectations. The New Millennium Experience Company, the dome's operator, only made 189 million pounds ($275 million) in revenues. There were accusations of fraud by vendors and suppliers. Burj Khalifa: The Dubai Tower, Dubai, U.A.E At 2,717 feet (828 meters) tall the Burj Khalifa, or Burj Dubai, is the world's tallest building. It comprises of office space and residencies. How much did it cost? 1.5 billion How long it took to build? 6 years (construction began in 2004) Financial issues: The Burj Khalifa's construction coincided with the global financial crisis, and the government was forced to borrow from its neighbour Abu Dhabi. The majority of the residences remain vacant. Strait of Messina Bridge, Italy A 3.3 kilometer bridge linking Sicily to the Italian mainland. How much did it cost? Estimated the final cost will be over billion How long it took to build? Still not complete Financial issues: The on-again, off-again project has been plagued with controversy, including fears that much of the money would be diverted to the Sicilian and Calabrian mafias, which control most public works projects in the south of Italy. Mose Project, Venice, Italy The Mose project hopes to stem flooding and save Venice from sinking deeper into the lagoon on which it's located. How much did it cost? Estimates vary from $8-$10 billion for the final overall project How long it took to build? Not complete yet (construction began in 2003 and the project is expected to be complete by 2016) Financial issues: The project has been hampered by delays in funding due to Italy's economic crisis. It has already cost more than $7bn to date. The Channel Tunnel, U.K. and France A trio of 31-mile (50-kilometer) long tunnels underneath the English Channel, connecting the United Kingdom and France. How much did it cost? $21 billion How long it took to build? 6 years Financial issues: The project's initial cost was severe, and it continues to have a heavy financial toll. In early 2009, a new rail link connecting London to the British side of the Channel opened. It cost $13.8 billion - the most expensive individual construction effort in the country's history. Central Artery Tunnel Project or Big Dig, Boston, U.S. The Central Artery Tunnel Project was launched to replace the six-lane Central Artery in Boston with an underground road of eight to ten lanes. How much did it cost? $22 billion (estimated final overall cost) How long it took to build? 16 years Financial issues: The original cost estimate was $2.6 billion, eventually rising to $14.8 billion by the time the project was done. But with the interest due on borrowed funds - which will be paid through 2038 - the Big Dig will eventually cost $22 billion. The International Space Station The International Space Station is a spacecraft/ science lab which orbits around the earth. Many countries worked together to build it. How much did it cost? Over $100 billion How long it took to build? Financial issues: 13 years The space station is most definitely the most expensive science experiment ever attempted. Critics contend that the time and money would have been better spent on other projects, like robotic spacecraft missions and space exploration. References: THE GUTTER MASTERSO

Construction Projects that Broke the Bank

shared by justinguttermasters on Jul 02
Did you know that the Channel Tunnel in the UK and France took six years to build and the overall cost of the project was $21 billion?


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