COLLEGE STATION, Texas – Figures released Thursday show that the redevelopment of Kyle Field came in on time and more than $1.3 million under budget, officials said.
The figures were released by Billy Hamilton, executive vice chancellor and chief financial officer of the Texas A&M University System.
"We not only met every deadline, including the formal substantial completion date of Sept. 9, 2015, but we delivered the largest collegiate athletic construction project in history at more than $1.3 million under budget,” Hamilton said.
Officials said when the west side of Kyle Field was imploded Dec. 21, 2014, which was nine months before the first home game of the 2015 football season, many said the project could not be done on time and on budget.
The Texas A&M University System, Manhattan-Vaughn Construction and the architectural firm Populous agreed to a final guaranteed maximum price of $485,204,407 a month before the implosion, officials said. Final project costs are now being reconciled as the external project audit, managed by R.L. Townsend & Associates, is wrapping up.
The final cost of the Kyle Field renovation is $483,888,885 as of Thursday, which is $1,315,522 under the guaranteed maximum price, officials said.
"In all my years of working on similar projects, I have never seen one come in this much under budget," said Earl Santee, founder and senior principal at Populous. "It is a testament to how well-managed this project was, and we are proud to have been part of it."
"We expected our architect and contractor to stay on budget and on time for what everyone agrees was a massive undertaking. But they exceeded all expectations and I congratulate them and our system staff on a job well done," said John Sharp, chancellor of the Texas A&M System. "This news, combined with the fact that the Texas A&M System is one of only eight higher education institutions with a top bond rating of Aaa in the latest Moody's rating, shows the incredibly robust health and stability of system finances."
Officials said the Texas A&M University System manages construction projects for its member institutions, including classrooms, labs, student housing and athletic facilities.