Sierra Planning and Management Velodrome - Town of Milton

Sierra Planning & Management
32
32 Velodrome Business Plan – Town of Milton
� $260,000 for 1,300 square feet (121 m 2 ) of ancillary and other circulation type spaces (lobby space,
corridors);
� $59,800 for FFE; and
� $820,736 for soft costs associated with the project.
The value of $3.8 million for a 14,300 sq. ft. space equates to roughly $270 per sq. ft. capital cost including
soft costs.
In translating these costs allocations to the Velodrome it is important to ask what is obtained in the
Velodrome for a similar budget. Within the Velodrome, the infield space alone measures for playable
surfaces (excluding portions of the infield at either end) over 20,000 sq. ft. This represents a 50% increase
in the amount of gymnasium space compared with the 14,300 sq. ft. planned elsewhere.. In addition,
dressing room and seating is provided in the Velodrome as part of the functional requirements of the
building.
As a broad estimate, even applying a unit rate of $300/sq. ft. to the gymnasium space would yield a value in
the order of $6 million. This reflects therefore that the amount of space provided as well as the synergies
with other elements in the building and therefore inherit cost reductions, result in significant value for
money enhancements via the reallocation of the Town funds to the creation of gymnasium space within
the Velodrome rather than a community centre.
It should be noted that the unit rates are the basis for the overall capital costs for the Velodrome are likely
to be in excess of $300 per sq. ft.
6.3 STATUS OF FUNCTIONAL PROGRAM AND IMPACT ON CAPITAL COSTS
The Town of Milton along with consulting team members are currently working with Toronto2015 and
Infrastructure Ontario and their retained project design consultant (PDC), B&H Architects, to address the
need for greater specification the functional program to meet the needs of the Town of Milton and the
potential users of the facility from the local community. The resulting statement of functional program will
be subject to further capital cost estimates by Infrastructure Ontario and the results would be made known
to the Town of Milton upon receipt of these estimates. It is likely, that a process of iteration will be
required to achieve an appropriate balance between those functional spaces that are essential, those
which are desired but not mandatory, and other opportunities as measured against the incremental capital
costs associated with each item.
In addition to redefining the functional space program to meet the specific needs of the Town of Milton,
potential cost implications (reductions and/or cost additions) associated with the proposed site for
development of the Velodrome will also impact the overall cost to the Municipality. The Municipality is
required to fund 100% of land related capital costs including any costs for the land itself, site works and
servicing to the property, and any environmental remediation or other extraordinary capital costs that may
be incurred.
Several items which will affect the cost include:
� The potential for a district heating system based on geo-thermal energy which may ultimately
reduce the operating costs associated with building utilities, as well as impact the capital cost
associated with the heating and cooling system in place for the facility.
Business Plan | January 2012