Toronto Pan Am Games construction projects are on schedule and on budget

With the 2015 Pan Am/Parapan Am Games less than two years away from landing in Toronto, its organizers say many of the construction projects are coming along on schedule and on budget.

“It’s wonderful to see the growing excitement rippling across southern Ontario for the ‘People’s Games’,” said TO2015 CEO Ian Troop.

The latest report on the most recent projected costs indicate that most of the venues are coming in under budget with the exception of the Milton Pan Am/Parapan Am Velodrome which is projected to exceed its $50-million budget by $6 million.

During the quarter, construction on a number of venues in the surrounding cities broke ground including the Pan Am/Parapan Am Fields in Toronto, the Etobicoke Olympium and the Ajax Pan Am Ballpark.

The first phase of upgrades on the Caledon Pan Am Equestrian Park wrapped up as well and work on the second phase will start in the fall.

The only venue project that has yet to start is the $3.5-million Toronto Track & Field Centre at York University.

“These municipalities are taking ownership of the Games and planning unique ways to ensure they make the most of this once-in-a-lifetime opportunity,” said Troop.

“TO2015 is supporting them in their efforts while ensuring we continue to deliver on our commitment to deliver the Games on budget.”

Organizers reported that the to-date project expenditures on venue construction has amounted to $176.5 million so far, making up 26.2 per cent of the total $674-million budget reserved for venues and renovations.

A first payment of $48.5 million was also made during this quarter toward the construction of the $205-million CIBC Pan Am/Parapan Am Aquatics Centre and Field House located at the University of Toronto Scarborough Campus.

The projected cost for the aquatics facility has fallen $44 million under budget from its initial estimation made in 2011.

This past summer also marked another milestone as construction on the Pan Am/Parapan Am Athlete’s Village crossed the halfway point. It is currently 60 per cent complete with 17 months left before deadline, according to the Games Secretariat.

Following the Games, the $514-million complex will be home to a YMCA, a George Brown College student residence and two affordable rental housing buildings.

The 2015 Games carries a $1.4-billion budget, with $674 million going towards venues and facilities and $767 million directed for operations and staging the event.