News

21. March 2006

Preparation underway for construction of music hall and conference centre

IPC has begun the preparation for the construction of the music hall and conference centre in Reykjavík harbour.The agreement between IPC and the City of Reykjavík centres on the preparation of the lot for the concert hall, conference centre, and hotel (TRH) for construction.

The agreement is in two parts.First of all, IPC is to take on, at a fixed price, specific project elements that, from a technological point of view, are integral to the construction of TRH and the accompanying parking garage; second, the Company will supervise other work in the area on behalf of the City of Reykjavík. IPC and the City of Reykjavík will conduct a joint tender offer for those project phases.T he fixed-price portion of the contractual agreement is set at ISK 519 million, and the estimated cost of the project phases that will be subject to tender offers is approximately ISK 781 million. The total contractual amount is therefore roughly ISK 1.3 billion.

Included in the fixed-price portion of the agreement are a landfill at the East Bight; the construction of a bridge in Geirsgata Street over the planned pedestrian walkway; all design, facilities, and workplace operations for the entire project; and extra parking garage construction costs resulting from the lie of Geirsgata Street over the building.

Other project phases will be tendered, including the demolition of buildings such as Faxaskáli, Brokeyarhús, and the bridge at the Customs Building; the displacement and replacement of trunk lines in the area; and the construction of streets and detours during construction. Work is already underway and should be largely complete shortly after mid-year 2007. Final delivery, however, will not take place until the construction of the TRH facility is complete.

 

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