The redevelopment of historic Kyle Field came in not only on time, but more than $1.3 million under budget, according to figures released today 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 September 9, 2015, but we delivered the largest collegiate athletic construction project in history at more than $1.3 million UNDER budget,” Hamilton said.
When the West Side of Kyle Field was imploded on Dec. 21, 2014 — just nine months before the first home game of the 2015 football season — many said such an ambitious project could not be done on time and on budget. A month before the implosion, Texas A&M University System, Manhattan-Vaughn Construction and the architectural firm Populous agreed to a Final Guaranteed Maximum Price (FGMP) of $485,204,407. Now, final project costs are being reconciled as the external project audit, managed by R.L. Townsend & Associates, is wrapping up. As of today, the final cost of the Kyle Field renovation is $483,888,885 — $1,315,522 under the guaranteed maximum price.
Earl Santee, Founder and Senior Principal at Populous, said it is highly unusual for a project of this size to come in under budget. “In all my years of working on similar projects, I have never seen one come in this much under budget,” Santee said. “It is a testament to how well-managed this project was, and we are proud to have been part of it.”
John Sharp, Chancellor of the Texas A&M System, offered his congratulations to all involved. “We expected our architect and contractor to stay on budget and on time for what everyone agrees was a massive undertaking,” Chancellor Sharp said. “But they exceeded all expectations and I congratulate them and our System staff on a job well done. 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.”
The Texas A&M University System manages construction projects for its member institutions, including classrooms, labs, student housing and athletic facilities.