A regulatory filing by the company overseeing construction of the new Comcast Technology Center building in Philadelphia revealed that the project is $67 million over budget and behind schedule.
Liberty Property Trust, which owns 20% of the 60-story building, released this information earlier this week in an 8-K filing with the Securities Exchange Commission.
The filing doesn’t necessarily damn the project as a disaster. The overage amounts to just around 4.5% of the project cost. The building was originally scheduled to open late last year. Developers are now targeting this coming summer.
In its filing, Liberty Property said the overrun stemmed from a contract dispute with the project’s general contractor, L.F. Driscoll.
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The costs of the project has steadily increased since it was first announced at $1.2 billion in 2014. The addition of a 60th floor was one cause.
The building will be the tallest in the Center City region, with a Four Seasons Hotel occupying the top four floors, and guests enjoying their panoramic views.
Comcast CEO Brian Roberts, meanwhile, spent $14.3 million to buy the three condominiums that occupy the 45th floor. The Four Seasons will also manage those properties.
The building will also, of course, serve as a technology hub for the cable company.
In an email to the Philadelphia Inquirer, Liberty Property spokeswoman Jeanne Leonard said, “This is ultimately a contractual issue between Liberty and our general contractor. Our top priority is completing this magnificent project and work is proceeding without interruption. This issue will not affect the project’s delivery. Comcast Technology Center will open as scheduled this summer, with the hotel to open in late fall.”