Representatives from CBRE, the Dallas-based commercial real estate firm, and architecture firm Corgan presented survey findings that included cost estimates and a space analysis to the board.
Early agreements among FISD, the city of Frisco and Hall Park specified a $67 million performing arts center at Hall Park that would include a 1,250- to 1,500-seat performance hall and an additional community theater with a minimum of 250 seats. The school district designated $43 million from a 2018 bond. The remaining funds would come in the form of $14 million from the city and $10 million from Hall Group founder Craig Hall.
Joe Haver, principal and commercial co-sector leader at Corgan, who was selected as the project architect in February, said more than 93% of all material costs have experienced a change in the past 12 months.
Increases have occurred in 71% of equipment prices and 98% of labor wages, the presentation stated. Additionally, 71% of construction material costs have increased with some prices increasing more than 50% since 2021.
The presentation outlined cost estimates for three different seat counts at the performance hall. Based on cost increases, a 1,250-seat venue would cost between $135.7 million-$151.1 million. A 1,500-seat venue would cost between $146.1 million-$158.2 million, and a 1,750-seat venue would cost up to $181.1 million.
Cost estimates for each of the seat capacities include a community theater seat count of 400.
“There’s been a fairly volatile market in terms of the construction industry,” Haver said. “So that was taken into consideration as we looked at these costs.”
He added the district had the opportunity to reduce or defer the scope during the design process based on budget goals.
“The next step is to determine the scope we want to pursue,” CBRE representative Allison Baker said. “Those are not the final numbers that you see in front of you, but it gives you an idea of the scale that we’re talking about.”
CBRE and Corgan will present to Frisco City Council at its May 17 meeting. Once the district and city agree on project specifics, the architects will begin initial designs, which will determine the actual project budget, Baker said.
“We thought it was important for community transparency to show this,” Deputy Superintendent Todd Fouche said. “These numbers are a lot different than what we had talked about.”
He added the district and city will keep meeting with project partners to determine if the performing arts center is still a “viable project.”
