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Wed February 24 2021

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Costs finalised for Helsinki Olympic Stadium refurb

20 Jan The total cost of renovating Helsinki Olympic Stadium amounted to almost €337m (£300m), with buoyancy in the construction sector driving up prices beyond the budget.

When the contract on the maximum price of the Olympic Stadium project was signed in 2014, the tender price index - the increase in building costs - was not included as an element of the project financing plan. In 2015-2020, the construction sector saw a particularly strong upswing, causing a continuous increase in labour and material costs.

Several surprises were encountered in the renewal of the protected building, and the work proved to be far more demanding than expected and envisioned. Examples of such new factors were the more extensive and demanding rock quarrying and reinforcement work, replacement of structures with moisture damage as well as additional concrete structure work both in the new and the refurbishment segments.

The stadium, which was re-inaugurated in August, has gone through a significant transformation to create a multipurpose arena. The renewed Olympic Stadium is in daily use of the Helsinki inhabitants and visitors, and the operations have been launched within the restrictions dictated by the need to prevent the spreading of the Covid-19 virus. Several sports events, concerts and other major events are in the pipeline for the year 2021 and the years to come.

Future events at the Stadium are estimated to generate about 1,150 jobs annually.

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MPU
MPU

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