By Canadian Press

Cost of new Vancouver Art Gallery spikes from $400m to $600m, forcing redesign

Aug 30, 2024 | 9:53 AM

VANCOUVER — The Vancouver Art Gallery says the construction cost of its planned new home has jumped from an original estimate of $400 million to $600 million, forcing a redesign.

The art gallery says construction costs across the country spiked by up to 60 per cent between 2020 and 2024, leading to the rise in the estimated cost of the project near Cambie and West Georgia streets in downtown Vancouver.

It says in a statement it will revise the timeline of the project, previously scheduled for completion in 2028, and address costs by changing the design “while simultaneously looking for opportunities to create a multi-faceted cultural hub” for the province and Canada.

The art gallery says it has raised more than $350 million to date, and the project has completed its first stage of pre-construction, which began in March.

Officials say fundraising will continue but construction will decrease while the revisions take place.

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This report by The Canadian Press was first published Aug. 30, 2024.

The Canadian Press