Over-Budget Library Price Expected To Rise

The monstrously over-budget Adisoke library is at risk of going even higher in price.

The library and parking garage, a co-production between the federal and municipal governments, was originally budgeted to come in at $192 million. The price jumped to $334 million which officials blamed on rising construction costs.

A report to go to the powerful city finance committee Tuesday says the construction cost of the library could go even higher.

“The biggest risk to budget, as seen across the entire construction industry, is cost escalation.” the report says.

“Adisoke was tendered under a fixed-price contract, meaning much of the risk associated to cost escalation within the base contract is not transferable to the City. Changes to the base construction contract are inevitable on a project of this size and scope, and those changes are priced and reviewed by the Contract Administrator to ensure they are fair and equitable.”

The library is expected to open in summer 2026 and officials says that the project is still slated to open then.

To read the full report to finance committee, click the item below:

Report – Adisoke Project update

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