The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors have taken the final step needed to begin construction on the Las Vegas Convention Center District’s Phase Two expansion by approving the guaranteed maximum price (GMP) agreement. The approval granted today allows the economic development project to break ground.
The LVCVA Board approved the construction manager at risk contract of $792 million, which includes a GMP of $758 million. Additional costs related to construction, design and consulting could bring the overall project cost for the Phase Two expansion to an expected total of $935 million. The GMP was negotiated by LVCVA staff, Cordell Corporation, the agency’s contracted owner’s representative and the project’s construction manager at risk, Turner Martin-Harris. Construction of the Phase Two expansion is expected to begin shortly. The expansion is slated for completion in time to welcome CES in 2021.
The LVCCD Phase Two expansion project will add 1.4 million square feet to the current convention center facility, including at least 600,000 square feet of new, leasable exhibit space. Late last year, the LVCVA’s Board of Directors finalized the selection of tvsdesign / Design Las Vegas to provide design services for the expansion.
“The expansion and renovation of the Las Vegas Convention Center will take our ability to bring business to the destination to a new level by allowing us to welcome more shows, more exhibitors and more delegates,” said Lawrence Weekly, chairman of the Las Vegas Convention and Visitors Authority and Clark County Commissioner.
Phase Three will be the complete renovation of the existing 3.2 million-square-foot facility, with a projected completion date of 2023. The phased approach ensures that no business will be displaced during the construction and renovation. LVCVA staff worked in partnership with Cordell Corporation, the agency’s contracted owner’s representative, to develop the vision for the expansion and renovation project.
The Expansion (Phase Two) and Renovation (Phase Three) are expected to support nearly 14,000 construction jobs and more than 7,800 full-time permanent jobs upon completion. The project will generate an additional $2.1 billion in economic activity during construction and upon completion will have an annual incremental economic impact of $810 million while attracting more than 600,000 additional visitors each year.
The project will allow the Las Vegas Convention and Visitors Authority to pursue new business opportunities while also growing the shows currently taking place in the destination.
For more information, visit www.lvcva.com.