The new stadium for the Minnesota Vikings starts construction this week. Funding sources for the $975 million project include the state ($348 million), the city of
Minneapolis ($150 million) and the Vikings ($477 million). M. A. Mortenson has signed a GMP contract in the amount of $763 million. The team has announced it plans to close on financing for its share of the project cost before the end of November, and the state will conduct a bond sale in January for its portion. The project is scheduled for substantial completion in July 2016. If we care to count, this represents $24.6 million of work in the ground every month over the 31 month schedule!
Mortenson plans to self-perform $110 million of concrete work (~14% of budget). Mortenson's fee at $12.5 million is a slim 1.6% of budget. The local MBE/WBE commitment is 20 percent.
The roofing steel is special 65 Grade steel to be manufactured in Luxembourg. The balance of the steel order (~7,000 tons, 65%) is domestic.
Mortenson and it's construction partner Thor Construction claim they spent 16,000 hours in pre-construction. The request for proposal was issued in late September 2012, and Mortenson/Thor were selected on February 15, 2013. In other words, pre-construction involvement by the contractor was not that heavy (~8 persons over a year). Mortenson, founded in 1954, is one of the country's larges privately held companies, with 2011 revenue of $2.47 billion (Forbes)
The Architect for the Project is HKS Architects.
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