WASHINGTON, DC—Federal mismanagement of the St.Elizabeths' campus construction project has resulted in a$1.6 billion increase in costs, from $3.3 billionto the current estimate of $4.5 billion and delayed its delivery byover 10 years, from an original completion date of 2015 to thecurrent estimate of 2026, according to a reportreleased on Friday by the Government AccountabilityOffice.
The project is the new headquarters for the Departmentof Homeland Security, and is meant to consolidate theagency's operations at one location rather than the multiplelocations throughout the city that it currently maintains.
The GAO found that the planning by the Department of HomelandSecurity and General Services Administration forthe headquarters consolidation "does not fully conform with leadingcapital decision-making practices intended to help agencieseffectively plan and procure assets."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
