As part of the breakup with Great Hall Partners for the renovation of Denver International Airport’s Great Hall, the airport announced Thursday that is has finalized a partial payment to the contractor of about $128 million.
DIA is required to reimburse its former contractor for the money it spent on the project for work already completed. Great Hall Partners funded 27% of the project, and the airport covered the rest.
So far, the airport has reimbursed Great Hall Partners more than $90 million for their investment in the project, nearly $38 million for the return on the contractor’s investment that its owners would have received over the 34-year life on the contract, and more than $130,000 for terminating employees who will not continue with the company to cover severance payments, unpaid accrued time off and moving costs.
Airport management estimates the total termination payment could cost up to $210 million.
“In the meantime, there is much going on behind the scenes on the Great Hall Project,” the airport said in a statement.
For example, Denver City Council passed in November five contract amendments that will put a new contracting team in place.
The airport said the contracted team is now reviewing existing design plans, continuing with the construction of TSA’s Central Monitoring Facility and weather-proofing the existing construction site.
Next month, DIA will initiate the contracting process for Hensel Phelps as the project general contractor. That work is expected to resume late in the first quarter of 2020.