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We already knew there would be delays for Apple’s 2.8-million square foot Campus 2 following reports in November. Apple originally planned to move around 12,000 employees into the currently under construction spaceship-like campus by 2015, but in November warned completion of construction would likely be delayed until mid-2016. Today we get some more insider info on the project in a report from Bloomberg Businessweek, claiming the project is now over budget and possibly delayed even further:
In a story titled “Apple’s Campus 2 shapes up as an investor relations nightmare,” citing sources close to the project, Bloomberg claimed Apple’s grandiose plans for the building have resulted in the budget nearly doubling to $5 billion:
Since 2011, the budget for Apple’s Campus 2 has ballooned from less than $3 billion to nearly $5 billion, according to five people close to the project who were not authorized to speak on the record. If their consensus estimate is accurate, Apple’s expansion would eclipse the $3.9 billion being spent on the new World Trade Center complex in New York, and the new office space would run more than $1,500 per square foot—three times the cost of many top-of-the-line downtown corporate towers.
Apple has yet to actually break ground on the site, but Bloomberg’s sources said Apple has plans to start demolition of 26 buildings that are currently on the land. According to the report, the delays are due to extra time spent attempting to cut around $1 billion from the budget. Apple has also yet to complete deals with contractors: expand full story