A new office complex in Seattle could be built with just a few dozen employees and $8 million to $9 million.
It would be one of the first large-scale, public projects in the US to be financed with bonds issued by private companies.
The company building the new office is the engineering firm Martin Construction.
But the idea has some detractors, and some local politicians are questioning whether the building could be worth building if it cost $8 billion to build.
The Seattle Times’ Mike Jones reported: “It is a bit more expensive than people thought,” said Tom Krasniak, a member of the city’s finance committee who has been working on the project.
He and other committee members are looking at options for raising money to build the complex.
“We don’t think it’s feasible to build it for $8,000,000,” said Krasnak.
The cost of the complex is estimated at $14 billion, including about $3 billion for the new offices, and a $2 billion loan guarantee.
The City of Seattle’s financing agency has a contract to build up to six office buildings a year, with a goal of building at least one each year.
The construction company is the same company that designed and built the world’s largest office building, the 1.3 million square foot, luxury skyscraper in New York.
It is expected to cost about $40 billion to complete.
The 1.4 million square feet building is being built on the site of the former headquarters of the Seattle Times, located in the former Seattle Mariners baseball stadium.
It was the largest building in the city when it was completed in 1988.
It sits on top of a new 1.5 million square-foot office complex.
The project has been delayed in part because of the recession, but city officials are hopeful that it will be completed soon.
“Seattle’s economy has been hit by some tough times and a lot of people are struggling to make ends meet,” said Seattle Mayor Ed Murray.
“Building a new building will help bring jobs and investment back to Seattle and bring the city back into the global economy.”
The city is expected buy the land from the owners of the old Times building for about $1.5 billion.
The complex will be located at the former site of Boeing Field in the Downtown Eastside neighborhood, and will include a public plaza, retail space, offices, restaurants, a movie theater and hotel.