The price tag to rebuild a historic net loft in Steveston — that has already been demolished — is being pegged at more than $50 million.
The Phoenix Net Loft, whose condition was deteriorating and was subsequently torn down, was intended to be rebuilt as a cultural space.
City council approved about $19 million in 2020 to demolish and rebuild the historic building.
This money was intended to rebuild the shell of the building, and didn’t include a cost for building the interior.
Rebuilding has been on hold until city council decides what will be housed in the building.
About $17 million is still in the budget for reconstruction — about $2 million was spent on demolition and salvage — but city staff have now estimated it will cost $33 million to rebuild the net loft.
On top of that, it will cost between $17 million and $26 million to build the interior so it can be used as a community space.
The high cost is due to expensive heavy timber construction, complex work over the water and the fact it’s in an environmentally sensitive area.
City staff are recommending the building be used as an arts, culture and heritage multi-use space.
The Phoenix Net Loft was built in 1943 and was used to dry, mend and store fishing nets.
The reconstruction of the Phoenix Net Loft will be dealt with at next week's committee meeting.
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