If you've been paying attention for any length of time at all, you know not to bet your 401K on a government building being built on time and on budget.
In the case of the future Alabama State House, it's being built by Retirement Systems of Alabama (RSA) to be leased to the state. Still, RSA CEO David Bronner said construction is four to six months behind, reports AL.com's Mike Cason.
Bronner said they're still hoping to stick to a target of having the facility ready for the 2027 legislative session. And because early in the process they were coming in under budget, they're still on track to stay within the $325 million cost estimate.
Bronner does have his concerns about construction costs going forward. He's specifically singled out President-Elect Trump's promised tariffs, which would likely add to the cost of materials.
So does this all matter to you if you don't work in the State House and don't have your retirement with the RSA? Well, It does if you're a taxpayer. when the RSA leases the building to the Legislature, it will be earning an 8% return on investment from the state, per the contract.
The state has been talking about improving or replacing the State House for years. Lawmakers have been out of a retro-fitted building since 1985. It's leaky and moldy and not disability-friendly. And two years ago engineers determined that, if the Legislature stayed it in the old building, it would require $51 million in work over the next 10 years.
So, after the new State House is done, plans are to demo the old building and develop a parking deck and park area.