Finland venue revamp cost the earth

Article posted by Coliseum, January 27^th, 2021

Image: Wellu Hämäläinen & K2S Architects

The repurposing work of the largest stadium in Finland – Olympiastadion Helsinki – has cost a bomb. The expenses incurred have much overshot the original budget estimates.

The 39,784-capacity Helsinki Olympic Stadium, located in the Töölö district about 2.3 kilometers from the center of the Finnish capital Helsinki, is the largest stadium in the country, nowadays mainly used for hosting sporting events and big concerts.

hel.fi reported that the entire development’s builder-developer – the City of Helsinki – has informed that the final price tag stands at 336.873 million euro. Incessant rise in labor and construction materials’ cost is to attribute for the expenditure spiralling.

When the original contract was inked in 2014 on the revamp project of Helsinki Olympic Stadium, the tender price index, i.e., the increase in building costs was not taken into consideration as part of the project financing plan. Moreover, from 2015-2020, labor cost has considerably gone up.

hel.fi further reported that the venue had to undergo extensive repurposing work than was expected. That the facility will have to be transformed almost totally was not envisioned when the initial plan was drawn up. Sizeable rock quarrying and reinforcement work, replacing structures and making them moisture-proof and additional concrete work both in the refurbished portion as well as in the new portion of the arena was carried out.

The Helsinki Olympic Stadium reopened in August 2020 following completion of makeover work. The venue was closed since the year 2016 for renovation work to be carried out. The tab of the reconfiguration work was picked up by the Finnish Government and the City of Helsinki.

The rehabilitation work has resulted in Helsinki boasting a multiuse stadium which meets the international standards of staging big-ticket events. The stadium now comes armed with an astonishing amount of space as well as state-of-the-art facilities, which also includes underground facilities. The revamped Helsinki Olympic Stadium’s doors are open for the local people as well as visitors, but events are being held with strict COVID-19 rules in place.

Though the global health situation is throwing up a lot of challenges due to the outbreak of coronavirus, and Finland has not been spared either what with the fatal respiratory disease hammering Europe hard, nevertheless, people are all agog to visit the refurbished venue. With the arena flaunting premium facilities, gyms and exercise areas, visitors are getting attracted to the stadium just like moths to flame. Several sporting fixtures, concerts and other high-end events have been lined up to be hosted in the facility in 2021 and the years ahead.

hel.fi informed that future events to be staged in the stadium are likely to create 1,150 jobs every year, with 132 million euro to be generated in the form of revenue. The estimated regional financial impacts are 80 million euro annually.

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at www.coliseum-online.com/alliance and make use of the 365Coliseum Business.

Watch 500+ member-exclusive videos with valuable tips for your venue