Costs are ballooning for the Port of Vancouver's proposed container terminal expansion at Roberts Bank — something’s got to give.
The Port of Vancouver has been trying to advance its flawed plan for an expansion at Roberts Bank for some time now, trying without success to attract an operator to build and operate its planned megaproject: a massive, artificial Terminal island, pushing out into the open ocean.
But the passage of time alone has no explanatory power for how wrong they have been on certain projections.
One of the most important of these projections is costs.
When the Port of Vancouver’s project was first advanced in 2013, they claimed it would cost $2.4 billion – already a very significant number of taxpayer dollars, and also considering that there was a private sector operator standing on the sidelines, hoping to be allowed to invest. The Port of Vancouver’s costs have kept inflating over subsequent updates, and what is perhaps most alarming is that the rate at which they are increasing is accelerating. The most recent estimates have their project pegged at $3.5 billion.