The city was initially prepared to contribute €77 million to the project – but this figure has since gone up by nearly five times to more than €323 million – more than half the expected €600 million total cost. And the original completion date of 2010 has been pushed back to 2014.

The building’s designers had underestimated certain costs – such as an acoustic panelling for the main concert hall which cost five times as much as expected, adding more than €10 million to the bill. — thelocal.de

Hamburg is building a cultural landmark: The Elbphilharmonie. Designed by the architects Herzog & de Meuron, a synthesis of the arts comprising architecture, music and a unique location by the port is arising on the banks of the River Elbe. In addition to three concert halls, a hotel and 45 apartments, the complex will boast a freely accessible venue at a height of 37 meters, affording a 360° panoramic view of the city – The Plaza. — THE ELBPHILHARMONIE HAMBURG