National Park Service Awards $32.8M Contract for Historic Bank Rehabilitation in Philadelphia
Contract Overview
Contract Amount: $32,850,386 ($32.9M)
Contractor: THE Bedwell Company
Awarding Agency: Department of the Interior
Start Date: 2023-06-01
End Date: 2026-06-15
Contract Duration: 1,110 days
Daily Burn Rate: $29.6K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 3
Pricing Type: FIRM FIXED PRICE
Sector: Construction
Official Description: REHABILITATION OF FIRST BANK, INDEPENDENCE NATIONAL HISTORICAL PARK, PHILADELPHIA COUNTY, PENNSYLVANIA.
Place of Performance
Location: PHILADELPHIA, PHILADELPHIA County, PENNSYLVANIA, 19152
Plain-Language Summary
Department of the Interior obligated $32.9 million to THE BEDWELL COMPANY for work described as: REHABILITATION OF FIRST BANK, INDEPENDENCE NATIONAL HISTORICAL PARK, PHILADELPHIA COUNTY, PENNSYLVANIA. Key points: 1. The contract focuses on construction for a historic building, a niche within the broader construction sector. 2. Competition was full and open, suggesting a competitive bidding process. 3. The contract is firm-fixed-price, which transfers some cost risk to the contractor. 4. The project duration is substantial at 1110 days, indicating a complex undertaking.
Value Assessment
Rating: good
The award amount of $32.8 million for a historic building rehabilitation appears reasonable given the project's scope and duration. Benchmarking against similar large-scale historical preservation projects would provide further context.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, indicating that multiple bidders were likely considered. This method generally promotes competitive pricing and ensures the government receives fair value.
Taxpayer Impact: The use of full and open competition is a positive indicator for taxpayer value, as it encourages a range of bids and potentially drives down costs.
Public Impact
Preservation of a significant historical landmark. Potential for job creation in the construction sector. Enhancement of tourism and cultural heritage in Philadelphia.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Potential for cost overruns in historic renovations.
- Contractor performance risk over a long project duration.
Positive Signals
- Firm-fixed-price contract limits cost escalation.
- Full and open competition likely secured competitive pricing.
Sector Analysis
This contract falls under Commercial and Institutional Building Construction, a sector that can be sensitive to economic conditions. Historic preservation projects require specialized skills and often involve higher costs due to unique challenges.
Small Business Impact
The data indicates that small businesses were not awarded this contract, as the prime contractor is 'THE BEDWELL COMPANY'. Further analysis would be needed to determine if small businesses participated as subcontractors.
Oversight & Accountability
The National Park Service is responsible for overseeing this project. Standard oversight mechanisms for federal construction contracts should be in place to monitor progress, quality, and adherence to budget.
Related Government Programs
- Commercial and Institutional Building Construction
- Department of the Interior Contracting
- National Park Service Programs
Risk Flags
- Potential for unforeseen conditions in historic structures.
- Long project duration increases risk of delays and cost escalation.
- Dependence on specialized construction expertise.
- Contractor performance over an extended period.
Tags
commercial-and-institutional-building-co, department-of-the-interior, pa, definitive-contract, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of the Interior awarded $32.9 million to THE BEDWELL COMPANY. REHABILITATION OF FIRST BANK, INDEPENDENCE NATIONAL HISTORICAL PARK, PHILADELPHIA COUNTY, PENNSYLVANIA.
Who is the contractor on this award?
The obligated recipient is THE BEDWELL COMPANY.
Which agency awarded this contract?
Awarding agency: Department of the Interior (National Park Service).
What is the total obligated amount?
The obligated amount is $32.9 million.
What is the period of performance?
Start: 2023-06-01. End: 2026-06-15.
What is the estimated cost breakdown for the rehabilitation, and how does it compare to industry benchmarks for similar historic preservation projects?
A detailed cost breakdown is not provided in the data. However, the total award of $32.8 million for a 1110-day project suggests significant investment. Benchmarking against similar large-scale historic preservation projects would be crucial to assess value for money and identify potential areas of overspending or efficiency.
What are the specific risks associated with rehabilitating a historic structure like the First Bank, and what mitigation strategies are in place?
Risks include unforeseen structural issues, material degradation, compliance with historic preservation standards, and potential delays due to the unique nature of historic buildings. Mitigation strategies likely involve thorough site assessments, contingency planning, specialized contractor selection, and close monitoring by the National Park Service.
How will the success of this rehabilitation project be measured in terms of historical accuracy, structural integrity, and long-term preservation?
Success will likely be measured against detailed architectural plans, historical documentation, and preservation guidelines set by the National Park Service. Key metrics will include structural stability, material authenticity, functional improvements, and adherence to the approved restoration scope, ensuring the building's historical integrity is maintained for the future.
Industry Classification
NAICS: Construction › Nonresidential Building Construction › Commercial and Institutional Building Construction
Product/Service Code: MAINT, REPAIR, ALTER REAL PROPERTY › MAINT, ALTER, REPAIR BUILDINGS
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Solicitation ID: 140P2023R0002
Offers Received: 3
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 1380 WILMINGTON PIKE STE 210, WEST CHESTER, PA, 19382
Business Categories: Category Business, Corporate Entity Not Tax Exempt, Small Business, Special Designations, Subchapter S Corporation, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $32,850,386
Exercised Options: $32,850,386
Current Obligation: $32,850,386
Actual Outlays: $28,796,995
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED
Cost or Pricing Data: NO
Timeline
Start Date: 2023-06-01
Current End Date: 2026-06-15
Potential End Date: 2026-06-15 00:00:00
Last Modified: 2026-04-09
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