The Streicker Bridge is a newly built pedestrian bridge at Princeton University campus. The bridge represents the entrance gate to the campus, monument of structural art and is an important landmark. Thus, beyond its functional purpose the bridge also has strong symbolic and aesthetic impacts. The bridge is equipped with various monitoring systems with an overall aim to transform this structure into a multipurpose research and teaching laboratory in the field of Structural Health Monitoring and Theory of Structures. An important long-term research topic studied in this bridge-laboratory is the evaluation of life-cycle cost benefits of various structural health monitoring approaches. Four scenarios will be studied over time: global structural monitoring, integrity monitoring, local material monitoring, and various combinations of these three scenarios. At present, since the bridge is new and the project is in its initial phase, only preliminary cost estimations are available and presented in this paper.