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WASHINGTON, DC - Prospects continue to look good for this
year's highway construction market. The American Road &
Transportation Builders Association recently announced that
the U.S. highway construction market should grow 5.4 percent
in 2006.
The value of construction work performed on highway and bridge
projects is projected to be a record $70.3 billion in 2006,
up from $66.9 billion in 2005, according to William Buechner,
the chief economist of ARTBA.
Buechner noted the improved financial position of state governments,
as well as guaranteed commitment from the federal government.
Tax revenues at states around the country have been boosted
by improved economic growth.
The signing of a new federal transportation bill, SAFETEA-LU,
guarantees $286.5 billion in transportation funds and should
get more projects moving forward in many states.
The aftermath of Hurricane Katrina also opens up significant
opportunities for the industry. The Bush Administration has
requested $2.3 billion in general fund revenue to help repair
and rebuild highways and bridges damaged during the hurricane,
Buechner added.
The upbeat forecast echoes other predictions for the market.
In October, McGraw-Hill Construction forecast that the total
value of highway and bridge construction would increase 12
percent in 2006.
Hill International to Go Public
MARLTON, NJ - Hill International, a Marlton, N.J.-based construction
management firm with offices in Philadelphia, Pa., and Washington,
D.C., has positioned itself to go public. Hill has entered
into a merger agreement with Arpeggio Acquisition Corp., which
enables the company to go public.
Upon closing of the transaction, which is expected in the
first half of 2006, Arpeggio will change its name to Hill
International, Inc. and seek a listing on Nasdaq.
Hill's was on pace for a record revenue year at the time
of the transaction. Hill's total revenues for the nine months
ended September 30, 2005 totaled $80.5 million, net revenues
totaled $59.2 million, operating income was $4.9 million and
net income was $3.1 million.
For all of 2004, Hill generated total revenues of $84.1 million,
net revenues of $63 million, operating income of $1.7 million
and a net loss of $400,000, which included $1.2 million of
pretax nonrecurring items related to litigation, restructuring
and discontinued operations.
EMCOR Enhances Phila. Presence with Fluidics Acquisition
PHILADELPHIA. PA - EMCOR Group of Norwalk, Conn., has acquired
Philadelphia, Pa.-based Fluidics, Inc., a privately-held mechanical
services company. This strategic acquisition builds on EMCOR's
Mid-Atlantic presence and creates a platform for additional
growth in facilities services. Terms of the transaction were
not disclosed.
Fluidics provides mechanical services to businesses in Philadelphia,
southern New Jersey and Delaware. The company employs approximately
380 technical and service personnel utilizing over 85 service
vehicles. Fluidics is one of the Philadelphia area's largest
mechanical firms with clients in the commercial, health care,
pharmaceutical and university markets.
Spaulding & Slye to be Acquired by Jones Lang LaSalle
WASHINGTON, DC - Jones Lang LaSalle Inc., of Chicago, Ill.,
has reached an agreement to acquire Spaulding & Syle of
Washington, D.C. Jones Lang LaSalle will purchase the firm
for $150 million in cash.
As part of its real estate services, Spaulding & Slye
offers construction services. Spaulding & Slye has approximately
500 employees.
Forrester Inks Three New Deals
ROCKVILLE, MD - Forrester Construction of Rockville, Md.,
recently added three new projects to its roster.
The firm was awarded an Indefinite Delivery Indefinite Quantity
Contract for The Architect of the Capitol. Forrester is one
out of a total of five firms that have been selected for this
IDIQ, which is a 5-year $50 million program. Projects will
include new construction services, repairs, and alterations
at multiple locations throughout the Capitol Hill complex,
Washington, D.C., Fort Meade, Md., and Culpepper, Va.
Forrester also won a $12 million contract for the BMW Service
Center in Fairfax, Va. The new service center is projected
to be the highest volume BMW service facility on the east
coast and one of the top volume facilities nationwide. The
150,000 sq. ft. three-level structure will have nearly 50
service bays and will be prepped for the addition of 40-50
more future service bays included in this dealership upgrade.
The firm was also awarded a contract for the replacement
of existing emergency generators at Bolling Air Force Base
in Washington, D.C. The project involves the replacement of
four existing 930 kw, 480 volt, diesel-powered generators
that back up life safety. The project is part of Forrester's
five-year, $500 million Multiple Award Construction Contract
with the Naval Facilities Engineering Command Washington.
Granary Added to Cooper Expansion Team
PHILADELPHIA, PA - Granary Associates has joined the project
team handling the $117 million Cooper University Hospital
expansion at Cooper's Health Sciences Campus. The firm is
providing owner's representative services to manage the implementation
of the new 11-story, 305,000-sq.-ft. patient care pavilion,
a multi-phase project to be completed by October 2009.
The fit-out includes state-of-the-art laboratory services,
CSP, main lobby, new operating rooms, intensive care unit,
medical/surgical units, and three shelled patient floors,
as well as approximately 26,000 sq. ft. of renovations in
the Keleman Building.
Fentress Bradburn to Design Army Heritage Visitor Center
CARLISLE, PA - The Army Heritage Center Foundation awarded
Fentress Bradburn Architects of Washington, D.C. the design
contract for the Visitor and Education Center, a 57,000-sq.-ft.
building that will serve as the hub for the growing Army Heritage
and Education Center campus in Carlisle, Pa. Eighteen other
firms competed for this contract during the Foundation's nationwide
search.
The Visitor and Education Center will include a gallery for
rotating exhibits, meeting rooms, and support services. The
building is scheduled to open in 2007 on the 250th birthday
of the Carlisle Barracks. It will be the second major construction
element of the AHEC campus. The first project, known as the
Military History Institute or Ridgeway Hall, opened in 2004
and sits immediately adjacent to the VEC's site.
Oak Contracting Signs Two New Deals
TOWSON, MD - Oak Contracting of Towson, Md., recently added
two new contracts to its portfolio.
The Archdiocese of Baltimore selected Oak Contracting as
construction manager for St. Peter the Apostle in Libertytown.
The project consists of a $7 million renovation and addition
to the existing church originally built in 1869, which was
severely damaged in a recent fire. The renovation and addition
will incorporate the existing historic façade into
the newly expanded facility.
The company was chosen by Frederick County Public Schools
as construction manager for a 40,000-sq.-ft. addition to Tuscarora
High School in order to accommodate increased enrollment.
The addition includes 15 new classrooms and alterations to
common space. This marks Oak's eighth project with Frederick
County Public Schools.
Tompkins Builders Start Monarch Condo Project
WASHINGTON, D.C. - Tompkins Builders of Washington, D.C.,
broke ground on The Monarch, a condominium project located
at 111 Oronoco Street and 525 N. Fayette Street in Alexandria,
Va. The $50 million project consists of four six-story buildings
with 169 units. The buildings have 210,980 sq. ft. of residential
space, 149,078 sq. ft. of underground parking on two levels,
and approximately 15,000 sq. ft. of retail space on the ground
floor.
Diamond Properties is the owner and the architect is Rust,
Orling & Neale. The 22-month project is scheduled to be
complete by September 2007.
Work to Begin on Fennesey Lofts
WASHINGTON, DC - Ground will be broken this spring on Fennesey
Lofts at 1209 13th Street, NW, in Washington, D.C. Designed
by Hickok Warner Cole Architects of Washington for developer/owner
Ellis Denning Properties, the project will include 36 condominiums,
with nearly all being duplex units.
The 46,000 sq.-ft. building required extensive review by
the District's Historic Preservation Review Board and the
Board of Zoning Adjustment. The project includes a contemporary
addition to and renovation of Proctor Livery Stable, a historic
landmark.
Hubert, Buchanan Go Green
BOWIE, MD - Hubert Construction of Gaithersburg, Md., had
broken ground on Bowie Corporate Center in Bowie, Md. The
five-story, 126,000-sq.-ft. building is being developed by
Buchanan Partners of Gaithersburg, Md.
The $15.5 million project is Hubert's first project designed
to earn LEED Silver certification. The project is one of the
first structures to utilize Maryland's Green Building Tax
Credit. Barry Dunn & Associates is the architect.
Kfoury Nabs Westfields Contract
CHANTILLY, VA - Kfoury Construction Group of Reston, Va.,
has been selected as the general contractor for the construction
of a new 75,000 sq. ft. office building in Westfields Business
Park in Chantilly, Va.
The building owner is a partnership between Realty Capital
Partners and New Boston Fund in McLean, VA. The architect
for the project is OPX. The Class A building will feature
four floors, free parking, the ability to construct individual
secure space, and will be ready for occupancy in June 2006.
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