Stalled commercial projects finding new capital
In what could be called a sign of recovery, some long-dormant commercial and multi-family projects have kicked back into gear thanks to an infusion of new lending, according to an article in the Wall Street Journal.
Some of the largest U.S. banks are slowly wading into commercial lending, including J.P Morgan Chase & Co., which has financed as much construction in the first six weeks of 2011 as it did in all of last year.
Oliver McMillan has secured $300 million in private equity funding to take over and complete a major mixed-use project in the Buckhead section of Atlanta. An unfinished casino in Atlanta City, N.J., just received a $1.15 billion cash infusion to complete the project. Boston Properties plans to restart construction this year on a $1 billion Manhattan skyscraper that has sat idle since 2009.The Zaremba Group of Cleveland has a $30 million deal to finish a high-rise apartment complex in Tempe, Ariz.
Plans to resume construction on other stalled construction sites include five San Diego projects and a new headquarters for GlaxoSmithKline in Philadelphia. Some developers are building speculative commercial buildings, such as Monday Properties, which is constructing a 35-story office tower in Rosslyn, Va., even though it has no signed tenants.
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84 Lumber closes 10 locations
After a review of its stores and their local markets, 84 Lumber closed 10 locations throughout the United States on March 7. They are Farmingdale, N.J.; Karns, Tenn.; Ft. Pierce, Deland, and Brooksville, Fla.; Winder, Ga.; Anderson, S.C.; Springfield, Mo.; Tulsa, Okla.; and South Haven, Miss.
“These 10 stores have consistently underperformed for the past three years, and while we do see some positive movement in the housing and construction markets on an overall national basis, these markets continue to lag severely with no sign of a significant rebound that fits our business model,” Jeff Nobers, VP marketing and public relations, told Home Channel News in an e-mail. “We have multiple stores in these regions — with the exception of Tulsa — and we can handle the business from these closed stores from other locations.”
All of the properties will be offered for sale, Nobers said.
CertainTeed launches design website
CertainTeed has announced the launch of a new website, designed in partnership with ARCAT Inc., that offers architects, contractors, spec writers and building engineers a comprehensive line of Building Information Modeling (BIM) objects for use in project design and specification.
The objects, 3-D models with embedded data, enable a project to be shown in a three-dimensional model and include all the additional properties that go along with it — including specification documents, technical data sheets and relevant product websites.
The BIM objects are available through ARCAT, a website that provides building material information for industry professionals. The use of BIM objects allows building and design professionals to easily visualize projects, improve design quality, reduce change orders and improve project scheduling. The BIM objects for CertainTeed insulation products include residential and commercial applications for its fiberglass and spray foam insulation product lines. The objects can be accessed at ARCAT.com or certainteed.com/insulation.
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