Orlando has approved the sale of $69 million in bonds to partially plug a gaping funding hole in its originally priced $1.1-billion downtown building program and kick-start construction of the $250-million first phase of the city’s new performing-arts center. Photo: DPAC Performance center will go forward with mix of private funds and public bonds. Funding for the second piece of the city’s venues program shrank when the recession cut revenue from the tourist development tax (TDT). The city had originally budgeted $130 million for the project; to date, TDT has generated only $10 million. Roughly $70 million in Community Redevelopment
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.