Here, the columnist discusses the wide-ranging impacts that can be felt by numerous parties once a developer of a condominium project starts to enter into bankruptcy. MORMAN Today’s distressed real estate market does not discriminate when it comes to claiming victims. A particularly onerous situation occurs when a condominium developer becomes insolvent and is unable to pay its bills. This causes a wave of financial impact that can adversely affect mortgage lenders, contractors and their subs, buyers under contract and unit owners. Often, the worst situation arises when a lender forecloses and the developer fails to file for bankruptcy. The
At the end of 2008, when the nation’s financial system seemed on the verge of a complete meltdown, the outlook for 2009 construction activity certainly was not a rosy picture. In the 2009 Outlook that Southeast Construction published in January, McGraw-Hill Construction economists Robert Murray and Jennifer Coskren used phrases like “clearly in retrenchment,” “this bodes particularly poorly” and “less than upbeat” to describe what awaited contractors in the then-coming year. Related Links: Tampa Report: No Recovery in the Private Market, but Public Sector Offers Hope BILL PINTO Even so, at the time, McGraw-Hill Construction predicted only a 6% decline,
The new Tampa Museum of Art and related improvements to adjoining parks and gardens is expected to breathe new life into downtown. “That is going to be a jewel,” says Frank Cardinal, senior vice president and account manager with Skanska USA Building in Tampa, which is working on the museum and related components. This rendering of the new Tampa Museum of Art shows how the architect, Stanley Saitowitz of San Francisco, raised the gallery areas and created the illusion that the building is "floating above the water." Related Links: Tampa Report: No Recovery in the Private Market, but Public Sector
Competition for projects in the four-state Southeast Construction region has been at an intense level throughout 2009, as an increasing number of building contractors find themselves chasing a declining number of new contracts, hoping to build a backlog during this historic downturn. Photo: Sam Barnes State transportation agencies across the four-state region report receiving bids that are often well below the initial engineering estimates, giving them more bang for their stimulus bucks. Related Links: 2009 Midyear Outlook: Worse Than Expected As the residential and commercial markets continue their declines, contractors operating in Florida, Georgia, North Carolina and South Carolina have
The board of Tampa Bay Water has approved an estimated $125-million repair program for the agency’s four-year-old, 15.5-billion-gallon C.W. “Bill” Young Regional Reservoir. The facility, which cost roughly $140 million to construct originally, has been experiencing significant cracking since late 2006. The authority is also moving ahead with a lawsuit against the three lead members of the original project team: HDR of Omaha, Neb., the designer; Barnard Construction of Bozeman, Mont., the contractor; and construction manager Construction Dynamics Group of Columbia, Md. Related Links: Tampa Report: No Recovery in the Private Market, but Public Sector Offers Hope Tampa Bay Water
The economic recession and tight financial markets have considerably slowed construction activity in Florida’s Tampa Bay region, but government entities continue to invest in roads, ports, airports and other projects. Slide Show Photo: courtesy the Beck Group The Beck Group of Tampa is building its new LEED-silver certified regional headquarters in Tampa. Related Links: Building a 'Frame for Art' Tampa Bay Water OKs Big Repair Bill for Cracking Reservoir “The private market is basically nonexistent,” says Tom Fronce, senior vice president of marketing for Creative Contractors in Clearwater. “The private market is having difficulty getting funding. We don’t see anything
Despite the economic challenges that 2009 presents, the design-build project delivery method is on track to meet and best serve customers and their projects more than any other project delivery method in the construction marketplace. BLOXEM President Obama’s economic stimulus plan offers significant funding for new vertical and horizontal design and construction projects throughout Texas. The bill contains about $140 billion in construction spending nationwide, according to the Southwest. AGC of America. How is design-build uniquely qualified for the stimulus bill spending requirements? National research and past experience proves design-build will put these projects out faster and leaner than other
The opening sentence in Good to Great by Jim Collins is, "Good is the enemy of great." This concept can be extended to, A good strategy is the enemy of a great strategy. But why is this so critical? “Therefore, those skilled in war subdue the enemy’s army without fighting. They capture enemy’s cities without assaulting them and overthrow his state without protracted operations. Their aim must be to take all under heaven intact through strategic superiority. Thus, their troops are not worn out and their triumph will be complete. This is the art of attacking by stratagem.” – Sun
While students' lives are different from soldiers' lives, they are similarly housed. On campuses and military bases, students and soldiers live in close, shared quarters. They share the desire to be comfortable in their "home away from home." Campuses might look to the military�s use of modular building. At Fort Bliss, El Paso, Warrior set 500,000 sq ft of housing for troops in a six-month period. Dorms and barracks are both constructed using repetitive design layouts to create a uniform appearance inside the building. They must both meet strict safety requirements and are required to be produced quickly compared to
Photo: NorthGate Constructors The $1.02-billion DFW Connector project, designed to relieve congestion and double traffic capacity on 8.4 mi of state highways 121 and 114, gets under way in earnest Feb. 15. “Work zone” signs are already posted and some speed limits reduced on the corridor through Southlake, Grapevine and the north edge of the Dallas/Fort Worth International Airport, where roads will be rebuilt and expanded, ultimately doubling capacity from 12 to 24 lanes. NorthGate Constructors, a joint venture led by Kiewit Texas Construction, Fort Worth, and Zachry Construction, San Antonio, won the contract last year from the Texas Dept.
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