Army, Balfour Beatty Secure Financing for Fort Jackson, S.C., Housing Project

Balfour Beatty Communities of Newtown Square, Pa., announced that financing has been secured for the Fort Jackson military family-housing project in Columbia, S.C. The financing will fund the design, development and construction/renovation of 850 housing units at the installation. The 50-year term of the project includes a five-year initial development period, with IDP costs of approximately $168 million.

Balfour Beatty Communities started providing property management and maintenance services for the family housing in August, when it entered into agreements with the Army, including a 50-year ground lease, for the purpose of owning and managing the housing inventory.

Balfour Beatty Construction of Atlanta is providing construction services. Niles Bolton and Associates of Atlanta is providing architectural and engineering services.

October Contracts: N.C. Down 15%; S.C. Declines 38%

Compared to the same period of a year ago, the value of new contracts signed in October for future construction fell by 15% overall in North Carolina, and by 38% in South Carolina, according to the latest information from McGraw-Hill Construction, publisher of Southeast Construction.

In North Carolina, the overall total for new project starts was roughly $1.5 billion, down from last October’s nearly $1.8 billion. Residential contract activity declined significantly, while project starts in the other two categories soared.

The value of new residential contracts dropped by 53%, compared to a year ago, to tally $630.9 million. The nonresidential sector more than doubled, to total about $521.1 million, compared to last October’s $256.1 million. The nonbuilding sector – which includes infrastructure projects – also more than doubled, totaling about $342.9 million, which compares to the year-ago figure of $152 million.

For the year-to-date, North Carolina is now 20% behind last year’s pace. The residential sector is 38% behind last year, and totals roughly $8.4 billion in new starts. The nonresidential market is 7% behind the ’07 pace, with about $5.2 billion in new starts. The nonbuilding sector’s roughly $3.5 billion total to date is about 48% ahead of last year.

In South Carolina, October contracts were 38% lower than the same period of a year ago, and totaled roughly $626.1 million. That compares to last October’s total of slightly more than $1 billion.

The nonresidential sector fell 19% compared to last October for a $269.4 million total. Residential fell 54% for a $237.7 million monthly total. The value of nonbuilding contracts decreased by 29% compared to a year ago for a total of $119 million.

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