Georgia Sees 14% Decline in July Contracts

The value of Georgia’s residential and nonbuilding project starts declined significantly in July, McGraw-Hill Construction reported, resulting in a 14% overall drop in the value of contracts signed during the month for future construction. The July total was nearly $2.3 billion.

Residential construction declined by 26% compared to last July for a monthly total of about $944 million. Nonbuilding construction contracts fell, too, by 47%, for a July total of $417 million, well down from last July’s $784 million figure. Nonresidential construction soared, however, jumping 53% compared to last July to total about $934 million.

For the year-to-date, Georgia contract activity is now 5% behind the first seven months of 2007, with the current value of new contracts at about $16.1 billion. Nonresidential is 38% ahead of last year’s pace with a total of $5.5 billion so far. With its July plunge, the nonbuilding sector is also now negative, 6% percent behind last year with a roughly $2.5 billion total. Residential construction, estimated at $8.1 billion, is 22% behind.

Cousins, Related Announce Atlanta Partnership

Atlanta-based developer Cousins Properties and Miami-based The Related Group announced the companies have formed a partnership with plans to develop high-rise condominium buildings in two Atlanta projects: Terminus and CityPlace Buckhead.

According to the announcement, the partnership’s first building will be One CityPlace, the first of nine planned towers at Related’s CityPlace Buckhead development. After One CityPlace is complete, the partnership is currently planning to develop the first of two planned 40-story high-rise condominiums at Terminus, Cousins’ mixed-use project at the intersection of Peachtree and Piedmont roads in Atlanta’s Buckhead district.

“When we went into the Atlanta market, we wanted a partner that knew the intricacies of the market,” said Jorge Perez, chairman and CEO of Related, in a press release. “We picked Cousins Properties because it is concerned with excellence, has vast knowledge of the local market, is financially strong, and delivers the product it promises. The combination of Related and Cousins is a force unequaled in Atlanta.”

Cousins and Related are also partners on 50 Biscayne, a 529-unit condominium project under construction in downtown Miami.

Situated at the intersection of Roxboro and East Paces Ferry roads in Buckhead, One CityPlace is a planned 30-story tower with 269 condominiums and 11 townhomes. Construction was expected to begin in October, with completion set for third quarter 2009.

McCarthy Starts Another Medical Center Project

Habersham County Medical Center recently held a ceremonial groundbreaking for its $38.6 million expansion project in northeast Georgia. McCarthy of Atlanta is serving as the construction manager for the project, which includes a 16,467-sq-ft emergency room housing 17 treatment rooms and an advanced triage area.

The expansion also includes a new wing on the west of the current main entrance, new public entrance and waiting areas and a 24-private room outpatient surgery center. McCarthy will also provide a parking garage and helicopter pad; a quick-stop center for laboratory, x-rays, EKGs and pre-operative visits; and a new gift shop and waiting areas.

The projected completion date for the project is late summer 2009.

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