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Georgia Contracts Decline 22% in September
Georgia’s residential and nonresidential sectors again declined significantly in September, according to McGraw-Hill Construction, resulting in a 22% overall drop in the value of contracts signed during the month for future construction. The total value of new contracts signed in September was nearly $1.8 billion.
Residential construction again showed the most significant decline, dropping by 37% compared to last September for a monthly total of about $747.2 million. The nonresidential construction market fell 18%, for a total of $562.5 million. The state’s nonbuilding market again moved upward, however, jumping 15% compared to last September to total about $455.6 million for the month.
For the year-to-date, Georgia contract activity is now 8% behind the first nine months of 2006, with the current value of new contracts at about $20.2 billion. The nonresidential market is 26% ahead of last year’s pace with a total of $6.8 billion so far. Meanwhile, the nonbuilding sector is 2% ahead of last year with a roughly $3.5 billion total. Residential construction, estimated at about $9.8 billion, is now 24% behind its 2006 pace.
R.J. Griffin Building Trump Towers Atlanta
McGraw-Hill Construction reported that R.J. Griffin & Co. started work in September on the $260 million Trump Towers Atlanta development, located at 15th Street and West Peachtree in Atlanta.
The project will reportedly include two phases. Phase one will include a 48-story, 363-unit condominium tower with 20,000 sq ft of retail and restaurant space. The second phase is currently planned to rise 38 stories and feature 205 units.
Wood Partners of Atlanta is working with The Trump Organization of New York, and Dezer Properties of Sunny Isles Beach, Fla., in developing the project. The Preston Partnership of Atlanta is the architect.
Lane Plans Grant Park Townhome Community
Lane Southeast, a subsidiary of multifamily real estate firm Lane Company, has unveiled plans for an 18-acre, $75 million residential development in Grant Park. Lane’s plans for the project include 342 apartments, 57 townhomes and an eight-acre park.
The area is located within one block of the Beltline, a 22-mile loop in intown Atlanta that supporters hope will become a mix of greenspace, parks, trails, smart-growth development, neighborhood revitalization and transit options.
McCarthy Building $65M West Georgia Health System Project
West Georgia Health System in LaGrange recently kicked off the hospital’s $65 million expansion and renovation project with a ceremonial groundbreaking. McCarthy Building Cos. of Atlanta is serving as the construction manager on the project, which will include the construction of an emergency room, intensive care unit, women’s center and overall building improvements.
Ellerbe Becket is the architect team.
The new 130,000 sq-ft facility, located on the south side of the West Georgia Health System campus, adjacent to the hospital’s heart clinic, will be designed for vertical expansion and will be able to accommodate up to 192 beds in the future.
The project is expected to be completed in 2009.
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