Georgia: December Contracts Up 11%

Despite a 49% drop in the residential market, the value of new Georgia contracts signed in December escalated by 11%, according to McGraw-Hill Construction, publisher of Southeast Construction. The total value of December contracts was slightly better than $2.1 billion.

Again, residential construction continued its fall, declining by 48% compared to last December for a total of about $489.6 million. Making up for that loss, however, was the nonbuilding sector, which more than tripled compared to the same period of a year ago to total nearly $957 million for the month. Meanwhile, the value of nonresidential contracts improved by 2%, for a total of $660 million.

For the year, Georgia contract activity ended 2007 9% behind 2006, with the total value of 2007 contracts estimated at about $26.4 billion. The nonresidential market finished the year 24% ahead of 2006, with about $9.2 billion in new contracts. The nonbuilding sector was 4% ahead of the previous year with a roughly $5.3 billion total. Residential construction, at about $11.9 billion, was 28% behind the previous year’s pace.

Cortland Building Mixed-Income Apartments

Real-estate developer Cortland Partners is building the $26.6 million Avalon Ridge Apartments in South Atlanta. The development will have 222 one-, two- and three-bedroom apartments, including both market-rate and workforce housing.

“We worked closely with neighbors to plan the community and develop programs for the residents, and then partnered with neighbors and government officials to properly zone the site, now designated as a Housing Enterprise Zone, and secure an inducement of tax-exempt municipal bonds,” says Steven DeFrancis, president of Cortland Partners.

The first residents are expected to move in next summer, with full completion the following winter.

McShane Building Apartment Complex North of Savannah

McShane Construction Corp. of Auburn, Ala., announced it has been selected by Continental Properties Co. to construct Springs at Effingham, a 352-unit apartment complex just north of Savannah. The project is located on a 32-acre site.

According to McShane, initial occupany is slated for this summer, while final completion of the apartment complex is slated for April 2009.

The company’s contract consists of the construction of approximately 430,000 sq ft of residential space in 22 buildings. The building’s will be constructed of a combination of dry stacked stone and cement fiber-plank siding.

Each building contains 16 apartment units in one-, two- or three-bedroom configurations.

Continental Properties Co. of Milwaukee, Wis., is the project owner. MSA Architects is the project designer.

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