Photo courtesy China Construction America Both the developer and China Construction America estimate that the $3.5-billion Baha Mar resort project is 97-percent complete. Related Links: Bankruptcy Brings Nearly Completed Resort Project to a Halt Work on the Caribbean's Largest Resort Gets Under Way A subsidiary of China Construction America (CCA), as well as the Bahamian government, are taking separate steps to prevent the developer of a stalled, nearly complete resort project from attaining protection from creditors via bankruptcy.The latest courtroom maneuvers are unfolding as the contractor and developer participate, ironically, in negotiations with the Export-Import Bank of China—the project’s main
Jay Senter for ENR The site of a planned development in Kansas for which an engineering firm claims it is owed a large payment. Related Links: Fluor's Paul Bruno: How We Approach Risk Management By most standards, developer Cameron Group LLC appears to be an excellent prospect as a client: It has an impressive portfolio of malls, and its principals have gleaming résumés, many acquired while working at The Pyramid Cos., a Syracuse, N.Y.-based developer.So, when Cameron needed mechanical and electrical drawings for a long-delayed new retail development that the firm hoped would transform a weedy parcel in Mission, Kan.,
At the Construction Financial Management Association’s record-turnout annual conference, Chairman J. Brad Robinson said this year’s conference theme, “The Power of One,” was inspired by the “singular, powerful moments” when you invest time in someone else or benefit from someone else’s investment in you.He gave examples, such as changing a tire for strangers on a highway or a high school teacher who makes chemistry fun. Then, he related the stories to CFMA by challenging the 1,300 attendees, in Chicago from June 27 to July 1, “to look for [ways] to be the Power of One agent” for their chapters. “Ask someone
Photo courtesy China Construction America Construction of the Baha Mar resort is approximately 97% complete. The contractor alleges that it has not been paid by the developer since February 2015. Related Links: Seawater-Sourced Cooling to Debut at Bahamas Resort Work on the Caribbean's Largest Resort Gets Started A development company building a $3.5-billion, nearly complete Bahamas resort project has filed for bankruptcy protection while allegedly still owing a subsidiary of China Construction America (CCA) $72 million for its work.With the two parties seemingly readying for a legal battle, on July 7 the prime minister of the Bahamas, Perry Gladstone Christie,
Related Links: Commerce Dept./Census Bureau release with data table AGC Chief Economist Ken Simonson's comments and analysis ABC Chief Economist Anirban Basu's comments and analysis Construction spending edged up 0.8% in May from April’s level but climbed a more robust 8.2% year over year, the Commerce Dept. has reported.The latest monthly figures finished construction projects, which Commerce’s U.S. Census Bureau released on July 1, showed that the value of projects put in place in May totaled an annual rate of $1.036 trillion, adjusted for seasonal variations.Ken Simonson, Associated General Contractors of America chief economist, observed that May's 8.2% year-over-year increase
Related Links: Construction Spending Up in April. Commerce Dept. report (enr.com 6/1/2015) [subscription] New construction rose 3% in May, to an annual, seasonally adjusted rate of $729.7 billion, thanks to a burst of electric power and natural gas projects that broke ground during the month, Dodge Data & Analytics says.Dodge D&A's latest monthly report on construction starts, released on June 19, also showed new construction for the first five months of 2015 soared 25% from the year-earlier period, to $272.5 billion, not adjusted for seasonal variations.The company, which also owns ENR, said that its Dodge Index of construction activity climbed
Related Links: World Bank, Investors Join in New Infrastructure Finance Plan Public-private financing for transportation, energy and water infrastructure projects in emerging economies rose 6% last year, to $107.5 billion, the World Bank has reported. But last year's total is down from 2012's level of $140.4 billion, in constant 2014 dollars.The bank's latest update of its Private Participation in Infrastructure database, released on June 9, shows that, for 2014, Brazil ranked first among 139 "low- and middle-income" countries with $44.2 billion. The country is preparing to host the 2016 Summer Olympics.Brazil's 2014 total jumped 80% from the previous year's level,
Related Links: Summary of update to World Bank public-private infrastructure database Public-private financing for transportation, energy and water infrastructure projects in emerging economies rose 6% last year, to $107.5 billion, the World Bank has reported.But last year's total is down from 2012's level of $140.4 billion, in constant 2014 dollars.The bank’s latest update of its Private Participation in Infrastructure database, released on June 9, shows that, for 2014, Brazil ranked first among 139 “low-and middle-income” countries, with $44.2 billion. The country is preparing to host the 2016 Summer Olympics.Brazil’s 2014 total jumped 80% from the previous year’s level, sparked by
Photo by Nicholas Zeman for ENR Leveraged Greenland Group is building the big Metropolis project in downtown Los Angeles. Related Links: Greenland Group's information on Bloomberg.com Shanghai's Greenland Group has become one of the world's largest property developers, with nearly $6 billion in North American projects proposed or under construction. Major contractors such as San Francisco-based Webcor Builders are now at work on sites developed by Greenland Group and its partners. The projects include the $1.4-billion Metropolis project in Los Angeles and the $5-billion Atlantic Yards project in New York City. On the latter project, Greenland is partners with a
Enlarge _ Related Links: Mr. Xi's Grand Silk Road Plan Leaves the Starting Gate China Inks Silk Road Deals With Brazil, Russia and India The China Construction Industry Association, which represents the country's construction and engineering companies, is touting Xi Jinping's ambitious Silk Road and Maritime Silk Road international infrastructure programs, which the government calls the "One Belt, One Road" initiative.The CCIA replied to ENR's questions through email.ENR: Centuries ago traders established the Silk Road to move Chinese goods to the rest of the world. Please tells us about the new Silk Road.CCIA: The One Belt, One Road program is
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