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This week’s top construction headlines included a judge ordering a halt to construction on the President Donald Trump’s $400 million ballroom Additionally, it has since received key approval from a commission for the planning process, AP News reported, and work reporting on a $900 million NBA arena in Oklahoma City.
But there were other stories worth knowing. That’s why Construction Dive has launched its Friday Punch List, a series dedicated to sharing the top building headlines. Read on for more construction news builders should know.
Turner files multifamily lien for $7 million
New York City-based contracting giant Turner Construction placed a lien on nearly $7 million $180 million Fairmont Heritage Place The Cedars condominium project in Hendersonville, North Carolina, according to local media reports. Turner’s teams stopped working on the multifamily project and removed a crane from the site in mid-March, according to the Hendersonville Lightning.
Developer Gregg Covin told the news outlet that the project is seeking new funding and that his company hopes to bring Turner back once it’s in place. Covin described the lien as a legal process. Turner spokesman Chris McFadden told Construction Dive that the company filed the lien to preserve its ability to collect owed funds.
“Turner took this step to protect the rights of our company and the many business partners who participated in the construction of this project,” McFadden said. Multi-family crimes they recently reached their highest levels since the global financial crisis, according to Multifamily Dive.
—Joe Bousquin
New York City’s skyscraper construction is the tallest in the world
New York City is still the the most expensive city for skyscrapers builds in the world, according to a recent research report from Turner & Townsend, the UK-based global real estate and infrastructure consultancy. According to the report, costs to deliver a new office building in New York City rose 30% from 2020, largely due to high interest rates, rising material costs and labor shortages.
Turner & Townsend also found that the shape of a skyscraper is as important as the height in determining the final cost of the project. For example, in London, there can be a 25% price difference between the most ambitious and the most profitable projects.
According to Turner & Townsend, these headwinds, along with persistent rate pressures, are causing some developers to postpone new projects, particularly for new commercial construction.
—Sebastian Obando
MARAD invests in shipyard projects
The Maritime Administration will invest 35 million dollars for the revitalization of small shipyardsthe DOT announced Tuesday. The investment will be allocated to three buckets, according to the release: improvements to shipbuilding and repair facilities, purchases of new equipment and maritime training programs.
Eligible shipyards must be in a single geographic location and cannot have more than 1,200 production employees. Since 2008, MARAD’s Small Shipyard Grant Program has awarded 382 grants worth $320.5 million to equip America’s shipyards with the tools they need to build ships.
—Sebastian Obando
