A consortium of lenders led by Maybank is set to provide the first syndicated shariah-compliant construction financing worth $219M for the development of a luxury residential tower in Manhattan, New York.Maybank was selected as a joint lead arranger along with Warba Bank of Kuwait for the syndication, which includes lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners.The funding includes a $174M senior construction loan and a $45M mezzanine loan, which will be used for the construction of the Tribeca condominium tower, a 43-storey building to be developed by Soho Properties and located at 45 Park Place, Manhattan. Maybank group head of global banking Amirul Feisal Wan Zahir said: “This syndication is a milestone being the first shariah-compliant construction financing in New York City, and it reaffirms our ability to offer value-creating Islamic banking solutions for global clients.“As one of Asia's leading banking groups, we have been at the forefront in financing major infrastructure and property development projects across many countries.”Construction on the 665ft-tall glass and steel tower will start in mid-2016 and is set to be complete in 2018.
AECOM’s unit Tishman Construction has been appointed to manage construction of an $1bn commercial office development in Manhattan, New York.The 1,401ft-tall skyscraper, called One Vanderbilt, will be located in the heart of New York’s East Midtown business district. The 58-storey building will feature 149,000sq m of Class A commercial space, a public transit hall at the base of the building connected to a 1,300sq m public plaza, and $220M of public transit improvements to the Grand Central transit hub.Upon completion, the project is expected to be the second-tallest office tower in New York City. Tishman will construct the office building, expected to achieve LEED v4 Gold certification, for New York City-based commercial property owner, SL Green Realty Corp. AECOM’s chairman and CEO Michael Burke said: “As the quintessential New York builder, we are proud that SL Green is entrusting us to build this iconic structure that will help reshape the skyline.“We are excited to extend our expertise in delivering the highest-performance buildings as part of the dramatic transformation underway in Midtown East, one of the premier business districts in the world.”Construction work is set to commence in 2016 and is expected to be complete in 2020.
Sewell Group has unveiled plans for the construction of a new business park in Yorkshire, UK.Sewell is partnering with telecommunications company MS3 Networks and developer Chiltern Groupon proposals for the development.A pre-application consultation has been undertaken with East Riding of Yorkshire Council and a project team has been appointed to prepare an outline planning application to submit later this year.Early proposals for the project include a mixture of space for businesses operating in key strategic sectors for the region, a further/higher education space and associated accommodation, an energy centre and a data centre. Rob Cawkwell, Sewell’s project director, said: “It is at the very early stages and we are very keen to engage with all stakeholders, as well as ensuring good dialogue with both East Riding of Yorkshire and Hull local authorities.“This is a strategic site for the Humber Estuary, which is the first of its kind in Yorkshire, bringing together businesses, data, energy and education all in one place.“We are in it for the long haul and we are committed to local labour, with a proven track record of investing in the region to create economic and social impact.”
WinnCompanies business unit WinnDevelopment and GDD Properties have started construction on a $200M project to redevelop the Sibley Building in downtown Rochester, New York.The project will start with the $100M phase, which includes the construction of 96 modern luxury apartment homes on the 9th–12th floors. The first phase will also include the addition of retail space on the Main Street and office space in the mid-rise, the construction of active senior living apartment homes, and a complete rehabilitation of the entire façade and windows of the building.Construction work on the top floor of the Sibley building — once home to the Tea Room of the Sibley Department Store — is in progress. Upon completion, the floor will become the headquarters of the High Tech Rochester’s Finger Lakes Business Accelerator Cooperative. WinnCompanies’ CEO Gilbert Winn said: “We are thrilled to take this leap forward in a project that will restore energy and economic development to the region’s most beloved building.“With Class A office space and luxury apartments, the new Sibley Building is transforming into the innovative center for office, retail, and housing while maintaining its historic character.”
LaGuardia Gateway Partners (LGP) consortium has started construction on a new 130,000sq m Terminal B building at LaGuardia Airport in New York, USA.The consortium includes Vantage Airport Group, Skanska and Meridiam, together with the Port Authority of New York and New Jersey.The $4.2bn project will involve the construction of a 35-gate terminal, along with a new west parking garage and other supporting facilities.Work will commence with a roadway network and a new 3,000-space parking garage that will minimise congestion at the airport. The project design reflects the recommendations from the Governor’s Airport Advisory Panel, which includes the new light-filled central hall where passengers arrive, set to connect Terminals B and C.LGP and the Port Authority of New York and New Jersey have recently secured financing for the project.The new airport, expected to achieve LEED Gold certification, is set to open in 2018, with all portions of the redesigned Terminal B scheduled to open by the end of 2021. The project is expected to create 8,000 direct jobs and 10,000 indirect jobs.
Sigma capital group has entered into a partnership with Keepmoat Limited to deliver 5,000 new private rented sector (PRS) homes across England by 2021.The partnership will build two-, three- and four-bedroom properties in locations across North East, Yorkshire and the East Midlands, entailing a potential investment of about £800M.Sigma will manage investment and lettings, while Keepmoat will procure the land and take the lead on the design, planning and building processes.Graham Barnet, chief executive of Sigma, said: “I am delighted to announce our partnership with Keepmoat, which has grown out of our previous relationship with them, and our continued expansion in the PRS sector. “We are very pleased that Keepmoat has chosen to work with Sigma in its first development activity in the PRS market, and believe that it underscores Sigma’s success in the PRS sector.”Keepmoat’s chief executive Dave Sheridan said: “This is a significant milestone for our business, and we are proud to be working alongside Sigma to scale-up their PRS growth ambitions.“The partnership will deliver great quality market rented homes alongside our Keepmoat homes for sale, which will allow the pace of housing delivery on strategic sites to be increased, to deliver the Government’s aspirations and provide people across the country with much-needed housing options. There is an inherent need for more housing across the country, and we are looking to tackle the issue head on.”
Skanska, as part of LaGuardia Gateway Partners consortium, has reached financial closure and signed a lease agreement with the Port Authority of New York and New Jersey (PANYNJ) for LaGuardia Project in New York.With a lease term through 2050, the public private partnership (PPP) includes finance, design, construction, operation and maintenance of the LaGuardia Airport Central Terminal B.The design-build contract is valued at about SEK33bn ($4bn). Swedish company Skanska has a 70% stake in the contract, worth nearly $2.8bn.The deal also involves the construction work for supporting infrastructure and a new central entrance hall.Terminal B, opened in 1964, serves over 14m passengers per year. The new LaGuardia Central Terminal B, which will be constructed next to the existing terminal, has been designed to attain LEED Silver certification.Skanska’s CEO and president Johan Karlström said: “This is Skanska’s largest project ever. We are proud to invest in and lead construction of this project that will improve the quality of air travel for millions of people.“The LaGuardia Airport Central Terminal B project is a perfect example of how we, through Public Private Partnership, can expedite delivery of critical infrastructure, bringing together Skanska’s construction and investment capabilities. We have a strong position in the growing US market for PPP projects.”LaGuardia Gateway Partners includes Skanska Infrastructure Development, Vantage Airport Group and Meridiam as project sponsors and co-investors, with Vantage Airport Group managing operations.New facilities will start opening in 2018, with scheduled substantial completion in 2022.
AECOM subsidiary Tishman Construction has been selected to provide preconstruction and construction management services for Brookfield’s One Manhattan West office development in New York.The $2.1bn project will feature a 71-storey office building with a gross area of 195,000sq m.One Manhattan West will anchor the Northeastern corner of Brookfield’s 650,000sq m Manhattan West development, which is being built around a two-acre tree-lined park.Designed by Skidmore, Owings and Merrill, the building is targeting LEED-Gold certification. AECOM chairman and CEO Michael Burke said: “We are proud to help create an iconic tower that will be a key part of making the Far West Side the city’s newest vibrant neighbourhood.“Brookfield’s Manhattan West is a transformative mixed-use project that will bring much-needed residential and office space to New York City — and we are excited to play a role in making it a reality.”
Brooklyn Brewery is expanding its operations by constructing a new brewery, headquarters and rooftop restaurant and beer garden at the Brooklyn Navy Yard’s Building 77 in New York.Brooklyn Brewery, which opened its first brewery 20 years ago in Williamsburg, will lease a total of 700sq m of the building, which is now undergoing an $185M refurbishment. The revamp of Building 77 will transform 9,300sq m of storage space into a manufacturing, tech and design hub. Brooklyn Brewery’s CEO Eric Ottaway said that in addition to the Navy Yard site, the company is hoping to build a large brewery in Staten Island to handle production that is now done in Utica, New York. The brewery will maintain its brewing operations in its original site in Williamsburg, Brooklyn, until its leases expire in 2025.Ottaway added that the company is hoping to extend that lease beyond 2025 and maintain a presence in Williamsburg.Brooklyn Brewery will produce 50,000 barrels annually and will employ 124 people, with the long-term goal of creating an additional 100 jobs. Upon completion in early 2017, the development will create a total of 3,000 jobs.
Work has begun on SUNY Polytechnic Institute's new computer chip production facility for Ams AG at the Marcy Nanocenter in Utica, New York.Marcy Nanocenter has been designed to replicate the success of SUNY Poly's Nanotech Megaplex in Albany. The new facility is being built close to a campus of SUNY Polytechnic Institute in New York's Tech Valley. The initial private investment in the project is $2bn.The factory, which is being built to Ams's specifications, is initially expected to offer a capacity of at least 150,000 200mm-wafer equivalents per year, and will be able to surpass an operating capacity of 450,000 200mm-wafer equivalents per year with the expansion to follow. Production capacity will supplement Ams' existing production operations at its headquarters near Graz, Austria. The groundbreaking marks a major milestone in the governor's Nano Utica initiative, which is now projected to create at least 4,000 jobs over the next decade, and includes research and development at the Computer Chip Commercialization Center (QUAD C) in partnership with General Electric.Ams CEO Alexander Everke said: "Building this new wafer fab enables Ams to achieve its plans for growth and to meet the increasing demand for sensor solutions produced at advanced manufacturing nodes."Our decision to locate the facility in New York was motivated by the availability of a highly skilled workforce, the proximity to prestigious educational and research institutions, and the favorable business environment, backed by public and private partners.”The plant is scheduled to become operational in the first half of 2018 and Ams will operate the facility under a 20-year lease.
Skanska has won a contract from Westchester Medical Center to construct a new ambulatory care pavilion on the existing hospital campus in New York.The contract is valued at about SEK1.2bn ($140m). It will be included in order bookings for Skanska USA Building in the first quarter of 2016.Under the contract, Skanska will construct a 26,000 sq m, eight-storey pavilion. It will feature a new ambulatory operating room suite, an imaging centre, a lobby, physician office space, entry canopy for patient drop-off, and new roof-top mechanical, electrical and plumbing units.Skanska is also responsible for the construction of the interior spaces and the expansion of the existing parking lot.Construction work on the project is scheduled to start in June 2016 and is expected to be completed in September 2018.
Keepmoat and Strata have obtained a contract from Leeds City Council to build 1,000 new homes in Leeds, UK, which will involve an investment of £142m.The homes will be built across 13 sites in the Seacroft, Halton Moor and Osmandthorpe areas of Leeds.The council has committed to ensure that development takes place on brownfield land first, and hence all the construction will take place on land previously used for industrial or commercial purposes. Construction is slated to begin in early 2017.Keepmoat operations director in Yorkshire Ian Hoad said: “We are actively expanding our presence in West Yorkshire, where we see a real appetite for new homes. With 95% of our developments built on brownfield land we are perfectly placed to deliver this scheme and we’re thrilled to have been selected as chosen developer alongside Strata.“Working in partnership with Strata will allow us to accelerate the delivery of these new homes, with the target of achieving 150 properties per annum.“We aren’t just taking one development in one part of the region. We are completely overhauling three neighbourhoods and potentially putting nearly 1,000 people in the region on the property ladder.”
Tutor Perini has won contracts from Related Companies and Oxford Properties Group for the construction of 15 Hudson Yards (Tower D) and The Shops & Restaurants (Retail Complex) at Hudson Yards in New York.The construction value managed by Tutor Perini for the two projects is worth about $1.2bn.The 70-storey, 960,000 sq ft 15 Hudson Yards building will be the first residential building at Hudson Yards. Expected to open in 2018, the building will feature 391 for-sale and rental residences, along with other amenities including an Equinox Fitness Club, and social and entertaining venues.The seven-storey Retail Complex will cover 1m sq ft area. The property, expected to open in 2018, will be home to The Shops & Restaurants at Hudson Yards.Tutor Perini Building Group executive vice president and CEO Craig Shaw said: “We are proud to be working with Related and Oxford on the Hudson Yards development, the largest privately funded development project in US history, and we are pleased to continue our work on the newest Hudson Yards buildings currently under construction.”
Triangle Equities has broken ground on its $200m Lighthouse Point project on Staten Island, New York.
Ground has been broken on the new $330m Rivers Casino and Resort project in Schenectady, New York.
Holliday Fenoglio Fowler (HFF) has received $265m in funding for the development of 160 Leroy Street luxury condominium project in Manhattan, New York.
Athenex, a manufacturer of oncology medication, is set to invest $1.62bn to expand its operations in Dunkirk and Buffalo in New York.