Swedish construction company Skanska has announced nearly $225m (SEK1.9bn) investment in the office development project 1550 on the Green in Houston, Texas, the US.
The company is planning to develop and construct a 28-storey, 34,800m2 office tower at 1550 Lamar Street, near Discovery Green, in downtown Houston.
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This new office development will be the initial part of a three-block master plan that will transform the site into a distinguished district, known as Discovery West.
The development plan also includes 3.5 acres of mixed-use development featuring retail, restaurants, and lush green space.
Construction work on the project is anticipated to commence this month with completion planned in 2024.
The construction company stated that the project will be built to achieve LEED and WiredScore Platinum certifications.
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By GlobalDataSkanska noted that it has made a total of $2.8bn investment in commercial and multi-family projects since 2009.
This created over one million m2 of sustainable and community-focused developments in selected US markets.
Recently, Skanska secured a contract worth $104.6m (SEK890m) to renovate Finlandia Hall in the centre of Helsinki, Finland.
The congress and event venue will be repaired and restored completely and will be refurbished from the plumbing to the façade. The light interiors, floors and windows of the building will also be renovated to their former glory.
Originally designed by architect Alvar Aalto, the Finlandia Hall was constructed in 1971 followed by the congress wing in 1975.
Work on the project is scheduled to begin this month with a development phase, and the renovation will commence in the first quarter of 2022 with completion planned in the third quarter of 2024.
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Rendering of the new office tower in Texas, the US. Credit: Skanska.
