Swedish construction giant Skanska will be investing around $26m for a new residential tower development in Boston, US.
A joint venture formed by Skanska USA Commercial Development and Prudential Real Estate Investors has awarded an $88m contract to Skanska USA Building which will work as the construction manager for the development.
The firm will be responsible for the construction of a new 17 storied multi-family development, which will offer 17,000m² of floor space.
It will comprise of 212 residential units along with 650m² of retail space and two parking levels.
Construction work for the development, which aims for a LEED Gold certification, will start from this month.
Skanska is expected to complete the development by the fourth quarter of 2017.
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The firm is also developing a new office building in Washington, D.C., which is expected to involve an investment of $126m.
The project will have Skanska USA Building as the construction manager, which will add a contract value of $59m to its final quarter order bookings in this year.
The firm will be developing 11 storied 23,000m² Class A office building under the project, which will comprise of around 900m² of ground-floor retail.
Skanska USA is the American unit of the Swedish construction giant and operates through four business units in the country: Skanska USA Building, Skanska USA Civil, Skanska Infrastructure Development North America, and Skanska USA Commercial Development.
Skanska USA has its headquarters in New York, and had recorded revenues of SEK43.5bn ($5.25bn) in 2014.
Image: Skanska Washington office investment. Photo: courtesy of Skanska.