Tutor Perini Awarded $140 Million Contract for Two Luxury Residential Towers in Miami Beach
August 18, 2015
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, announced today that its subsidiary, Tutor Perini Building Corp., has been selected as the general contractor for two luxury residential towers in Miami Beach. The contract is valued at approximately $140 million.
The first tower will feature the redevelopment of an existing 16-story historic tower into a 22-unit ultra-luxury condominium tower, including all public and back-of-house areas, spa & fitness center, retail, and landscaping.
The second, adjacent tower will consist of a new 18-story tower featuring 41 luxury residential units, public and back-of-house areas, a spa and fitness center, swimming pool, spa pool, decks, landscaping, and an onsite underground parking area for approximately 190 cars.
Pre-construction is currently underway and construction is expected to begin in October 2015 with substantial completion expected for both towers in the third quarter of 2017. The contract value is expected to be included in the Company’s reported fourth-quarter backlog.