Tutor Perini Awarded $255 Million Contract for the Panorama Tower in Miami
June 11, 2014
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE:TPC), a leading civil and building construction company, today announced that its subsidiary, Tutor Perini Building Corp., has been selected as the general contractor and has signed a contract with Florida East Coast Realty, LLC, valued at approximately $255 million for construction of the Panorama Tower at 1101 Brickell Avenue in Miami, Florida.
The scope of work for the project includes construction of an 82-story mixed-use tower that will feature 821 luxury rental apartments, a 250-room hotel, 80,000 square feet of retail space, 40,000 square feet of office space, and a 13-story 1,500-space parking garage. The entire Panorama Tower development will comprise approximately 2.6 million square feet. The tower will also include a recreation deck with several pools, a fully equipped fitness area, a pool deck restaurant, and two social rooms.
Pre-construction work began in January 2014. Construction is expected to start in June 2014 with substantial completion expected in late 2017. The Company expects to include the value of this contract as part of its reported second-quarter backlog.