Ranking: The busiest builders in Miami With a recent decline in material costs and a plethora of projects on their dockets, the firms atop TRD’s ranking of construction companies say they’re bullish on the next two years, but see trouble coming in 2021
(Illustration by Nate Kitch)
For more than a year, nearly 850 construction workers have been furiously transforming 27 acres of once-abandoned lots in downtown Miami into one of the biggest developments in city history. Within the sprawling $4 billion Miami Worldcenter project, work crews have completed a 444-unit rental apartment tower called Caoba while putting the finishing touches on the 60-floor luxury condominium Paramount Miami Worldcenter and starting on 上海贵族宝贝交流区 the first phase of the development’s open-air retail and restaurant complex.
In total, they built about 1.25 million square feet of the Miami Worldcenter development last year, placing a joint venture between Coastal Construction and AECOM Tishman — the general contractors managing the massive project — first among construction firms that built the most square footage in Miami in 2018, according to The Real Deal’s ranking of builders operating in the city. Once completed, the massive project’s first phase will be close to 4 million square feet. It could possibly add 4 million more in subsequent phases on 10 city blocks owned by developers Art Falcone and Nitin Motwani — who have a number of partners that include CIM Group, Paramount developer Dan Kodsi, citizenM and others.
For the big construction firms like the Coastal-Tishman team, 2018 was a very busy year for erecting new buildings in Miami. From B爱上海同城对对碰 rickell Avenue to Wynwood, the contractors worked on a slew of signature projects, including Brickell Flatiron, the SLS Lux Brickell, Wynwood 25 and the Bradley, to name a few. This month, TRD analyzed all new master building permits issued in 2018 by the city’s Building Department to determine which firms had the most work last year. Only master permits that specifically listed the general contractor were used in the analysis. No phased permits were considered.
Even though announcements for new condo projects have slowed since 2016, general contractors remain bullish about their prospects in 2019 and the following year. They point to a booming U.S. economy, a fairly recent slide in the price of materials and a shift to other real estate sectors aside from condo construction, such as bidding more on institutional, sports and mixed-use projects. However, with skilled labor in short supply and the cost of paying those workers climbing, the building industry could experience some headwinds by mid-2021, according to some general contractors
2020 and beyond
While builders have been busy, some say the pipeline for certain kinds of developments may soon dry up. Some luxury condo projects that have been on the drawing board for four years or more are getting tabled, said Tom C. Murphy, co-president of South Miami-based Coastal. “With th[……]