{"id":1004018023,"date":"2010-03-01T08:38:35","date_gmt":"2010-03-01T16:38:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004018023"},"modified":"2022-12-07T19:24:19","modified_gmt":"2022-12-08T03:24:19","slug":"suffolk-to-commence-building-75m-garage-facilities-at-new-marlins-stadium-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/suffolk-to-commence-building-75m-garage-facilities-at-new-marlins-stadium-2\/","title":{"rendered":"Suffolk to Commence Building $75M Garage Facilities at New Marlins Stadium"},"content":{"rendered":"<p>March 1, 2010<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004018026\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Miami.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004018026\" data-attachment-id=\"1004018026\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/suffolk-to-commence-building-75m-garage-facilities-at-new-marlins-stadium-2\/miami\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Miami.jpg\" data-orig-size=\"500,334\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Miami\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user (le) doo&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Miami.jpg?w=500\" class=\"size-thumbnail wp-image-1004018026\" title=\"Miami\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Miami.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004018026\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user (le) doo<\/p><\/div>\n<p>Thanks to the City of Miami&#8217;s recent approval of the sale of $92 million in bonds, construction of parking facilities for the new $500 million Florida Marlins Stadium moves forward with Boston-based Suffolk Construction tapped by the city to oversee the $75 million project.<\/p>\n<p>&#8220;We thought it would be a $94 million construction cost for the project, but we committed to $75 million; the market drove the reduction in cost,&#8221; Tim Sterling, a Suffolk vice president, told <em>CPE<\/em>. Suffolk, which competed against 11 other bidders for the job, will manage construction of the stadium&#8217;s parking accommodations, including two six-story garages, two five-story garages and six surface lots, accounting for an aggregate 5,700 parking spaces. The contract also involves development of a small amount of retail space.<\/p>\n<p>Suffolk will have to carefully coordinate its schedule and activities with stadium builder Hunt Construction, which broke ground on the 928,000-square-foot 37,000 seat project in the city&#8217;s Little Havana neighborhood last July. Miami-Dade County is providing the majority of the financing for the stadium&#8211;located on 17 acres of the historic 42-acre Orange Bowl site in&#8211;with the City of Miami and Marlins Stadium Developer L.L.C. also making contributions.<\/p>\n<p>Financing efforts for the construction of the Marlins Stadium&#8217;s garage segment ran into a few hiccups, which is hardly uncommon these days. Real estate industry players are hoping that small hints of an economic upturn in the U.S. will have a positive impact on construction activity. However, it will take some time for the construction industry to recover. Despite signals of the U.S. economy&#8217;s impending revival, overall nonresidential construction spending is on track to decrease by 13.4 percent this year, according to a new report by the American Institute of Architects (AIA). In the amusement\/recreation sector, specifically, AIA expects spending to decline an estimated 12.9 percent percent.<\/p>\n<p>&#8220;All signs indicate that 2010 is not going to be a spectacular year, but with regard to financing, we think we&#8217;ve hit bottom,&#8221; Sterling said. &#8220;We look for 2010 to be a year of stabilization. In 2011, we&#8217;ll begin to see some growth, although it will be a very slow growth period over the next few years.&#8221; AIA predicts that nonresidential construction spending will increase 1.8 percent in 2011, and spending in the amusement\/recreation sector will rise 4.4 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thanks to the City of Miami&#8217;s recent approval of the sale of $92 million in bonds, construction of parking facilities for the new $500 million Florida Marlins Stadium moves forward with Boston-based Suffolk Construction tapped by the city to oversee the $75 million project. <\/p>\n","protected":false},"author":936,"featured_media":1004018026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21742],"tags":[],"class_list":["post-1004018023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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