Chinese firm to acquire Plaza Construction

Plaza Construction, a major New York-based construction management firm that is prominent in South Florida and the mid-Atlantic region, said its stock will be acquired by China Construction America Inc..

CCA is a unit of state-owned China State Construction Engineering Corp., based in Beijing, China.

New York-based Fisher Brothers, a family-owned real estate investment firm, said it is selling Plaza “to focus on the development side” of its business.

“The acquisition will afford Plaza greater financial strength and bonding capacity and enhance procurement capabilities and it will allow greater opportunity for our employees to grow in their profession,’’ said Brad Meltzer, Plaza’s president for the southeast regional operations in Miami, where the company has 130 employees.

Plaza’s president Richard Wood will become its CEO.

Meltzer will continue in his current post, and Dan Peyton will stay on as senior vice president for the mid-Atlantic region, based in Washington, D.C., Plaza said.

Terms of the stock transaction weren’t disclosed. The acquisition is under contract but hasn’t yet closed.

Among Plaza’s current Miami work are several big Related Group projects: Icon Bay, a 42-story waterfront condominium; Millecento, a Brickell area condominium; and the One Ocean and Marea luxury condos in South Beach. Prior to July 2012, the firm was known as KM/Plaza.

The deal marks the first acquisition for Jersey City, N.J.-based CCA, which has been incorporated in the U.S. for more than two decades. CCA’s projects include the rehabilitation of Alexander Hamilton Bridge in the Bronx, N.Y., and a 1,000-acre, $3.6 billion Baha Mar Casino and Resort under construction in the Bahamas.

Meltzer said “We will continue to be known as Plaza Construction and day-to-day operations will not be changed.’’

Read more Breaking News - Business stories from the Miami Herald

  • Kokomo airport runway extension almost completed

    A project to extend the main runway at a Kokomo Municipal Airport so it can accommodate larger jets is nearing completion.

FILE - In this May 22, 2014 file photo, protesters gather outside of the McDonald's Corporation headquarters in Oak Brook, Ill., the annual shareholders meeting demonstrating for higher wages and the right to unionize. On Friday, July 25, 2014, in Chicago, organizers are holding what they're calling the first national convention of fast-food workers. They’ll be discussing how to move forward with the protests and other actions calling for higher wages that have been taking place in cities around the country since late 2012. 

    Fast food workers prepare to escalate wage demands

    Fast food workers say they're prepared to escalate their campaign for higher wages and union representation, starting with a national convention in suburban Chicago where more than 1,000 workers are expected to discuss the future of the effort that has spread to dozens of cities in less than two years.

  • China pork giant WH Group makes 2nd IPO attempt

    Chinese pork giant WH Group is taking a second run at going public with a scaled-back share offering after abandoning its first IPO attempt because of sagging investor demand.

Miami Herald

Join the

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category