CONSTRUCTION

Chinese firm to acquire Plaza Construction

 

mbrannigan@MiamiHerald.com

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.’’

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