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

A survivor of the TransAsia Airways Flight GE222 crashed on the Taiwanese island of Penghu, is transferred to Kaohsiung from Penghu Hospital in Penghu, Thursday, July 24, 2014. Stormy weather on the trailing edge of Typhoon Matmo was the likely cause of the plane crash that killed more than 40 people, the airline said Thursday. (AP Photo) TAIWAN OUT

    Taiwan airline suspects bad weather caused crash

    Stormy weather trailing behind a typhoon was the likely cause of a plane crash on a Taiwanese island that killed 48 people on board and injured 10 on the plane and five on the ground, the airline said Thursday.

Pedestrians cross the main street in Central, Hong Kong's business district, Thursday, July 24, 2014. As activists vow to shut down the financial district in protest at China’s attempt to hobble democratic elections in the city, businessman Bernard Chan is preparing for the worst. Chan’s investment company has added backup phone lines, bought extra laptops and stockpiled instant noodles in case its headquarters downtown is caught in the middle of the protest.

    HK firms on edge as democracy rally blockade looms

    As activists vow to shut down Hong Kong's financial district in protest at China's attempt to hobble democratic elections in the city, businessman Bernard Chan is preparing for the worst.

  • UN agency rankings of humanity's progress

    In its annual report on human development, the United Nations Development Program ranks 187 countries based on measures such as the health and longevity of their people, education and income, and personal security. Since 1990, those measures have been compiled into the agency's index of human development that is watched by governments around the world. Here are some of highlights from its latest global rankings:

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