The relationship means both companies will work together on all projects west, east and south of Palm Beach County, sharing all responsibilities, Brad M. Meltzer, co-owner and president of KM Construction, tells GlobeSt.com. Meltzer previously worked for Plaza in New York.
"Plaza was looking to have a local presence in the South Florida market," Meltzer says. "We get greater bonding capacity and greater insurance capacities, along with a stronger financial history." Plaza does $500 million to $600 million annually. "With that relationship and affiliation, we gain some credibility."
The companies have recently received contracts to build four condominium projects in South Florida. The most recent contracts are for Space 01 and New Wave. Space 01 is a planned 17-story, 54-unit project designed by Chad Oppenheim in North Bay Village, FL. It is set to break ground in the next 30 days, Meltzer says. Plans call for New Wave, in Miami, to have 19 stories and 79 units. Cardinal Development is the developer of the project and Kobi Karp is the architect. The project is scheduled to break ground within 30 to 60 days.
KM and Plaza also are building Valencia Grande in Coral Gables. The project's developer is Weitzer Communities and Revuelta Vega Leon PA is the architect. This project, expected to break ground in about 90 days, will consist of 28 condo units and two three-story luxury townhouses.
In a fourth project, the two firms are working on Bayloft Condominiums, a 10-story, 58-unit, loft-style multifamily project under construction in Miami and scheduled to be completed this October. The developer is Cardinal Development and the project was designed by Ramon Collado of Collado & Partners.
Meltzer says while Plaza and KM happen to be building a lot of condos at the time, they also will be doing commercial and perhaps other projects. KM Construction also is involved with the build-out of HSBC Bank USA's 60,000 sf of office space in the Offices at Four Seasons Hotel and Tower, the build-out of 19,000 sf of office space for Steiner Management and the Fisher Island Day School construction.
KM Construction was founded by partners Ron Katz, the company's co-owner and CEO, and Meltzer. The company plans to expand at the end of June with a move from 1,900 sf in Coral Gables to a little less than 7,000 sf in Miami's Biscayne Corridor.
Plaza Construction Corp. is a wholly owned subsidiary of Fisher Brothers, a real estate company also based in New York. Plaza and its parent company have been in business for 80 years. Fisher Bros. has developed and built more than 20 million sf of commercial and high-rise residential projects and other structures. Steven Fisher is Plaza's CEO, and Richard Wood is its president. Plaza's projects have included construction management services for Dresdner Kleinwort Wasserstein's US headquarters at 1301 Avenue of the Americas, pre-construction and interior general construction services for Random House's world headquarters in New York, and the consolidation of Swiss Re New Markets' New York offices into six stories at Park Avenue Plaza.
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