Tutor Perini Corp. announced Tuesday that it has won a contract worth $117 million to build the first phase of the East Market redevelopment project in Philadelphia.
The Sylmar construction company will begin by demolishing existing structures and then building an 18‐story, 500,000-square-foot mixed-use project that will encompass an entire city block. The development will include underground parking, 322 apartments, and 105,000 square feet of retail.
The company expects “substantial completion” of the project in late 2016.
Shares closed unchanged at $23.50 in trading on the New York Stock Exchange.
Aviation logistics company Merex Group has reorganized its portfolio companies to create a more focused business model.
Merex Group, based in Camarillo, provides spare parts and components, and repair and overhaul services for aging aircraft operated by more than 35 armed forces worldwide. The company is owned by private equity firm Dubin Clark & Co. of Greenwich, Conn.
Merex has divided its companies into Kellstrom Defense and Kellstrom Repair Services.
Kellstrom Defense will include Kellstrom Defense Aerospace Inc., in Miramar, Fla. and Merex Aircraft Company Inc., in Camarillo. Kellstrom Repair Services includes High Tech Avionics & Accessories in Miramar, Fla. and ALCO Services Inc. in Livermore.
Merex Group Chief Executive Christopher R. Celtruda said the time was right to organize Merex’s brands a year after having acquired Kellstrom Defense.
“Our rebranding effort is less about change and more about confirming our steadfast vision: that we are one group of companies with a common goal and a common customer base,” Celtruda said in a prepared statement.