NEW YORK, NY – The Dodge Momentum Index rose 2.4% in May to 119.4 from its revised April reading of 116.6. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in plotting, which have been shown to lead construction spending for nonresidential buildings by a full year.

The increase for the Index in May was due to a 6.5% gain for projects entering plotting in the commercial sector, which more than offset a 3.4% decline for such projects in the institutional sector.

May’s increase places the overall Index 3.6% higher than its year-ago level, suggesting further growth in construction activity in 2016 despite the subdued first quarter GDP report and signs that lending standards are beginning to tighten for commercial projects.

The commercial part of the Index rose in May for the second consecutive month and is at its highest level since September 2015. This recent improvement for commercial projects provides some evidence that construction plans are moving forward after the severe drop-off in plotting that occurred with the financial market instability in late 2015. At the same time, institutional plotting is 1.3% lower than it was in May 2015, settling back for now from the heightened activity reported in late 2015 and early 2016.

In May, six projects entered plotting with a value that exceeded $100 million. For the commercial building sector, the leading projects were two warehouses in Staten Island NY – one valued at $304 million and one at $141 million. For the institutional building sector, the leading project was a $252 million neuroscience building at Stanford University in Palo Alto CA.

Dodge Data & Analytics is a technology-driven construction project data, analytics and insights provider. Dodge provides trusted market intelligence that helps construction professionals grow their business, and is redefining and recreating the business tools and processes on which the industry relies.

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BOCA RATON, FL – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the acquisition of Emerald Bay Club Apartments, a two-tale garden-style community situated in the highly desirable West Boca submarket.

Mill Creek will rebrand the community Alister Boca Raton and complete renovations to better meet the expectations of today’s luxury apartment residents. The community, featuring 448 apartment homes, will receive interior updates, landscaping improvements and the addition of several resort-style amenities, including a luxury pool and fully equipped fitness center.

“Palm Beach County is an extremely attractive location with a strong mix of entertainment destinations, employment opportunities and top-of-the-line schools,” said Wes Dickerson, senior managing director of acquisitions for Mill Creek Residential. “We believe our upgrades to Alister Boca Raton will transform an already thriving community into one of the best the submarket has to offer.”

Situated at 10235 Boca Entrada Boulevard, the community benefits from a prime location within walking distance of Publix Super Market, and just a small drive from Starbucks and Chipotle Mexican Grill. Only 15 minutes from Alister Boca Raton is Boca Town Center, which is home to 220 upscale retailers including Saks Fifth Avenue, Nordstrom, Neiman Marcus and Apple Store.   The community is also adjacent to Highway 441, one of South Florida’s primary north-south thoroughfares that extends north to Royal Palm Beach and south to North Miami Beach. The Sawgrass Expressway, Florida Turnpike and Interstate-95 also are conveniently accessible.

Boca Raton is one of the state’s most bustling employment centers, with more than 100 office buildings and 17 million square feet of office space. With the community’s location between Palm Beach and Broward counties, residents have access to several additional employment opportunities, including those in Delray Beach, West Palm Beach and downtown Fort Lauderdale. The School District of Palm Beach is the 11th largest in the nation and boasts the eighth-highest graduation rate, according to the 2014 School Grades.

Alister Boca Raton consists of 1, 2, and 3-bedroom apartment homes. As part of the redevelopment, interiors will be updated with stainless-steel appliances, vinyl wood-style flooring, hard-surface countertops, custom cabinetry and updated plumbing and lighting fixtures. Building exteriors will receive a new paint scheme and full-scale landscaping updates will be completed. Additional community amenities include a gaming area, media room and multiple social zones.

Including Alister Boca Raton, Mill Creek has developed and bought more than 4,700 apartments in the South Florida area. 

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