Workflow
KBS Builders Awarded $3.2 Million Contract for Multifamily Construction Project in Maine
STRRStar Equity (STRR) Newsfilter·2025-01-07 13:30

Core Viewpoint - Star Equity Holdings, Inc. announced a 3.2millioncontractforamultifamilyhousingprojectinMaine,furtherenhancingitsmarketpositioninNewEngland[1][2][3]Group1:ContractDetails−Thecontractinvolvesthemanufacturingof40modulesforfive4−unittownhousecondominiumsinLincolnCounty,Maine[2]−ProductionissettobegininJanuary2025,withdeliveryexpectedinthesecondquarterof2025[2]−Thisprojectisthesecondoftwopotentialcontractsexceeding3.2 million contract for a multifamily housing project in Maine, further enhancing its market position in New England [1][2][3] Group 1: Contract Details - The contract involves the manufacturing of 40 modules for five 4-unit townhouse condominiums in Lincoln County, Maine [2] - Production is set to begin in January 2025, with delivery expected in the second quarter of 2025 [2] - This project is the second of two potential contracts exceeding 5 million mentioned in the company's Q3 2024 earnings release, with the first being a $2.1 million project in Vermont [2] Group 2: Company Insights - Rick Coleman, CEO of Star, emphasized the project as a significant win for KBS in Maine, reinforcing its strong reputation in the region [3] - The company is actively converting large commercial projects from its sales pipeline into booked backlog, indicating a positive trend in business operations [3] - The company believes its location and expertise position it well to address the housing shortage in New England, providing high-quality construction solutions [3] Group 3: Company Structure - Star Equity Holdings, Inc. operates as a diversified holding company with two main divisions: Building Solutions and Investments [4] - The Building Solutions division includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing [5] - The Investments division manages the company's real estate assets and investment positions in both private and public companies [6]