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Nonresidential public construction spending, while only about a quarter of private-sector spending, has been growing at a much faster clip lately. In June, it was up 13.8% to $411.4 billion, with commercial and manufacturing the biggest subsectors, according to Commerce Department estimates.
Lucas Koski, director of property development for Artspace who is leading the project to rejuvenate the 130-year-old building, said that so far construction inside the building has gone smoothly, with the major setbacks coming from supply issues for electrical gear as well as the lengthy process it took to secure the funding necessary for all the work that has been going on inside.
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The ceremony follows months of construction work beneath the plaza to stabilize certain structures, like Pan Am Tower, and prepare the site for a three-year buildout.
A four-story, 80-unit apartment is being built onto the almost-100-year-old building on the corner of Russell and 4th streets.