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| Rendering of Marriott Marquis, Washington, DC |
ATLANTA, GA –
Expansion in the hospitality and retail sectors fueled growth for
internationally recognized design firm Cooper Carry in 2013, and the
sectors are expected to continue to grow next year.
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| Kevin R. Cantley |
The firm, which is active in public and private sectors
ranging from higher education to hospitality, expanded its portfolio with
nearly 120 new projects, including nearly 3 million square feet of retail space
and more than 1,500 hotel rooms.
Additionally, Cooper Carry completed more than 1.2 million
square feet of residential space.
Growth has been
fueled by the resurgence of the private sector (a category that ranges from
large, publicly traded companies, to REITs, to smaller developers) leading to
an increase in planned hotels along with proposals for new and renovated
shopping centers.
“Cooper Carry’s net
revenue for 2013 has exceeded what we budgeted by 7 percent,” said Kevin R.
Cantley, president and CEO of Cooper Carry.
“This reflects a significant increase in the volume of
design commissions coming from private sector real estate developers compared
to the past two years.
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| Landmark Mall, Alexandria, VA |
“We believe that the increase in our design commissions
flowing from increasing activity in the commercial real estate sector is a
trend that will continue into at least the first quarter or two of 2014.
And
with a bit of good luck, we will see 2014 providing higher net revenue than
2013.”
Retail property development accounted for 18 percent of
projects awarded in 2013, and is also expected to expand next year. “We now
have significant retail projects for the first time in four years, as well as a
nice pipeline of both corporate build-to-suit and speculative office
buildings,” Cantley said.
Trends in mixed-use retail and property redevelopment are
expected to continue to grow, with projects like Cooper Carry’s 51-acre Landmark
Mall redevelopment in Alexandria, Va., and the firm’s renovation and
repositioning of the 760,000-square-foot Ballston Mall in Arlington,
Va., becoming more commonplace.
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| Ballston Mall, Arlington, VA |
In 2013, hospitality accounted for nearly one-quarter of the
projects Cooper Carry was awarded.
The firm’s status as a major player was
cemented in June, when Architectural Record ranked the company No. 2 in an
annual list of the Top 5 Hotel Design Firms.
A major hospitality project awarded this year to the firm is
a $260 million, 600-room convention center hotel in downtown Cleveland, Ohio.
Flagged by Hilton, the hotel is already receiving praise, with many expecting
it to change the Cleveland skyline.
Once complete, it will help support the $465 million Cleveland
Convention Center, which opened in June, and the interconnected Global
Center for Health Innovation.
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| Cleveland Convention Center Auditorium, Cleveland, OH |
Cooper Carry also teamed with tvsdesign to design the highly
anticipated Marriott Marquis in Washington, D.C.
Slated to open in May
2014, the 15-story hotel (with an additional 7 levels below grade) will be the
city’s largest, with 1,175 rooms and 100,000 square feet of event space.
“The volume of our hospitality design activity has increased
at an accelerating rate,” Cantley said. “Multi-family residential has also been
strong as well during the last three years, and we have even seen a recent increase
in backlog for these projects.”
Spread across three
offices in Atlanta, Washington, D.C., and New York City, Cooper Carry’s
architects and designers are active in both the public and private sectors. In
2013, the firm completed projects ranging from a retirement home to a
university student center in 44 cities while being awarded projects in another
62.
For a complete
copy of the company’s news release, please contact:
Hadley Creekmuir
The Wilbert Group
O: 404.343.4080
C: 404.556.0010
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