Toronto, Ontario – October 13, 2006: Aecon Group Inc. (TSX: ARE) announced today that its Buildings Division has been awarded a design-build project by Forum Leasehold Partners Inc. for the $37 million Orléans Arts Centre Facility in Ottawa. The project was approved earlier this week by Ottawa's City Council.
The project involves the construction of the 86,000 square foot Orléans Art Centre which will feature a 500-seat performing arts theatre, a smaller 100-seat studio theatre, an art gallery, as well as studio space for the visual arts. The Arts Centre will be built on vacant land surrounding the City's Orléans Client Services Centre on Centrum Boulevard.
Financing of the Public-Private Partnership (P3) is expected to close in January, 2007. Detailed design work will commence at that time, and construction will begin in the spring of 2007. The project is scheduled to be complete in the fall of 2008. Aecon is responsible for the design and construction portion of the P3. Forum Leasehold Partners Inc. and other partners are responsible for the finance/operation portions of the project.
This is the second P3 project Aecon has worked on with Forum Leasehold Partners and the City of Ottawa, having completed the Ottawa Paramedic Service Headquarters in 2005.
“This project builds upon Aecon's strong reputation in the Ottawa market, and the entertainment sector,” said Bob Molgat, President, Aecon Buildings. “We are honoured to be a partner in this unique project, which will play a vital role in economic development of Orléans and the entire eastern Ottawa region.”
Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally.