KBS Builders Secures Major Multifamily Project in Maine

KBS Builders Secures Major Multifamily Project in Maine

KBS Builders, a subsidiary of Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP), has recently achieved a significant milestone in the construction industry. They have been awarded a contract worth $3.2 million to manufacture modules for a multifamily housing project.

Project Overview and Implementation

The awarded contract entails the production of 40 modules designed to construct five townhouse condominiums. This project is set in Lincoln County, and production is scheduled to begin soon after commencement in January. The delivery of the fully manufactured modules is expected to take place in the second quarter of the year.

Building Quality Homes

Rick Coleman, the CEO of Star Equity Holdings, expressed enthusiasm about this achievement. He emphasized that this project not only reinforces KBS's reputation in the construction sector but also shows that the company is effectively translating opportunities from its sales pipeline into tangible projects. Coleman pointed out that as they secure more contracts, it showcases their capability to meet the housing demands in New England.

Company's Strategic Vision

KBS Builders continues to capitalize on the growth opportunities in the multifamily housing market, especially as the need for quality housing rises in various regions. With their construction expertise and strategic location, the company is well-positioned to tackle the increasing demand for housing solutions.

Addressing the Housing Shortage

Understanding the pressing issue of housing shortages in New England, Coleman emphasized, "We believe our location and expertise uniquely position us to address the shortage of housing in New England and allow us to provide best-in-class construction solutions for our customers." This sentiment reflects the company's dedication to not only fulfilling construction contracts but also improving community living standards through quality development.

About Star Equity Holdings, Inc.

Star Equity Holdings, Inc. is a diversified holding company specializing in multiple sectors including construction and manufacturing. The company operates two primary divisions: Building Solutions and Investments.

Building Solutions Division

The Building Solutions division is a significant contributor to the company’s overall growth. It focuses on various sectors like modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing. This diverse range of services not only serves to broaden their market reach but also allows them to cater to different client needs effectively.

Investments Division

In addition to construction, Star Equity's Investments division plays a crucial role in managing and financing the company's real estate assets. This division is essential for maintaining a robust financial foundation and enables the company to make informed investment decisions in both private and public markets.

Future Prospects

Looking ahead, KBS Builders aims to utilize this contract as a stepping stone for further growth in the multifamily sector. With a focus on high-quality constructions and innovative building solutions, they are set to play a pivotal role in addressing housing challenges faced in many communities.

Frequently Asked Questions

What is the value of the newly awarded contract?

The contract is valued at $3.2 million for the manufacturing of modules for multifamily housing.

Where is the multifamily construction project located?

The project is located in Lincoln County, focusing on the development of townhouse condominiums.

What other projects has KBS Builders worked on recently?

KBS Builders has another notable project in Vermont, valued at $2.1 million, which was mentioned in their previous earnings release.

Who is the CEO of Star Equity Holdings?

Rick Coleman serves as the CEO of Star Equity Holdings, Inc.

What divisions does Star Equity Holdings operate?

Star Equity Holdings operates two divisions: Building Solutions and Investments, addressing the construction and financial aspects of the business.

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