A six-year, $494 million project to widen seven miles of Washington's Interstate 5 highway between Olympia and Tacoma will be funded by an 11.9-cent-per-gallon gas-tax increase. Population in the area has doubled since the last time the highway was widened, and plans include new lanes and widened bridges to accommodate the 120,000 cars a day that use I-5.
A new $2.3 billion 2015-16 operating budget approved by Duke University trustees includes $494 million for several major construction projects, including a new student center and engineering facility. The new budget is 3.6% higher than that for the current year, which ends June 30.
Concrete work is slated to begin at the site of Sanford Health's new 11-story medical center in Fargo, N.D. The $494 million project broke ground in the summer of 2012, and 1,300 pilings that will support the structure have recently been installed. The project is likely to create between 700 to 800 construction jobs. Work will continue through the winter when prefabrication of patient-room headwalls, mechanical systems and other parts get underway.
Soilbuild Business Space REIT is planning an initial public offering in Singapore to raise as much as $370.27 million. The company owns seven properties in Singapore and plans to offer 586.5 million units.
Noble Energy finalized an agreement to acquire Petro-Canada's and Suncor's properties in the Rockies region. The $494 million deal includes about 340,000 net acres containing about 53 million proved barrels of oil equivalent.