Movers and SHAKERS
Orion Group Holdings (ORN)
Tampa Yard Sale Moving Ahead
Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Tampa Yard Sale Moving Forward. The Tampa City Council approved the first reading of the zoning change from heavy industrial to mixed use on the West Tyson property in Tampa that is under contract to be sold. The buyer, a developer, had asked for a continuance at the February 11th meeting after one council member expressed concerns about the density of the proposed development plan. The original development plan was scaled back and now includes fewer units (495 versus 649), lower density (26.7 units/acre versus 34.9 units/acre), fewer multi-family buildings (three versus five), and more restaurant/retail space (14k square feet versus 5k square feet). While there were lingering safety concerns about the proximity of the development site to a chlorine plant, the City Council approved the modified plan, with four affirmative votes, two negative votes and one abstentation due to a potential conflict of interest.
Sale Likely to Close in mid-2Q2021. The next step to finalize the zoning change is a second reading and adoption, which should happen at the April 22nd City Council meeting. Once that step is completed, the sale should close. Combined with the pending sale of the Port Lavaca property, asset sales could generate more than $25 million and capital allocation should shift from deleveraging to growth ...
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