Bethesda-Based Meridian Group Launches Construction Arm
The Meridian Group, a Bethesda, Md.-based developer with a large footprint in Washington, D.C., is adding a construction arm to its business in response to post-COVID challenges facing the construction industry.
“Over the past two to three years, we’ve seen tremendous instability with construction costs and schedules due to supply issues and an unprecedented escalation in the cost of materials,” Jason Phillips, senior vice president of The Meridian Group, told Commercial Observer.
“We wanted a clearer view of these construction industry challenges. Instead of relying on third-party general contractors, we wanted to be closer to these issues so we would be in a better position to solve them,” Phillips said. That, in turn, will lower the risks for the company’s projects and ultimately provide a better level of service to its partners and more value to investors, he said.
The new Meridian Construction Group will build projects with a focus on thoughtful and innovative tenant fit-outs and amenity spaces, Phillips said.
“As the company expands its footprint into new markets and industry segments, it will leverage its extensive expertise as an owner/operator and use a collaborative approach to general contracting,” he said.
The Meridian Group’s projects currently include working with ARCO Design/Build Industrial to construct the 180-acre I-70 Gateway Industrial Warehouse project in Hagerstown, Md; a joint venture with Wickshire Industrial to construct One Logistics Park, a 2.7 million-square-foot industrial space in Winchester, Va.; and the renovation of 1500 Wilson Boulevard, a 261,000-square-foot office building in Rosslyn, Va.
“We’re excited to introduce the Meridian Construction Group as we grow the business to improve our competitive advantage in the market and bring even more value to our investors,” Mark King, president and COO of The Meridian Group, said in a prepared statement. “With best-in-class leadership, Meridian Construction Group will continue our long record of developing state-of-the-art projects of unmatched quality.”
Keith Loria can be reached at Kloria@commercialobserver.com.