FX.co ★ Skanska Signs $53 Mln Deal With Virginia Tech To Build New College Of Engineering Facility

Skanska AB (SKSBF.PK), a prominent Swedish construction and development company, announced on Friday that it has entered into an initial agreement with Virginia Tech for the construction of a new College of Engineering in Virginia, United States.

The initial agreement, which includes early site work, is valued at $53 million, approximately 550 million Swedish kronor. This contract will be recorded in the US order bookings for the second quarter of 2024.

The project encompasses the demolition of Randolph Hall and the subsequent construction of a new, expanded 26,500-square-meter facility to accommodate various College of Engineering departments. The new facility, named Mitchell Hall, will offer over 70 percent more gross square meters within the same footprint.

Construction is scheduled to commence in spring 2024, beginning with the demolition of Randolph Hall, and aims for completion by spring 2028.

The project also involves intricate construction around the existing stability wind tunnel, which will be preserved and integrated into the new Mitchell Hall.

Upon its completion, Mitchell Hall will stand as the largest building on the university's Blacksburg campus, according to the company.