Hill International Supports Texas A&M on New Medical Center Projects

Rhea-AI Summary

Hill International (NYSE:HIL) has been awarded a project management and inspection contract by the Texas A&M University System (TAMUS) for the Texas A&M Innovation Plaza in Houston. This $546 million expansion includes two major projects: a $145 million renovation of an 18-story building for the Health Science Center, and a $401 million P3 project for new housing and medical facilities. The first phase is set for June 2022 completion, with the second phase targeting January 2024. Hill's CEO highlighted the significant benefits these projects will provide to Houston’s medical community.

Positive

• Awarded a $546 million contract for project management services.
• Engagement in a prestigious project with Texas A&M University System enhances reputation.
• First project phase completion slated for June 2022, signaling timely execution.

Negative

• None.

News Market Reaction – HIL

+16.99%

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+16.99% News Effect

On the day this news was published, HIL gained 16.99%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

PHILADELPHIA and HOUSTON, June 16, 2020 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it, in association with its HUB partner, Sage Project Consulting, has been selected by The Texas A&M University System (TAMUS) to provide project management and inspection services on the construction of a new medical and housing complex near the Texas Medical Center area of Houston. The multi-phased development will be called the Texas A&M Innovation Plaza.

“Hill and Sage are providing project management and inspection services for TAMUS’s exciting project,” says Hill Senior Vice President Robert Ferguson. “We look forward, in particular, to working with the public-private partnership (P3) entity to successfully deliver TAMUS’s projects on time, within budget, and with the high quality TAMUS expects. We’ve had the opportunity to support P3 projects for TAMUS in the past, and so our team understands how to effectively collaborate in this unique context.”  

“TAMUS’s expansion into the Texas Medical Center area is a great benefit to Houston,” says Sage President Rhonda Robinson. “This location places them at the epicenter of medical advancement in Texas. We are pleased to be a part of their delivery team.”

TAMUS’s approximately $546-million expansion consists of two separate projects. The first project involves the $145 million purchase and renovation of an 18-story building. This building will be used to host faculty, learners, and researchers from across Texas A&M’s Health Science Center. That includes the unique Engineering Medicine degree program, “EnMed,” which offers students the opportunity to be taught simultaneously both medicine and engineering and receive two degrees—an M.D. as well as an M.S. in engineering. The new facility will provide the Health Science Center a physical space where complex problems in engineering and medicine can be explored. This project is expected to be completed in the summer of 2020.

The second project will use $401 million in private sector money and a P3 delivery method to build two new towers adjacent to the EnMed Building at the site at the southern edge of the Texas Medical Center. The first phase will include a new 19-story, 714-bed Student Housing building with priority leasing for Texas A&M medical students and Prairie View A&M nursing students. The first phase will also include the base of a second tower, including a 1.2-million SF parking garage with 2,800 spaces and 15,000 SF of retail space, as well as 8,700 SF of lush green space between the buildings. The first phase is scheduled for completion in June 2022.

The second phase of the P3 project will be an integrated medical plaza, a 17-story medical office building atop the parking garage. This 515,000 SF facility will be home for a variety of outpatient-centered medical uses and research, and is scheduled for completion in January 2024.

Hill Chief Executive Officer Raouf Ghali says: “Hill is proud to participate in these dynamic projects for TAMUS, a valued client whom we’ve had the opportunity to support since 2015. We also understand the great impacts these projects will have on the city of Houston, Texas’ medical community, and subsequently, the scientific community around the world.”

About Hill International

Hill International, with approximately 2,700 professionals in more than 55 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.

About Sage Project Consulting

Sage Project Consulting is a Houston, Texas based building consulting firm offering program and project management, construction management, and building advisory services to clients in the higher education, healthcare and wind energy markets. Sage Project Consulting is also a minority and woman owned business and a certified Texas HUB vendor.  For more information on Sage Project Consulting, please visit our website at www.sage-pc.com. 

Forward Looking Statements

Certain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.

Hill International, Inc.
Elizabeth J. Zipf, LEED AP BD+C
Senior Vice President
Hill International, Inc.
One Commerce Square
2005 Market Street, 17th Floor
Philadelphia, PA 19103
(215) 309-7707
elizabethzipf@hillintl.com

Hill International, Inc.
Todd Weintraub
Senior Vice President and Chief Financial Officer
(215) 309-7951
toddweintraub@hillintl.com

FAQ

What is the project awarded to Hill International related to Texas A&M University System?

Hill International has been selected to provide project management and inspection services for the Texas A&M Innovation Plaza, a $546 million expansion project in Houston.

What is the timeline for the Texas A&M Innovation Plaza projects?

The first phase of the projects is expected to be completed by June 2022, while the second phase is scheduled for completion in January 2024.

What are the financial details of the Texas A&M Innovation Plaza construction?

The total expansion is approximately $546 million, which includes a $145 million renovation and a $401 million private sector project.

How does the Texas A&M Innovation Plaza benefit Houston?

The project aims to enhance Houston’s medical community by providing modern facilities for medical education and research.