Smith-Midland wins $5.5 million SlenderWall contract in major New York redevelopment project

Rhea-AI Summary

Smith-Midland Corporation (NASDAQ:SMID) has secured a contract worth over $5.5 million to provide architectural precast concrete cladding for a 19-story multi-family building in New Rochelle, NY. This project is part of a significant $4 billion redevelopment initiative aimed at revitalizing the downtown area. The company will utilize its proprietary SlenderWall system, contributing approximately 72,000 square feet of precast panels alongside traditional precast materials. Construction commenced in February 2021, with an anticipated completion in 2023.

Positive

• Secured a contract exceeding $5.5 million, enhancing revenue.
• Part of a $4 billion redevelopment project in New Rochelle, indicating a strong market opportunity.
• Utilization of proprietary SlenderWall system, potentially increasing competitive advantage.

Negative

• None.

MIDLAND, VA / ACCESSWIRE / April 14, 2021 / Smith-Midland Corporation (NASDAQ:SMID) today announces a contract win to provide architectural precast concrete cladding products and services, including Smith-Midland's proprietary SlenderWall system for use in a 19 story multi-family structure in New Rochelle, New York.

11 Garden Street, New Rochelle Development

New Rochelle embarked on an ambitious $4 billion redevelopment plan to spark a major economic rebirth of their historic downtown. The plan includes 12 million square feet of new development, comprised of three dozen mixed-use, multi-family, office, and hospitality projects.

One of the projects to break ground in the first wave of development is 11 Garden Street. The 19 story multi-family structure is being developed by Glenwood Management of New Hyde Park, New York. On March 25 Glenwood contracted with Smith-Midland to provide over $5.5 million of architectural precast concrete cladding products and services including the Company's proprietary SlenderWall system. Glenwood Management is a private, multi-generational New York City real estate developer, owner, and manager specializing in high-end luxury apartments.

The 219-unit project designed by the architectural firm, Stephen B. Jacobs Group, will utilize over 72,000 square feet of white acid-etch finished SlenderWall architectural precast panels in combination with 15,000 square feet of traditional architectural precast to clad the exterior of the structure. Both products will be manufactured under PCI certified guidelines in Smith-Midland's flagship Virginia plant. The SlenderWall panels will also receive factory-applied high thermal performance R-24 closed-cell spray foam insulation prior to shipment. In accordance with the Company's lean manufacturing process, Smith-Midland will handle all just-in-time transportation, and erection services for this project. Construction began in February 2021 with completion planned for 2023.

"Our strength in the New York and New Jersey markets continues with this project for Glenwood. We have completed a cluster of great projects along the Hudson River in the past five years, and we hope to duplicate that pattern with our project in the New Rochelle redevelopment initiative. We are focused on growing our proprietary, lightweight SlenderWall cladding business and continue to add value for our clients as we expand our pre-fabrication and customization offerings including options for preinstalled insulation, wall studs and windows," said Chief Executive Officer, Ashley Smith.

About SlenderWall

SlenderWall is an award-winning modular precast envelope system that is fully compliant with all current building codes including fire, windstorm, seismic and thermal requirements. The system is licensed for manufacture to qualified precast concrete companies across North America by Smith-Midland's subsidiary Easi-Set Worldwide, a leading product licensor in the precast concrete industry. To inquire about licensing opportunities, contact Easi-Set at (540) 439-8911 or info@easiset.com.

To learn more about using SlenderWall for your next project or to schedule a presentation or plant tour, contact Smith-Midland at (540) 439-3266 or info@smithmidland.com.

About Smith-Midland Corporation

Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utilities industries. Management and the Board own approximately 20 percent of SMID stock, aligning with shareholder values.

This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Media and Sales Inquiries:
info@smithmidland.com
(540) 439-3266

Investor Relations:
Steven Hooser or Deidra Roy
Three Part Advisors, LLC
(214) 872-2710

SOURCE: Smith-Midland Corporation

View source version on accesswire.com:
https://www.accesswire.com/640363/Smith-Midland-wins-55-million-SlenderWall-contract-in-major-New-York-redevelopment-project

FAQ

What is the significance of the recent contract won by Smith-Midland Corporation?

Smith-Midland Corporation's recent contract worth over $5.5 million signifies a strategic growth opportunity within the $4 billion redevelopment project in New Rochelle, NY.

When is the construction for the New Rochelle project expected to be completed?

Construction for the New Rochelle project is expected to be completed in 2023.

How much architectural precast concrete will Smith-Midland provide for the New Rochelle building?

Smith-Midland will provide over 72,000 square feet of its SlenderWall architectural precast panels and 15,000 square feet of traditional precast.

What is the SlenderWall system used in the New Rochelle project?

The SlenderWall system is an award-winning modular precast envelope system that meets all current building codes and will be utilized in the 19-story structure in New Rochelle.

What opportunities does the New Rochelle redevelopment present for Smith-Midland?

The New Rochelle redevelopment presents significant opportunities for Smith-Midland, allowing expansion in the New York market and enhancing its SlenderWall cladding business.