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Construction costs push JE Dunn jail project price up 17%

May 19, 2023


Across the country, high material costs combined with mounting financing issues are adding to the time it takes to get projects across the finish line.

For example, Irvine, California-based Shopoff Realty Investments paused construction in March on its $550 million Las Vegas Dream Resort project due to construction financing issues. Meanwhile, New York City-based Vornado Realty Trust also hit pause on an 18 million-square-foot project in midtown Manhattan because of unfavorable capital markets.

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