Tutor Perini Corp. has received a $255 million contract for construction of an 82-story, mixed-use apartment tower along Biscayne Bay in Miami.
The Sylmar civil engineering and construction firm will build the Panorama Tower, featuring 821 luxury units, a 250-room hotel, 80,000 square feet of retail and 40,000 square feet of offices.
Construction on the 1101 Brickell Ave. project is expected to begin shortly with substantial completion expected in late 2017.
The deal with Florida East Coast Realty LLC to build the 2.6 million square-foot tower will also include construction of a recreation deck with several pools, a fitness area, a pool deck restaurant and two social rooms.
A 13-story garage integrated into the structure will provide 1,500 parking spaces.
Shares fell $1.14, or nearly 4 percent, to $30.13 on the New York Stock Exchange.