March 22nd 2024.
D.A. Everett Construction Group, led by founder Donovan Everett, is gearing up for its second-largest project to date. This spring, the company will begin work on a $215 million renovation of the Spectrum Center in North Carolina. In partnership with Turner Construction, a major player in the industry, DAECG is taking on the ambitious project, titled "The Reimagine Spectrum Center."
This renovation will bring about a multitude of improvements to the home arena of the NBA's Charlotte Hornets. Some of the upgrades include creating more gathering spaces for fans, adding 2,500 additional lower-level seats, and enhancing concourses, suite levels, and club spaces. The goal is to provide a better overall experience for attendees and increase social gathering spaces near food and beverage areas.
Not only will this project generate significant revenue for DAECG, but it will also have a lasting impact on the company's growth strategy. With a 20% stake in the project, DAECG is estimated to earn between $15 to $20 million in revenues this year and around $25 million in 2025 when the renovation is completed. Construction will begin in May 2024 and is set to conclude before the 2025-26 NBA season.
This high-profile project is expected to elevate D.A. Everett's visibility and establish the company as a key player in the competitive construction industry. With projected revenues of over $100 million this year, DAECG is on track for significant growth. Existing projects, along with new ones like the Spectrum Center renovation, will fuel this growth.
Aside from the financial benefits, Donovan Everett believes that the Spectrum Center project will bring long-term advantages to the company. He shared, "This project has gained a lot of attention locally and nationally, allowing us to become omnipresent. It will further position us to secure other large commercial and public assembly projects locally and regionally that we might not have otherwise been positioned for without it."
With over 25 years of experience in the industry, Everett is a seasoned professional and the driving force behind DAECG's success. As the president and CEO, he is responsible for the company's growth plan, strategic partnerships, and building high-performing teams.
The Spectrum Center contract was awarded to Turner Construction and DAECG after competing with two other reputable firms. According to Everett, Turner's successful completion of the State Farm Arena renovations for the Atlanta Hawks and DAECG's recent renovation of the Bojangles Coliseum-Oven Auditorium for the city of Charlotte were key factors in selecting the two companies for the project.
"This project affords D.A. Everett increased visibility of our qualifications and capabilities and allows us to strengthen and grow our experience as sports and entertainment contractors," Everett said.
DAECG specializes in advanced planning, preconstruction services, and construction management for various sectors, including automotive, healthcare, higher education, life sciences, public assembly, and government projects. The company operates in North Carolina, South Carolina, and the U.S. Virgin Islands, with 14 active projects in these areas.
One of DAECG's largest revenue-generating projects is a Confidential Life Sciences project in Charlotte, which is 100% controlled by the company and brings in $69 million. Other notable projects include a $250 million project for the NC Department of Health and Human Services HQ Campus Phase 1 in Raleigh and a $51 million auditorium renovation for Winston-Salem State University, a historically Black university in North Carolina.
Despite challenges, DAECG continues to sustain its growth. To ensure this, Everett and his team set ambitious goals and constantly monitor the company's financial performance and strategic plan. He shared, "Along the way, we experienced some challenges and failures, as expected in this business, but we never lowered our target; we assessed, looked for the lesson, and kept pushing forward."
Over 80% of DAECG's revenue comes from repeat clients and stand-alone projects, and the company has a robust pipeline with projects backlogged until 2027. The company's goal is to become a sustainable $250 million company by 2030 by deepening its presence in current markets and providing top-notch service to clients.
Looking ahead, DAECG plans to monitor the growth of new markets and explore opportunities for geographical expansion, particularly in the Southeast U.S. area, such as Atlanta. Everett explained, "Atlanta has a great inclusive business environment, especially for Black-owned businesses, and the vertical markets that we serve have strong fundamentals for continued construction growth trends in that metro market."
With a background in construction and real estate investment, Everett was introduced to the industry at a young age. He worked at his father's residential construction company and spent over 10 years working on large-scale projects for Balfour Beatty before starting DAECG. He saw a gap in the market for Black-owned commercial construction companies operating at a large scale and with a growth mindset, leading him to establish DAECG.
Rather than seeking traditional bank funding, Everett took an alternative route to finance his business by seeking $150,000 in private capital from a family member. His company's successes have not gone unnoticed, and DAECG has been recognized for its exceptional work. Moving forward, Everett and his team remain focused on achieving their goals and filling the void in the market for a Black-owned commercial construction company with a strong growth mindset.
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