A $1 billion construction contract from Layton in Massachusetts is expected to generate $1 million per day in revenue over the next three years, the company said Thursday.
Layton Construction said in a filing with the Securities and Exchange Commission that it sold $1,521.8 million worth of residential and commercial property during fiscal year 2017 to build facilities at its new construction site at 486 Main Street in Bridgewater, Massachusetts.
The property sale included a $1-billion project to convert the old Easton Avenue into a mixed-use, mixed-income community, the city said.
The project, dubbed the Boston Common, will bring mixed-used residential, retail and office space to the former site of the old Boston Common.
The project is expected be complete by the end of 2022.
The construction contract also included a two-year option for $500 million to expand the development, with the first $250 million of the funds earmarked for a parking garage and pedestrian bridge.
The company said it is not disclosing how much of the $500-million is earmarked to fund the bridge project, which is not expected to be completed until 2023.
The company said in its filing that the sale represents a $300 million increase from fiscal year 2016.
The firm has already generated $400 million in revenue for the first three quarters of 2017.
The city expects to begin selling the properties in 2022.