GLY Construction
Specialty: Office buildings, health care, assisted living, retail, medical
President: Lee Kilcup
Year founded: 1967
Headquarters: Bellevue
2004 revenues: About $90 million
Projected 2005 revenues: $117 million
Current significant projects: 138,000-square-foot expansion of a wing at Overlake Hospital; Childhaven project in Seattle
Good, and getting better,” is Lee Kilcup’s upbeat assessment of business. As president of GLY, Kilcup said he has a smile on his face these days — in contrast to several years ago, when contractors were feeling the pinch of the recession.
Business is up 30 percent this year over last, and will be up another 30 to 40 percent next year compared to this year. But there’s a catch. “The bad news is that next year we will do about the same volume of work as 2000,” he said.
The years 2001 to mid-2004 were tough for the industry, though GLY did not have any layoffs during the period. “We made a philosophical decision to retain most of the staff through the downturn,” he said. “We had significant staff availability, and now we need to look at that due to increased market demands.”
One of GLY’s largest recent projects is a 138,000-square-foot expansion of a wing at Overlake Hospital. The demolition/expansion included 104 beds and a 30,000-square-foot emergency room, as well as 370-stall parking lot. The company is starting prep work on the project.
Strong sectors continue to be health care, retail, technology (biotech), assisted living and non-profits, he said. Recent work includes the Childhaven project on Broadway and work for YMCA.
Medical office building projects have included Evergreen Plaza, Highline Hospital and IDX in Renton. An upcoming medical office building is Evergreen Gateway.
Much of GLY’s work is in King County. “But the cost of land has driven people to consider Pierce and Snohomish counties,” he said. Overall, he predicts the recovery will continue. “Our business depends on job creation and that’s just starting to happen, so I see two to three years of good markets ahead.”