On October 16, the Denver Business Journal announced that Martines Palmeiro is ranked as No. 1 fasted growing companies for companies with revenues in excess of $55 million.
Percentage Growth: 237.24%
Revenue growth: From $43.4 million in 2012 to $146.38 million in 2014
Martines Palmeiro Construction LLC
President/partner: Michael Martines
No. of employees: 85 total, 60 in Colorado
The Denver Business Journal article is posted below.
Martines Palmeiro has several projects under construction
The company ranked No. 1 for companies with revenues in excess of $55 million.
Martines Palmeiro Construction LLC’s growth in the last few years coincided with the jump in demand for apartments in Colorado and other markets. But it also has been driven by a strategy designed by the Denver-based construction contractor.
“When the apartment market kicked off in 2012, we were ready for it,” saidMichael Martines, president and partner at Martines Palmeiro Construction (MPC).
The contractor’s growth strategy involves going after larger projects, as well as more work, and capitalizing on trends such as advances in construction-industry technology. MPC’s game plan also focuses on continuing to build a company clients want to use and where talented people want to work. “Growth comes from success, and success comes from our employees,” said Cory Palmeiro, MPC vice president and partner.
Martines, a New York native with a mechanical engineering degree from Rensselaer Polytechnic Institute of Troy, New York, and Palmeiro started MPC in 2008, after previously working together at apartment developer Greystar Real Estate Partners LLC. A Texas native, Palmeiro holds a bachelor’s in business from Stephen F. Austin State University.
The construction company specializes in apartment projects, but also builds retail space, hotels and assisted living properties. Its expertise extends from preconstruction and construction services to construction management. MPC’s mission, according to the company, is to “exceed industry expectations in all aspects of our business.”
By early 2012, when MPC’s recent apartment work took off, the company employed 11 people, and by the end of that year, staff had doubled. MPC currently employs roughly 85 people, including 60 in Colorado, and has a Texas office in Austin as well as its downtown Denver headquarters.
Revenues increased to nearly $147 million last year from $43 million in 2012.
MPC has built a total of some 3,500 apartment units in Colorado and Texas, according to the company. Recent Denver apartment projects include the $50 million, 314-unit Elan Union Station apartments with a King Soopers grocery store at 20th and Chestnut streets for Greystar and the $54 million, 332-unit 2785 Speer Boulevard for Allied Orion Group LLC of Houston.
Other projects range from the 135-room, $10 million Aloft hotel near the Colorado Convention Center to retail properties including a T.J. Maxx store in Greeley and an H&R Block office in Colorado Springs.
MPC’s growth plan is to expand based on client needs, and sometimes slowing growth to give employees time to get the training they need. Creating an attractive work environment that promotes work-life balance for employees has reduced turnover, which has helped increase growth, according to the company.
“Our model is to have more controlled growth, rather than a steep increase in growth. … We take time to reevaluate things,” said Tony Lajimodiere, MPC’s vice president of finance.
The construction industry’s embracing of technology — from the use of tablets on job sites that provide real-time project updates to payment management software — has allowed MPC to do more work with fewer people, according to the company. “We have a lot of qualified people, and technology helps them do more,” said Martines. “All our accounting systems as well as our project administration functions are technology based.”
Just as MPC was prepared to take advantage of increased demand for apartments, the contractor continues to pay attention to market trends on which it can capitalize. “As the market shifts, we adjust,” said Lajimodiere.
“The bulk of our work is where demand is,” said Palmeiro.
Going forward, the contractor is looking at building student housing and office properties as demand dictates. “We are expanding our forte into … high-rise construction, so we can be ready for office work” when there’s demand, said Martines.
Paula Moore is a contributing writer for the Denver Business Journal.