Black-owned company will oversee $215 million renovation of Charlotte Hornets arena through joint venture

As we embark on the second largest revenue-generating project in history, DA Everett Construction Group (DAECG) plans to start work this spring on a $215 million renovation of the Spectrum Center in North Carolina.

Founded by Donovan Everett in 2013, DAECG is improving the house arena of the NBA’s Charlotte Hornets in a joint venture with industry powerhouse Turner Construction.

The project, called “The Reimagine Spectrum Center,” will feature many improvements. These include providing more meeting space for fans, adding 2,500 seats on the lower level, improving concourses, improving the suites and founders’ levels, making a recent club space and increasing social gathering space near food and beverage areas.

Improving the company’s strategic growth and visibility

Everett said BLACK ENTERPRISES that his company’s shares are 20%. This means the project will generate an estimated $15 million to $20 million in recent revenue for DAECG this 12 months and roughly $25 million in 2025, when most of the facelift will be performed. Work will begin in May 2024 and is predicted to be accomplished in time for the 2025–26 NBA season.

This high-profile project is predicted to have a significant impact on DA Everett’s growth strategy and make it a more visible player in a highly competitive industry. The Black-owned construction management and general contracting company projects revenue of greater than $100 million this 12 months, up from a record high of just over $70 million last 12 months. New projects like Spectrum and existing ones are expected to drive profits.

Revenue aside, Everett says the Spectrum deal will, in some ways, be a windfall for the company long after the work is accomplished. “This project has gained a lot of attention locally and nationally, allowing us to become ubiquitous. This will further position us to secure other large commercial projects and public gatherings at the local and regional level that we would otherwise be unprepared for.”

With over 25 years of experience, Everett has led and accomplished business construction projects valued at over $2 billion. As president and CEO of DAECG, Everett’s current responsibilities include executing the company’s growth plan, supporting strategic partnerships and constructing high-performing teams.

Increasing experience as a contractor of sports and entertainment facilities

Everett says Turner Construction and his company won the Spectrum Center contract approved by town of Charlotte after competing against two other reputable firms. He says Turner’s successful completion of the renovation of the State Farm Arena for the Atlanta Hawks and his company’s recent renovation of the Bojangles Coliseum-Oven Auditorium in Charlotte were the catalysts that showed the businesses were one of the best team for the endeavor.

“This project gives DA Everett greater visibility of our qualifications and capabilities and allows us to strengthen and develop our experience as sports and entertainment contractors,” says Everett.

DAECG largely provides advanced planning, pre-construction and construction management services. It serves multiple sectors including automotive, healthcare, higher education, life sciences, public gatherings and government. It operates in North Carolina, South Carolina and the U.S. Virgin Islands.

The company currently has 14 energetic projects in North and South Carolina. Its current confidential life sciences project within the Charlotte area is 100% DAECG audited. Everette claims to be the company’s largest source of revenue, generating $69 million. Other major projects include the NC Department of Health and Human Services’ $250 million Phase 1 campus project in Raleigh. Another involves Winston-Salem State University, a $51 million renovation of an auditorium for an HBCU in North Carolina.

Maintaining growth despite challenges

To facilitate and sustain the company’s growth, Everett and his team intentionally set lofty goals. He says this includes continually reviewing whether the company is meeting its financial performance goals and implementing its strategic plan. “We experienced some challenges and setbacks along the way, as is expected in this business, but we never lowered our goal; we assessed, we looked for lessons and we kept moving forward.”

He shared that over 80% of his company’s revenue comes from repeat clients and freelance work. He added that the company has a solid portfolio, with projects on the backlog through 2027. Its ambitious revenue goal is to turn into a stable $250 million company by 2030. “We will continue to dig deep into the markets we currently serve, and we will continue to drive excellent service to our customers.”

Everett says his company will continually monitor the health and development of recent markets. This requires identifying geographic expansion opportunities in areas of the southeastern United States, resembling Atlanta. “Atlanta has a great, inclusive business environment, especially for Black-owned businesses, and the vertical markets we serve have a strong foundation for continued construction growth in this metro market.”

Finding a distinct segment and filling the void

The enterprising entrepreneur initially selected another choice to finance his business because he didn’t need to seek traditional bank financing. “I decided to raise private capital worth PLN 150,000. dollars from ‘rich uncle’ to start a business.” Everett’s company has received frequent awards for its work, including this one recognition.

Everett was introduced to the industry after growing up in a construction and real estate investing family and dealing for his father’s home construction company. His experience includes working for over 10 years on major construction projects for Balfour Beatty before founding DAECG to manage his own destiny.

“I also observed a vacuum in the market for Black-owned commercial construction companies that were operating at scale or did not seem growth-oriented after years of operation.”