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You are here: Home / Builders / Christensen Suspends Construction of New Yard

Christensen Suspends Construction of New Yard

By Diane M. Byrne on 02.06.09

Christensen Shipyards is putting the construction of its new Tennessee facility on hold.

According to the Knoxville News Sentinel, the yard being built on Tellico Lake, expected to cost $20 million, has stopped construction due to a combination of factors. One was the possibility of increasing the size of the 400,000-square-foot yard, which was intended to build megayachts to 225 feet. Henry Luken, an investor in Christensen and a Tennessee businessman, told the paper, “We couldn’t put the doors on the building until we made the decision” and that instituting the delay will help save $1 million.

Other factors the paper quotes Luken referencing are the drop in the stock market over the past several months and his $30-million investment in a digital TV network. Regarding the latter, “I’m spending my own money, none of it is borrowed, so I have to be careful how I use it,” Luken told the paper.

There is good news, however: Work should begin again later this year. “We will finish the project. Most of the money has been spent. There is only about $3 million more,” he says.

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