Granite Awarded $20 Million Bike Trail Project in California

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $20 million contract for the Union Valley Bike Trail Extension from the Sacramento Municipal Utility District. This project, which falls into Granite's second quarter committed and awarded projects, aims to enhance recreational access in California's El Dorado National Forest. The scope includes 4.5 miles of paved bike trail, parking, picnic areas, and boardwalks. Construction is set to start in June 2021 and conclude by October 2023, promoting Granite's commitment to sustainable and environmentally conscious construction practices.

Positive

• Secured a $20 million project, enhancing revenue prospects.
• Project aligns with Granite’s sustainability goals and experience in similar projects.

Negative

• None.

Granite (NYSE:GVA) has been awarded the Union Valley Bike Trail Extension project by Sacramento Municipal Utility District, serving the area between Placerville and South Lake Tahoe, California. The $20 million award is anticipated to be included in Granite's second quarter committed and awarded projects (CAP)¹.

Located within the El Dorado National Forest, this environmentally protected area offers users a one-of-a-kind outdoor experience. The bike trail extension will create access for recreation along the Union Valley Reservoir's north shore, improving accessibility and connecting to the numerous campgrounds in the area. The scope of work includes four and a half miles of a paved bike trail, a paved parking area, picnic area, one mile of boardwalk, and multiple bridge structures around a portion of the reservoir.

"Our team has worked on several environmentally sensitive projects similar to the Union Valley Bike Trail Project, such as our award-winning Lake Tahoe East Shore Trail,” said Granite Area Manager Brian Roll. "Bringing that experience to this project, we are committed to protecting this pristine environment and constructing the trail with environmentally conscious construction methods."

“This project aligns with Granite’s commitment to sustainable construction and environmentally responsible operations,” said Granite Sustainability Specialist Raven Adams. “The increased accessibility and mobility options demonstrate the opportunities available when project design includes and considers the economic, social, and environmental impacts.”

Construction is expected to begin in June 2021 and is expected to conclude in October 2023.

¹ CAP is comprised of unearned revenue and other awards, as well as construction management/general contractor and alternative procurement projects.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure, and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

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FAQ

What is the Union Valley Bike Trail Extension project by Granite?

The Union Valley Bike Trail Extension project, awarded to Granite (NYSE:GVA), involves constructing 4.5 miles of paved bike trail and related facilities, enhancing recreational access in California's El Dorado National Forest.

How much is the contract value for the Union Valley project?

The Union Valley Bike Trail Extension contract awarded to Granite is valued at $20 million.

When will construction for the Union Valley project begin?

Construction for the Union Valley Bike Trail Extension project is expected to begin in June 2021.

When is the expected completion date for the Union Valley Bike Trail Extension?

The Union Valley Bike Trail Extension project is expected to be completed by October 2023.

What impact does the Union Valley project have on Granite's financial performance?

The Union Valley project bolsters Granite's financial performance by increasing their contract base, with a $20 million addition expected in their upcoming financial statements.