Granite’s Highway 101 CMGC Work Continues with an Approximately $48 Million Contract

Rhea-AI Summary

Granite has been awarded a $48 million contract by the California Department of Transportation (Caltrans) to reconstruct a section of Highway 101: Montecito project in Santa Barbara County, California.

Positive

• Granite has been awarded a $48 million contract to reconstruct a section of Highway 101 in Santa Barbara County, California. The estimated construction contract value for the remaining segments is approximately $195 million.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) has been awarded a $48 million contract by the California Department of Transportation (Caltrans) to reconstruct a section of Highway 101: Montecito project in Santa Barbara County, California.

This project is the fourth mainline segment (4D North) awarded to Granite under its Construction Manager/General Contractor (CMGC) contract to reconstruct 10.9 miles of Highway 101. In December 2018, Granite announced that it had been selected as the CMGC for the overall Highway 101: Carpinteria to Santa Barbara project. The estimated construction contract value for the remaining segments is approximately $195 million. The first mainline segment (4A) was completed last year through Carpinteria. Segments 4C and 4B are underway and scheduled to be completed in 2023 and 2024. Segment 4D North is another significant step toward improving the traffic flow through this critical corridor.

“Our work will increase mobility for the community by adding a peak-hour HOV lane in each direction of travel and improve multiple elements of Highway 101 through Montecito, CA,” said Granite Vice President of Regional Operations, Larry Camilleri. “This project is another step to help alleviate the rush-hour traffic coming into and leaving Santa Barbara and we are excited to deliver this important project for Caltrans and the Santa Barbara County communities surrounding the project.”

The project is planned to begin in June 2023 and is expected to be completed in June 2026.

For more information on the project, visit SBROADS.com.

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 civil construction provider. 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 the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230621387428/en/

Media

Erin Kuhlman 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite

FAQ

What is the contract value awarded to Granite?

Granite has been awarded a $48 million contract.

Where is the project located?

The project is located in Santa Barbara County, California.

What is the estimated construction contract value for the remaining segments?

The estimated construction contract value for the remaining segments is approximately $195 million.

When is the project expected to be completed?

The project is expected to be completed in June 2026.