Granite Secures Approximately $14 million CMGC Traffic Flow Improvement Project

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $14 million traffic flow improvement project in Santa Barbara, CA, awarded by Caltrans. This project, part of a larger suite, involves constructing two roundabouts aimed at enhancing traffic flow in Montecito's lower village. The project will be funded by the Regional Surface Transportation Program and is expected to be completed by December 2023. Granite's Gardner Facility will provide approximately 2,500 tons of hot mix asphalt, with all removed pavement recycled for future projects.

Positive

• Awarded a $14 million project enhancing traffic flow in Santa Barbara, CA.
• Utilizes innovative Construction Manager General Contractor (CMGC) delivery method.
• Recycling of materials promotes sustainability.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) announced today that it has been awarded an approximately $14 million traffic flow improvement project in Santa Barbara, CA by the California Department of Transportation (Caltrans). This is a ‘parallel project’ to the Highway 101: Carpinteria to Santa Barbara suite of projects, which Granite is delivering using the innovative, collaborative Construction Manager General Contractor (CMGC) project delivery method. The project will be funded by the Regional Surface Transportation Program, and is expected to be included in Granite’s fourth quarter CAP.

The project will construct two roundabouts in the heart of Montecito’s lower village. Located where busy frontage and arterial roads intersect with freeway ramps, the roundabouts will improve the traffic flow for residents and businesses. Granite’s Gardner Facility will supply approximately 2,500 tons of hot mix asphalt (HMA), and all pavement and hardscape removed from the project will be recycled for use on Granite’s CMGC corridor projects.

“These intersections are the gateway to Montecito and on the route to two nearby schools, so the improved traffic flow will be a real improvement for folks,” said Granite VP Regional Operations, Larry Camilleri. “This project fulfills commitments made to the City of Santa Barbara and Santa Barbara County to improve mobility not only on the freeway, but on local roads throughout the Highway 101 corridor.”

The project is underway and is expected to be completed in December 2023.

About Granite

Celebrating its centennial year, 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 graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221206006037/en/

Media

Erin Kuhlman 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite

FAQ

What is the new project awarded to Granite (GVA)?

Granite has been awarded a $14 million traffic flow improvement project in Santa Barbara, CA.

When is the Granite (GVA) Santa Barbara project expected to be completed?

The project is expected to be completed in December 2023.

How will the Santa Barbara project funded?

The project will be funded by the Regional Surface Transportation Program.

What is the significance of the two roundabouts in the new Granite (GVA) project?

The roundabouts are designed to improve traffic flow for residents and businesses in Montecito's lower village.

What materials will Granite (GVA) use for the project?

Granite's Gardner Facility will supply approximately 2,500 tons of hot mix asphalt (HMA) for the project.