STOCK TITAN

Granite Selected for $257 Million Construction Manager/General Contractor Project in Central California

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Granite (NYSE:GVA) has been selected by Caltrans as the Construction Manager/General Contractor for the $257 million State Route 99 Rehabilitation project in Fresno, California. The initial construction management phase is valued at $3 million. The project aims to reconstruct 3.2 miles of roadway, improve traffic flow, and includes the replacement or widening of six bridges. The contract's construction management phase is set to begin by late 2020, with the general contracting phase starting in mid-2024, contributing to Granite's fourth quarter 2020 backlog.

Positive
  • Secured a $257 million contract with Caltrans for State Route 99 Rehabilitation.
  • The contract enhances Granite's project backlog, starting with a $3 million construction management phase.
Negative
  • None.

WATSONVILLE, Calif.--()--Granite (NYSE:GVA) announced today that it has been selected by California Department of Transportation (Caltrans) as the Construction Manager/General Contractor (CM/GC) for the $257 million State Route 99 Rehabilitation from El Dorado Street to Clinton Ave project in Fresno, California. The first phase of this contract is the construction management portion which is valued at $3 million. The entire project is valued at $257 million.

The State Route 99 Rehabilitation from El Dorado Street to Clinton Ave project will reconstruct 3.2 miles of roadway with concrete pavement and alleviate road traffic backups through downtown Fresno with improved interchange configurations, added auxiliary lanes, and increased shoulder widths. The project continues the widening of State Route 99 from a previous project completed for Caltrans by Granite in 2018.

The scope of work includes the replacement or widening of six bridges and several retaining and sound walls to accommodate highway widening including an existing Union Pacific bridge. Drainage facilities within the project will be replaced including two pumping plants.

“We are honored to once again team up with Caltrans and improve transportation in Fresno,” said Granite Regional Vice President Carter Rohrbough. “Being invited to be a part of the design and planning of this project provides Granite the opportunity to bring more value to Caltrans to ultimately support our communities and their traffic needs.”

The Construction Management (CM) portion of the contract is expected to begin by the end of 2020, with the General Contractor (GC) phase of the project slated to begin in mid-2024. The contract will be booked into Granite's fourth quarter 2020 backlog.

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. In addition to being one of the World’s Most Ethical Companies for eleven consecutive years, 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.

Contacts

Granite Contacts
Media
Erin Kuhlman 831-768-4111

Investors
Lisa Curtis 831-728-7532

FAQ

What is the value of the new contract awarded to Granite (GVA) by Caltrans?

Granite has been awarded a $257 million contract for the State Route 99 Rehabilitation project.

When will the construction management phase of the State Route 99 project begin?

The construction management phase is expected to start by the end of 2020.

What improvements are planned for the State Route 99 Rehabilitation project?

The project will reconstruct 3.2 miles of roadway, improve interchange configurations, and replace or widen six bridges.

What is the scope of work included in the State Route 99 project?

The project includes the replacement of drainage facilities, widening of bridges, and improvements to traffic flow in downtown Fresno.

When will the general contractor phase for the State Route 99 project start?

The general contractor phase is slated to begin in mid-2024.

Granite Construction Inc.

NYSE:GVA

GVA Rankings

GVA Latest News

GVA Stock Data

4.32B
43.29M
0.97%
113.43%
9.71%
Engineering & Construction
Heavy Construction Other Than Bldg Const - Contractors
Link
United States of America
WATSONVILLE