Granite Selected for $55 Million in Improvements to Major Alaskan Roadway

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $55 million contract for the Knik-Goose Bay Road Reconstruction Phase 1 project in Wasilla, Alaska, awarded by the Alaska Department of Transportation and Public Facilities. The federal government will fund this project aimed at reducing congestion and enhancing safety. The reconstruction will widen four miles of Knik Goose Bay Road to a four-lane divided highway, with improvements including drainage, signalization, and pathways. The project is set to commence in August 2022 and conclude in Q3 2024, contributing positively to Granite's second quarter CAP.

Positive

• Secured a $55 million project contract for road reconstruction.
• Project funded by the federal government, ensuring financial backing.
• Widening road from two-lane to a four-lane divided highway will enhance capacity and safety.
• The project is set to positively impact local traffic conditions.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) announced that it has secured the approximately $55 million Knik-Goose Bay Road Reconstruction Phase 1 project near Wasilla, Alaska. The contract was awarded by Alaska Department of Transportation and Public Facilities (DOT&PF) Central Region and will be funded by the federal government. The project will reduce congestion and increase safety along the corridor. The award is anticipated to be included in Granite’s second quarter CAP.

The scope of work consists of the reconstruction of four miles of Knik Goose Bay Road from a two-lane to a four-lane divided highway facility from Fairview Loop to Centaur Avenue. This will include drainage improvements, intersection improvements, grading, paving, pathways, illumination, and signalization.

“Upgrading Knik-Goose Bay Road is a priority for the local community and the State of Alaska,” said Derek Betts, vice president of regional operations. “This corridor currently deals with a lot of congestion and other poor performance because of limited capacity and high density of driveway access. Expanding four miles of the roadway to four lanes will provide a major benefit to the community and travelers. We are looking forward to collaborating with Central Region DOT&PF to execute a successful project and provide necessary upgrades to this major arterial highway.”

Several Granite facilities will provide material for the project. The Lucas Quarry will supply 5,000 tons of riprap, the Wolf Aggregate facility will provide 650,000 tons of borrow, and the Palmer Hot Plant will supply 75,000 tons of hot-mix asphalt.

The project is expected to begin in August 2022 and anticipated to conclude in Q3 2024.

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/20220706005019/en/

Granite Contacts

Media

Erin Kuhlman 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite

FAQ

What is the Knik-Goose Bay Road Reconstruction project awarded to Granite (GVA)?

Granite was awarded a $55 million contract for the Knik-Goose Bay Road Reconstruction Phase 1 project, aimed at enhancing road capacity and safety.

When is the Knik-Goose Bay Road project expected to begin and end?

The project is expected to begin in August 2022 and conclude in Q3 2024.

Who awarded the Knik-Goose Bay Road project to Granite (GVA)?

The contract was awarded by the Alaska Department of Transportation and Public Facilities.

What is the expected impact of the Knik-Goose Bay Road Reconstruction project?

The project aims to reduce congestion and improve safety along the Knik-Goose Bay Road corridor.