Elevate Inglewood Partners Selected as Best Value Proposer for the Inglewood Transit Connector Project
Tutor Perini (NYSE: TPC) announced that Elevate Inglewood Partners (EIP), a consortium including Tutor Perini as lead contractor, has been selected as the Best Value Proposer for the Inglewood Transit Connector (ITC) Project. The project involves designing, constructing, financing, operating, and maintaining a 1.6-mile automated people mover in Inglewood, California.
The ITC will connect the Metro K Line with major destinations like the Kia Forum, Sofi Stadium, YouTube Theater, and the Intuit Dome. The City of Inglewood has partnered with LA Metro and Los Angeles County to form the ITC Joint Powers Authority to oversee the project. EIP and the City are currently negotiating pricing and contractual terms.
Tutor Perini (NYSE: TPC) ha annunciato che Elevate Inglewood Partners (EIP), un consorzio che include Tutor Perini come appaltatore principale, è stato selezionato come il Miglior Proponente per il Progetto Inglewood Transit Connector (ITC). Il progetto prevede la progettazione, costruzione, finanziamento, operazione e manutenzione di un people mover automatizzato lungo 1,6 miglia a Inglewood, California.
Il ITC collegherà la Metro K Line con importanti destinazioni come il Kia Forum, Sofi Stadium, YouTube Theater e l'Intuit Dome. La città di Inglewood ha collaborato con LA Metro e la Contea di Los Angeles per formare l'ITC Joint Powers Authority, che supervisionerà il progetto. EIP e la città stanno attualmente negoziando i prezzi e i termini contrattuali.
Tutor Perini (NYSE: TPC) anunció que Elevate Inglewood Partners (EIP), un consorcio que incluye a Tutor Perini como contratista principal, ha sido seleccionado como el Mejor Proponente para el Proyecto Inglewood Transit Connector (ITC). El proyecto implica diseñar, construir, financiar, operar y mantener un transporte automatizado de personas de 1.6 millas en Inglewood, California.
El ITC conectará la Línea K de Metro con destinos importantes como el Kia Forum, Sofi Stadium, YouTube Theater y el Intuit Dome. La Ciudad de Inglewood se ha asociado con LA Metro y el Condado de Los Ángeles para formar la Autoridad de Poderes Conjuntos del ITC para supervisar el proyecto. EIP y la ciudad están actualmente negociando los precios y los términos contractuales.
Tutor Perini (NYSE: TPC)는 Elevate Inglewood Partners(EIP)가 주 계약자로 포함된 컨소시엄이 잉글우드 교통 연결 프로젝트(ITC)의 최적가 제안자로 선정되었다고 발표했습니다. 이 프로젝트는 캘리포니아 잉글우드에 1.6마일 자동 사람 이동 시스템을 설계, 건설, 자금 조달, 운영 및 유지 관리하는 것을 포함합니다.
ITC는 메트로 K 노선을 Kia Forum, Sofi Stadium, YouTube Theater 및 Intuit Dome과 같은 주요 목적지와 연결합니다. 잉글우드시는 LA 메트로 및 로스앤젤레스 카운티와 협력하여 프로젝트를 감독할 ITC 공동 권한을 결성했습니다. EIP 및 도시는 현재 가격 및 계약 조건을 협상 중입니다.
Tutor Perini (NYSE: TPC) a annoncé qu'Elevate Inglewood Partners (EIP), un consortium incluant Tutor Perini comme entrepreneur principal, a été sélectionné comme le Meilleur Proposeur pour le Projet Inglewood Transit Connector (ITC). Le projet implique la conception, la construction, le financement, l'exploitation et l'entretien d'un transporteur automatique de personnes de 1,6 mile à Inglewood, en Californie.
Le ITC reliera la ligne K du métro à des destinations majeures telles que le Kia Forum, le Sofi Stadium, le YouTube Theater et l'Intuit Dome. La ville d'Inglewood s'est associée à LA Metro et au comté de Los Angeles pour former l'ITC Joint Powers Authority afin de superviser le projet. L'EIP et la ville sont actuellement en train de négocier les prix et les conditions contractuelles.
Tutor Perini (NYSE: TPC) gab bekannt, dass Elevate Inglewood Partners (EIP), ein Konsortium mit Tutor Perini als Hauptauftragnehmer, als der Beste Wertanbieter für das Inglewood Transit Connector (ITC) Projekt ausgewählt wurde. Das Projekt umfasst die Planung, den Bau, die Finanzierung, den Betrieb und die Wartung eines 1,6 Meilen langen automatisierten Personentransportsystems in Inglewood, Kalifornien.
Das ITC wird die Metro K-Linie mit wichtigen Zielen wie dem Kia Forum, dem Sofi Stadium, dem YouTube Theater und der Intuit Dome verbinden. Die Stadt Inglewood hat sich mit LA Metro und dem Los Angeles County zusammengeschlossen, um die ITC Joint Powers Authority zu gründen, die das Projekt überwacht. EIP und die Stadt verhandeln derzeit über Preise und Vertragsbedingungen.
- Tutor Perini selected as lead contractor for major infrastructure project
- Project involves long-term operation and maintenance, potentially providing steady revenue stream
- Collaboration with established partners in consortium may reduce project risks
- Final pricing and contractual terms still under negotiation
- Complex project with multiple stakeholders may increase execution risks
Insights
The selection of Elevate Inglewood Partners (EIP) for the Inglewood Transit Connector project is a significant development for Tutor Perini Corporation. This project represents a major infrastructure investment, which could positively impact the company's revenue and profitability in the coming years. The involvement in a high-profile project like this can also enhance Tutor Perini's reputation as a leading construction firm. Investors should note that while the project’s financial terms are still under negotiation, the potential for long-term, stable cash flows from the operation and maintenance phase is promising. Moreover, the collaborative partnership with other established firms like Parsons Corporation and Woojin Industrial Systems Co., Ltd. adds further credibility and reduces execution risk.
This project highlights a growing trend towards public-private partnerships (PPPs) in urban infrastructure development. The Inglewood Transit Connector will link key commercial and entertainment hubs, enhancing urban mobility and accessibility, which can lead to increased economic activity in the area. For Tutor Perini, this selection positions them well within a market that is likely to see further investments due to urbanization and infrastructure renewal initiatives. Investors can view this as an indicator of the company’s strategic alignment with market trends and its capability to secure substantial contracts in competitive environments.
This project not only involves traditional construction but also incorporates advanced automated transit technology. The inclusion of Woojin Industrial Systems Co., Ltd., as the automated transit system operator and supplier, underscores the technological sophistication of the project. This partnership indicates that the Inglewood Transit Connector will feature cutting-edge transit solutions, which can improve operational efficiency and passenger experience. For Tutor Perini, successful integration of these technologies can set a benchmark for future projects, showcasing their ability to handle complex, tech-driven infrastructure developments. This can open doors to more technologically advanced projects, enhancing their portfolio and market position.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723649910/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations and Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation
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