Frontier-Kemper-Tutor Perini Joint Venture Awarded $1.18 Billion Manhattan Tunnel Project
Tutor Perini (NYSE: TPC) and its subsidiary Frontier-Kemper Constructors have been awarded a $1.18 billion design-build contract for the Manhattan Tunnel Project, part of the larger Hudson Tunnel Project (HTP). The project involves constructing twin 30-foot diameter tunnels spanning approximately 700 feet beneath the Hudson River's eastern shore.
The scope includes building an access shaft at 12th Avenue and Manhattan West Side Highway, which will later serve as a ventilation facility. This initiative is part of a broader resiliency project to establish new passenger rail tracks between New York and New Jersey while rehabilitating the North River Tunnel, which suffered damage during Superstorm Sandy.
Construction is scheduled to begin in spring 2025 with completion expected in 2029. The contract value will be added to the company's backlog in Q1 2025.
Tutor Perini (NYSE: TPC) e la sua controllata Frontier-Kemper Constructors hanno ricevuto un contratto per la progettazione e costruzione del valore di 1,18 miliardi di dollari per il Manhattan Tunnel Project, parte del più ampio Hudson Tunnel Project (HTP). Il progetto prevede la costruzione di due tunnel di 30 piedi di diametro che si estendono per circa 700 piedi sotto la riva orientale del fiume Hudson.
Il lavoro include la costruzione di un pozzo di accesso all'incrocio tra la 12th Avenue e la Manhattan West Side Highway, che in seguito servirà come impianto di ventilazione. Questa iniziativa è parte di un progetto più ampio per la resilienza che mira a stabilire nuove linee ferroviarie passeggeri tra New York e New Jersey mentre si riabilita il North River Tunnel, danneggiato durante la Superstorm Sandy.
La costruzione è programmata per iniziare nella primavera del 2025 con il completamento previsto nel 2029. Il valore del contratto sarà aggiunto all'arretrato dell'azienda nel primo trimestre del 2025.
Tutor Perini (NYSE: TPC) y su subsidiaria Frontier-Kemper Constructors han sido adjudicados un contrato de diseño y construcción por valor de 1.18 mil millones de dólares para el Manhattan Tunnel Project, que forma parte del mayor Hudson Tunnel Project (HTP). El proyecto implica la construcción de dos túneles de 30 pies de diámetro que se extienden aproximadamente 700 pies por debajo de la costa este del río Hudson.
El alcance incluye la construcción de un pozo de acceso en la 12th Avenue y la Manhattan West Side Highway, que más tarde servirá como una instalación de ventilación. Esta iniciativa forma parte de un proyecto de resiliencia más amplio para establecer nuevas vías de tren de pasajeros entre Nueva York y Nueva Jersey, mientras se rehabilita el North River Tunnel, que sufrió daños durante la Superstorm Sandy.
La construcción está programada para iniciar en la primavera de 2025 con la finalización prevista para 2029. El valor del contrato se añadirá al backlog de la empresa en el primer trimestre de 2025.
튜터 페리니 (NYSE: TPC)와 그 자회사인 프론티어-켐퍼 건설은 맨하탄 터널 프로젝트를 위한 118억 달러 규모의 설계-건설 계약을 체결했습니다. 이 프로젝트는 더 큰 허드슨 터널 프로젝트(HTP)의 일환으로, 허드슨 강 동쪽 해안 아래 약 700피트를 가로지르는 두 개의 지름 30피트 터널을 건설하는 것입니다.
작업 범위에는 12번가와 맨하탄 웨스트 사이드 하이웨이에 접근 샤프트를 건설하는 것이 포함되며, 이는 이후 환기 시설로 사용될 예정입니다. 이 이니셔티브는 뉴욕과 뉴저지 간의 새로운 승객 기차 선로를 구축하면서 슈퍼스톰 샌디로 피해를 입은 노스 리버 터널을 rehabilitating 하는 보다 광범위한 복원력 프로젝트의 일환입니다.
공사는 2025년 봄에 시작될 예정이며 2029년에 완료될 것으로 예상됩니다. 계약 가치는 2025년 1분기에 회사의 백로그에 추가될 것입니다.
Tutor Perini (NYSE: TPC) et sa filiale Frontier-Kemper Constructors ont remporté un contrat de conception-construction d'une valeur de 1,18 milliard de dollars pour le projet de tunnel de Manhattan, qui fait partie du projet plus vaste de tunnel d'Hudson (HTP). Le projet implique la construction de deux tunnels de 30 pieds de diamètre s'étendant sur environ 700 pieds sous la rive est du fleuve Hudson.
Le champ d'application comprend la construction d'un puits d'accès à l'avenue 12 et à la route Manhattan West Side, qui servira plus tard de facility de ventilation. Cette initiative fait partie d'un projet de résilience plus large visant à établir de nouvelles voies ferrées pour passagers entre New York et le New Jersey tout en réhabilitant le North River Tunnel, qui a subi des dommages lors de la Superstorm Sandy.
La construction est prévue pour débuter au printemps 2025 avec une achèvement prévu en 2029. La valeur du contrat sera ajoutée au carnet de commandes de l'entreprise au premier trimestre de 2025.
Tutor Perini (NYSE: TPC) und deren Tochtergesellschaft Frontier-Kemper Constructors haben einen Design-Build-Vertrag im Wert von 1,18 Milliarden Dollar für das Manhattan Tunnel Project erhalten, das Teil des größeren Hudson Tunnel Projects (HTP) ist. Das Projekt umfasst den Bau von zwei 30 Fuß Durchmesser-Tunneln, die sich etwa 700 Fuß unter dem östlichen Ufer des Hudson River erstrecken.
Der Umfang beinhaltet den Bau eines Zugangs-Schachts an der 12th Avenue und der Manhattan West Side Highway, der später als Belüftungseinrichtung dienen soll. Diese Initiative ist Teil eines umfassenderen Resilienzprojekts zur Schaffung neuer Passagier-Eisenbahnstrecken zwischen New York und New Jersey und zur Rehabilitation des North River Tunnels, der während der Superstorm Sandy beschädigt wurde.
Der Bau soll im Frühjahr 2025 beginnen, mit einer Fertigstellung, die für 2029 erwartet wird. Der Vertragswert wird im ersten Quartal 2025 zum Auftragsbestand des Unternehmens hinzugefügt.
- Secured major $1.18 billion design-build contract
- Contract will be added to backlog in Q1 2025
- Project timeline spans multiple years (2025-2029), providing long-term revenue visibility
- Project execution won't begin until spring 2025, delaying revenue recognition
- Large-scale infrastructure project carries significant execution risks
Insights
The
Joint Venture Strength: The collaboration between Tutor Perini and its subsidiary Frontier-Kemper showcases the company's integrated capabilities in complex civil engineering projects. This structure optimizes risk management while maintaining greater control over project execution compared to partnerships with external firms.
Financial Impact and Timing: The project's addition to backlog in Q1 2025 comes at an opportune moment, coinciding with the acceleration of federal infrastructure spending. The four-year timeline provides:
- Predictable revenue streams through 2029
- Enhanced visibility for long-term planning
- Improved negotiating position for future contracts
Strategic Positioning: The contract reinforces Tutor Perini's expertise in complex urban infrastructure projects, particularly in the challenging New York market. The technical complexity of connecting to existing infrastructure while maintaining operations demonstrates the company's advanced capabilities, potentially leading to similar high-value opportunities in other major metropolitan areas.
Operational Considerations: The project's scope, including twin 30-foot diameter tunnels and ventilation facilities, aligns with Tutor Perini's core competencies. The design-build nature of the contract typically allows for better margin control and value engineering opportunities, though careful management of underground construction risks will be important for maintaining profitability.
Work is expected to begin in the spring of 2025 with substantial completion anticipated in 2029. The contract value is expected to be added to the Company’s backlog in the first quarter of 2025.
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/20250205387781/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations and Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation
FAQ
What is the value of TPC's Manhattan Tunnel Project contract?
When will TPC begin construction on the Manhattan Tunnel Project?
What is the scope of TPC's Manhattan Tunnel Project?
When will the $1.18 billion contract be added to TPC's backlog?
What is the purpose of TPC's Manhattan Tunnel Project?
