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Tutor Perini Corporation (NYSE: TPC) has been awarded the design and construction contract for Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan, a significant civil works project in the U.S. The company will collaborate with AM Partners, including its subsidiary Lunda Construction and Parsons Corporation, to deliver the project. The initiative is expected to generate $12.6 billion in economic activity and create 43,400 job-years. This multi-billion dollar construction project aims to optimize travel and enhance long-term economic value while minimizing community impact.
Positive
Awarded Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan contract.
Expected to generate $12.6 billion in economic activity.
Projected to support 43,400 job-years of employment.
Phase 1 development includes collaboration with significant partners like Parsons Corporation.
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None.
NEW YORK--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has been selected by Accelerate Maryland Partners LLC (“AM Partners”) as the design and construction contractor for Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan, one of the largest civil works projects ever undertaken in the United States. Tutor Perini was selected by AM Partners to design and construct both the Phase 1 South A and Phase 1 South B components of the project. Tutor Perini’s team includes O&G Industries (for Phase 1 South A), the Company’s subsidiary - Lunda Construction (for Phase 1 South B), as well as Parsons Corporation (NYSE: PSN) as the lead designer for both Phase 1 South A and B components.
AM Partners, led by Transurban and Macquarie Capital, was selected as the Phase 1 Developer in February 2021 by the Maryland Department of Transportation State Highway Administration (MDOT SHA) following a competitive international search to advance one of the largest transportation projects and leverage a progressive, or predevelopment, P3 delivery model. The predevelopment agreement approach will help ensure project risks are identified and minimized early in the design process, with robust community engagement, to ensure the project is set up for success. The project scope of work includes design and construction to replace and expand the American Legion Bridge and will include two new High Occupancy Toll (HOT) managed lanes in each direction from south of the George Washington Memorial Parkway in Fairfax County, Virginia, to west of MD 187 (Old Georgetown Road) in Montgomery County, Maryland. On I‑270, the project will convert the existing high occupancy vehicle (HOV) lane in each direction to a HOT managed lane and add one new HOT managed lane in each direction on I-270 from I-495 to north of I-370, and on the I-270 east and west spurs.
“Tutor Perini is proud to partner with AM Partners and MDOT to advance a project that maximizes travel benefits and long-term economic value, while minimizing impacts to the communities of the I-495 and I-270 corridors,” said Ronald Tutor, Chairman and Chief Executive Officer of Tutor Perini. “We bring a strong record of meeting or exceeding project participation goals for disadvantaged businesses and bring to bear the strength of our union and non-union contracting partners to put people to work.”
Phase 1 South and Phase 1 North of the New American Legion Bridge I-270 Traffic Relief Plan are expected to generate $12.6 billion in construction-related economic activity, support 43,400 job-years of employment (a job-year is one job lasting for one year) and boost regional labor income by more than $3.3 billion, based on a 2022 assessment report conducted by the Center for Regional Analysis at George Mason University.
Phase 1 South is a multi-billion dollar construction project.
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 clients 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. With a particular expertise in large transportation and mass-transit projects, Tutor Perini works collaboratively with customers to optimize project designs that further minimize and reduce impacts.
