Granite Joint Venture Team Awarded Houston Light Rail Project
WATSONVILLE, Calif., Apr 23, 2009 (BUSINESS WIRE) -- Granite Construction Incorporated (NYSE:GVA) announced today that Granite Construction Company has been awarded a joint venture contract with an overall value of $1.28 billion for the design and construction of the light rail expansion project in Houston, Texas. The award was made by the Metropolitan Transit Authority of Harris County (METRO). The joint venture team on the design/build project is led by Parsons Transportation Group Inc. and includes Granite Construction Company, Kiewit Texas Construction L.P. and Stacy and Witbeck, Inc. Granite's portion of the total contract is 34%.
"We are extremely pleased to be a part of this project," said William G. Dorey, Granite president and chief executive officer. "This is an important project for Granite as well as the residents and visitors of Houston," he said. "Everyone involved has worked very hard to bring this project to fruition and we look forward to working with our team towards its successful completion."
The joint venture team will be operating under the name of Houston Rapid Transit Joint Venture (HRT). HRT will be responsible for expanding the existing light rail transit system in four new corridors totaling an additional 20 miles of light rail transit. The contract includes 32 stations, storage and inspection facilities and a major renovation to the existing Operations Center. Three of the new corridors will be located in and adjacent to downtown Houston and one will be in the Galleria area.
The award will be booked into Granite's backlog as Notices to Proceed (NTP) are received. The initial NTP is expected in the second quarter with early work activities consisting of design and utility relocations commencing immediately thereafter. A significant portion of the initial work is expected to be subcontracted to local small and disadvantaged business enterprises. The award of this contract culminates twenty-four months of pre-construction services and design development provided by HRT working in close collaboration with Houston METRO.
For more information on the project, please visit the METRO website at www.ridemetro.org.
About Granite
Granite Construction Incorporated is a member of the S&P 400 Midcap Index, the Domini 400 Social Index and the Russell 2000. Granite Construction Company, a wholly owned subsidiary, is one of the nation's largest diversified heavy civil contractors and construction materials producers. Granite Construction Company serves public and private sector clients through its offices and subsidiaries nationwide. For more information about Granite, please visit their website at www.graniteconstruction.com.
SOURCE: Granite Construction Incorporated
Granite Construction Incorporated Jacque Fourchy, 831-761-4714
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