Granite Construction Incorporated (NYSE: GVA) announced today that the Texas Department of Transportation (TxDOT) selected AGL Constructors (AGL), a joint venture comprised of Archer Western Contractors, LLC, Granite Construction Company and Lane Construction Corporation, as the best value proposer for the IH-35E project in Dallas and Denton counties in North Texas. AGL’s proposed price for the design-build project is $849 million for the base contract, plus options which, if exercised by TxDOT, may increase the total contract price to approximately $1.2 billion. The selection was announced by TxDOT today at a monthly Texas Transportation Commission meeting.
Today’s selection enables AGL and TxDOT to commence contract negotiations. A notice to proceed is expected in the first quarter of 2013. Granite will book its 35 percent share of the project into backlog once a final contract is approved and a notice to proceed is issued.
Scope of the project includes rebuilding 28.2 miles between IH-635 and US 380 between Dallas and Denton Counties, a section known as one of Texas’ 100 most congested roadways. In various segments, the project will add two reversible managed lanes and one additional general purpose lane in each direction. The project will also add a new southbound bridge at Lake Lewisville that will offer more reliability for commuters during major incidents.
Construction is expected to begin in 2013 and take approximately 3.5 years to complete.About Granite Granite is one of the nation’s largest infrastructure contractors and construction materials producers serving public- and private-sector clients nationwide. In addition, Granite has one of the oldest and most robust ethics and compliance programs in the industry. In 2012, the Company was recognized by the Ethisphere Institute as one of the World’s Most Ethical Companies for the third year in a row. For more information please visit www.graniteconstruction.com.
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