Granite Construction Incorporated (NYSE: GVA) announced today that the construction joint-venture team comprised of Skanska USA Civil Southeast, Inc., Granite Construction Company and the Lane Construction Corporation has been selected to design and build the I-4 Ultimate Project in Seminole County, Florida. The Skanska-Granite-Lane joint venture is part of the I-4 Mobility Partners team—the concessionaire selected by the Florida Department of Transportation (FDOT) as the best value proposer for this public-private partnership contract.
Granite will book its 30 percent share of the $2.32 billion construction contract into backlog once a final contract is approved and a notice to proceed is issued. Commercial and financial close, as well as a notice to proceed, is expected to occur later this summer. The project is expected to be financed using equity, debt and a loan as part of the Transportation Investment and Financing Infrastructure Act (TIFIA).
Scope of the project includes the reconstruction of 21 miles of I-4 in Seminole County. The I-4 Ultimate project adds four tolled express lanes while maintaining the existing free general use lanes. Construction is expected to start in the first half of 2015, with estimated completion by end of 2021.
The I-4 Ultimate project is being procured by FDOT as a public-private partnership. The concession agreement sets the concessionaire’s responsibility to design, build, finance, operate and maintain the facility for approximately 40 years. Using the public-private partnership approach, large, complex projects can be combined and accelerated, advancing the benefits of the project to the public sooner than traditional methods. For more information, visit www.moving-4-ward.com.About Granite Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE: GVA) is one of the nation’s largest infrastructure contractors and construction materials producers. Recognized as one of the top 25 largest construction companies in the U.S., Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in Safety, Quality and Environmental Stewardship, and has been honored as one of the World’s Most Ethical Companies by Ethisphere Institute for five consecutive years. For more information, visit www.graniteconstruction.com.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts