Granite Construction Incorporated (NYSE: GVA) announced that Eastside Corridor Constructors (ECC), a joint venture team comprising Granite Construction Company and PCL Construction Services, Inc., has been awarded a $306 million contract by the Washington Department of Transportation (WSDOT) to reconstruct and widen the existing State Route 520 in King County. Granite's share of the contract is 60 percent, or approximately $184 million. Granite will book the project into backlog during the fourth quarter of 2010.
Scope of the SR 520 Eastside Transit and HOV Project includes widening and reconstructing portions of the existing highway from the Lake Washington Floating Bridge to the Interstate 405 connector. Work will also include constructing three landscaped bridges over SR 520, adding HOV lanes, bus rapid transit stations, direct access ramps to surface streets, and major retaining walls, sound walls, lighting, utility relocations and landscaping. The Lake Washington Floating Bridge will be converted to an electronic toll road with toll collection beginning in the spring of 2011. Funds collected will be used toward part of the construction costs and any future SR 520 improvements, operations and maintenance.
ECC will also be responsible for significant environmental improvements to increase drainage containment, improve fish habitat, and open drainage systems to fish passage.
Construction is estimated to be complete by February 2014. For more information, please visit WSDOT's website at www.wsdot.wa.gov/projects/sr520bridge .
About Granite
Granite Construction Incorporated is a member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and the Russell 2000 Index. 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 its website at www.graniteconstruction.com .
