83.9 F
San Fernando
Wednesday, May 8, 2024

Tutor Perini Bids Low on Projects Totaling $1 Billion

Tutor Perini Corp. has made low bids for three new civil projects that will total approximately $1 billion. The Sylmar construction company announced Monday that Lunda Construction, a wholly owned subsidiary, will be the managing partner in a joint venture for the Southwest Light Rail Transit project in Minneapolis, with its low bid of about $800 million. This regional transportation project, to consist of a 14.5-mile extension of the Metro Green Line, will involve the construction of a new light rail infrastructure encompassing 44 bridges, two cut-and-cover tunnels and 15 new stations. Frontier-Kemper Constructors, another of the company’s wholly owned subsidiaries, proved to be the low bidder for an approximately $109 million tunnel project for Los Angeles Department of Water and Power. Also, Tutor Perini has under-bid for the rehabilitation of the Harlem River-spanning Broadway Bridge in New York City, a project worth $93 million. All three contracts are expected to be awarded to Tutor Perini within 60 days, with the projects commencing immediately thereafter, according to the company. Recent high-profile Tutor Perini projects have included Los Angeles Metro’s $1.4-billion Purple Line extension, Fresno’s $1.3-billion California High-Speed Rail project, and Los Angeles’ $783-billion Alameda Corridor. On the commercial side, the firm’s contracts include Cosmopolitan in Las Vegas, a $2.3-billion hotel complex. Shares of Tutor Perini (TCP) rose 60 cents, or 2.9 percent, to close Monday at $21.15 on the New York Stock Exchange.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

Featured Articles

Related Articles