Sterling Construction Company, Inc. Joint Venture is Selected as the Top Ranked Firm for a California Department of Transportation Project
Sterling Construction Company, Inc. (NasdaqGS:STRL) (“Sterling” or “the Company”) today announced that its affiliate, Myers & Sons Construction (“Myers”), was selected as the top ranked firm on the Interstate 215 Barton Road Interchange Reconstruction Project in a 50/50 joint venture with Steve P. Rados, Inc. (“Rados”). The project will be constructed utilizing a Construction Manager/General Contractor (CMGC) delivery method for the California Department of Transportation (Caltrans), in cooperation with the San Bernardino Associated Governments (SANBAG), the City of Grand Terrace, and the City of Colton. The programmed funds for the project total $36.0 million and Caltrans intends to negotiate with the top ranked firm to establish a final construction price. Construction is expected to begin in early 2016 and be completed by mid-2018.
According to the Request for Qualifications, “The objective of the project is to address the operational deficiencies of traffic congestion, limited capacity, and inefficient traffic operations at the existing I-215/Barton Road interchange. Limited work spaces within the interchange footprint require development of optimal construction staging strategies. The CMGC’s suggestions on work zone traffic control plans and construction material staging areas are expected to help optimize staging strategies.”
Peter MacKenna, Sterling’s Chief Executive Officer, commented, “We’re very pleased to have been chosen to construct this interchange with our joint venture partner. This project adds to our growing backlog of significant transportation projects in the California marketplace and furthers Myers and Sons Construction position as a leader in CMGC construction.”
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California, Hawaii, and other states where there are construction opportunities. Its transportation infrastructure projects include highways, roads, bridges and light rail and its water infrastructure projects include water, wastewater and storm drainage systems.
This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.
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