Granite Construction Awarded Preconstruction Contract for Parks Hwy MP 319-325 in Alaska

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) has been awarded the preconstruction contract for Parks Highway MP 319-325, the estimated value for construction is $65 million. The project will be in collaboration with Alaska DOT & PF and its designer, Michael Baker International, to optimize the design, minimize right-of-way acquisition, improve constructability, and identify efficiency opportunities during this highway's reconstruction.

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The Parks Highway is a critical route that connects Alaska's two largest cities, Anchorage and Fairbanks, and is also an important tourist corridor for Denali National Park and other scenic interests. The project involves realigning six miles of the existing highway as it traverses a mountain range between Fairbanks and Nenana, Alaska. Improving safety while enhancing commercial and recreational functions of the route is the project’s primary purpose. (Photo: Business Wire)

The Parks Highway is a critical route that connects Alaska's two largest cities, Anchorage and Fairbanks, and is also an important tourist corridor for Denali National Park and other scenic interests. The project involves realigning six miles of the existing highway as it traverses a mountain range between Fairbanks and Nenana, Alaska. Improving safety while enhancing commercial and recreational functions of the route is the project’s primary purpose.

Granite’s work includes mass earthwork cut to fill/waste approximately 3 million cubic yards to flatten curves and grades, constructing new passing lanes, upgrading existing passing and truck climb lanes to meet current design standards, and improving drainage through ditching, new culverts, and replacing existing culverts.

This is Granite’s third Construction Manager/General Contractor (CMGC) project win in Alaska. "Our equipment fleet, craft and management resources, and capacity are well aligned to construct this mass-earthmoving project efficiently,” said Granite Vice President of Alaska Region Operations, Derek Betts. “The Alaska Region team looks forward to working collaboratively with the Department, Michael Baker, and local stakeholders to minimize impacts and deliver this project on or ahead of schedule."

Granite will work closely with the Department and its Designer to minimize right-of-way acquisition, accelerate design, and expedite funding to complete construction early and improve public safety along this heavily traveled corridor. The preconstruction services phase will run from early 2023 through summer 2025 to accommodate right-of-way acquisition, permitting, and design completion. The construction phase is anticipated to begin in the fall of 2025 and finish within the 2027 construction season.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

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Granite Contacts

Media

Erin Kuhlman 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite