Elevate Inglewood Partners Selected as Best Value Proposer for the Inglewood Transit Connector Project

Rhea-AI Summary

Parsons (NYSE: PSN) has been selected as the lead designer and subconsultant for the Inglewood Transit Connector (ITC) Project. The company is part of the Elevate Inglewood Partners consortium, chosen as the Best Value Proposer by the City of Inglewood. The project involves designing, constructing, financing, operating, and maintaining a 1.6-mile automated people mover connecting the Metro K Line to major Inglewood destinations.

The ITC aims to improve transit reliability, reduce carbon emissions, and alleviate traffic congestion. It will serve residents, employees, and visitors, linking venues like the Kia Forum, Sofi Stadium, and the Intuit Dome. The City of Inglewood has partnered with LA Metro and Los Angeles County to form the ITC Joint Powers Authority, which will oversee the project following contract award. Discussions regarding pricing and contractual terms are ongoing between Elevate Inglewood Partners and the City.

Positive

• Parsons selected as lead designer for a major infrastructure project
• Project aims to improve transit reliability and reduce carbon emissions
• Potential for increased revenue and market presence in transit sector

Negative

• Final pricing and contractual terms still under negotiation
• Project completion timeline and potential risks not specified

News Market Reaction

+1.53%

1 alert

+1.53% News Effect

On the day this news was published, PSN gained 1.53%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

CHANTILLY, Va., July 29, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company will serve as lead designer and a subconsultant to Elevate Inglewood Partners (“EIP”), a public-private partnership consortium comprised of Plenary Americas US Holdings, Inc. (equity member), Tutor Perini Corporation (lead contractor), Woojin Industrial Systems Co., Ltd. (automated transit system operator and supplier) and Alternate Concepts, Inc. (lead operations and maintenance contractor), that has been selected as the Best Value Proposer by the City of Inglewood (the “City”) for the Inglewood Transit Connector (“ITC”) Project.

The project will include the design, construction, financing, operation and maintenance of a 1.6-mile automated people mover that will connect the Metro K Line and Inglewood’s new major employment and destination centers, including the Kia Forum, Sofi Stadium, YouTube Theater, the Intuit Dome, as well as the housing and commercial destinations in the surrounding area.

“We’re excited to work with the City of Inglewood to improve transit reliability, reduce carbon emissions, and relieve traffic congestion while providing efficient passenger transportation,” said Mark Fialkowski, president, Infrastructure North America for Parsons. “The Inglewood Transit Connector will expand transit options not only for residents, but the many employees, visitors and fans from city venues, housing, and commercial centers.”

The City has partnered with LA Metro and the County of Los Angeles to establish the ITC Joint Powers Authority, which will oversee the design, construction, operations and maintenance of the ITC following contract award. EIP and the City are currently in discussions and negotiations regarding the project’s pricing and contractual terms.

Parsons has decades of experience designing, delivering, and protecting the infrastructure that connects our communities around the world, including roads and highways; bridges; passenger and freight rail; public transit; airports; and ports and waterways. Our experience includes more than 10,000 miles of roadways, 4,500 bridges, and more than 50 advanced traffic management system deployments that help cities and states improve safety and travel efficiency while also reducing emissions and energy costs to enhance the quality of life in the communities we serve.

To learn more about Parsons’ rail and transit expertise, visit https://www.parsons.com/rail-transit/.

About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.

Media Contact:
Lexus K. White
+1 980.253.9781
Lexus.White@parsons.com

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
Dave.Spille@parsons.com

FAQ

What is the Inglewood Transit Connector (ITC) Project that Parsons (PSN) is involved in?

The Inglewood Transit Connector (ITC) Project is a 1.6-mile automated people mover that will connect the Metro K Line to major destinations in Inglewood, including the Kia Forum, Sofi Stadium, and the Intuit Dome. Parsons (PSN) has been selected as the lead designer and subconsultant for this project.

What role will Parsons (PSN) play in the Inglewood Transit Connector Project?

Parsons (PSN) will serve as the lead designer and a subconsultant to Elevate Inglewood Partners, the consortium selected as the Best Value Proposer for the Inglewood Transit Connector Project.

What are the main objectives of the Inglewood Transit Connector Project involving Parsons (PSN)?

The main objectives of the Inglewood Transit Connector Project are to improve transit reliability, reduce carbon emissions, relieve traffic congestion, and provide efficient passenger transportation for residents, employees, and visitors in Inglewood.

Has the contract for the Inglewood Transit Connector Project been finalized with Parsons (PSN) as of July 29, 2024?

As of July 29, 2024, the contract has not been finalized. Elevate Inglewood Partners (which includes Parsons ) and the City of Inglewood are still in discussions and negotiations regarding the project's pricing and contractual terms.