WATSONVILLE, Calif., May 10, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Granite Construction Incorporated (NYSE: GVA) announced today that Granite Construction Company, a wholly owned subsidiary, in a joint venture with Corman Construction, Inc. and G.A. & F.C. Wagman, Inc., has been awarded a $464 million contract by the Maryland State Highway Administration to design and build the first phase of the Intercounty Connector (ICC) Highway in Rockville, Maryland. Granite's portion of the contract is 55% of the construction budget, or approximately $255 million.
The Granite-led Intercounty Constructors team will design and build over seven miles of the ICC Highway from I-370 to Georgia Avenue (MD97). Total scope of the project includes the construction of 7.2 miles of new highway, with three lanes in each direction, two interchanges and 23 bridge structures.
In addition, a key factor in the selection of Granite and Intercounty Constructors was their proposal's sensitivity to the critical ecological and community factors involved in this environmentally sensitive setting, which includes a portion of Rock Creek State Park. The design work will commence in the coming weeks, with mainline construction to begin in the fall of 2007. The project is estimated to be completed by September 2010.
Granite Construction Incorporated is a member of the S&P 400 Index, the Domini 400 Social Index and is the parent company of Granite Construction Company, one of the nation's largest heavy civil contractors and construction materials producers. Granite Construction Company serves both public and private sector clients through its offices nationwide. For more information about Granite, please visit its website at www.graniteconstruction.com.
SOURCE Granite Construction Incorporated
Investors, Jacque Underdown of Granite Construction Incorporated, +1-831-761-4741
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