Granite-led JV drives off with $410M deal to widen Interstate 64

ConDig (06-Nov-17).  A joint venture led by civil contractor and construction materials producer Granite Construction Inc. has landed a $410 million contract to widen Interstate 64 in Virginia.

Under the design-build deal with the Virginia Department of Transportation, the joint venture will widen about eight miles of I-64 in Chesapeake from four to six lanes. It adds one High Occupancy Toll (HOT) lane in each direction.

The project also includes extensive environmental protections to the adjacent wetland and the Elizabeth River, new fender systems, navigation improvements as well as the reconstruction and widening of four bridges.

The existing High Rise Bridge will continue to operate during the construction. Once the new bridge is completed, the existing High Rise Bridge will carry three lanes of I-64 east traffic.

Construction is set to start this month and slated to finish in July 2021.

Parsons Corporation and Corman Construction Inc. are also part of the joint venture team.

Last month, Watsonville, California-based Granite posted net income of $46 million for the quarter ended September 30, up from $37.2 million in the same period last year.

Revenue rose 19.1% to $957.1 million compared with $803.9 million in the third quarter of 2016, while the total company project backlog was $4.23 billion, up 12.5% year-over-year.