WMS - Granite & Kraemer JV Wins $113M Project in Michigan | Benzinga
Granite Construction Incorporated's (NYSE: GVA) joint venture with Kraemer North America, GKJV-II, has been selected by the Michigan Department of Transportation ("MDOT") to remove and replace the Lafayette Bascule Bridge in Michigan.
This approximately $113 million project, is funded by the Federal Highway Administration and the MDOT. Per this contract, the joint venture is expected to demolish the existing structure, along with cofferdam installation, new substructure and bascule piers, structural steel, machinery, bridge house, and approach spans.
While the confirmation of the final timeline is pending, the project is expected to start in 2024 fall and be finished by 2027 summer. Granite will include the project value in its second-quarter 2024 Committed and Awarded Projects ("CAP").
CAP Solidifying Granite's Growth Prospects
Granite is focusing on growing a high-quality CAP portfolio on the back of a positive public funding environment and resilient private market. During the first quarter of 2024, total CAP reached ...