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Sterling-Granite JV Selected for Grand Avenue Bridge Deal

Zacks Equity Research
Updated

Sterling Construction Co. Inc. STRL, a heavy civil construction company, has been selected, as part of a joint venture (“JV”) with Granite Construction Incorporated GVA, by the Colorado Department of Transportation to replace the Grand Avenue Bridge in Glenwood Springs, CO.

The new Grand Avenue Bridge, currently under construction, will not include either a footway or bike lanes across the Colorado River. These will be accommodated on a new pedestrian bridge that will replace the existing one and provide a wider cross-section and new connections at both the ends.

Per the JV, Sterling Construction’s subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”) will work under the JV’s construction management/general contractor (CM/GC) team. The company along with Granite Construction, will be responsible for the replacement of the 1,000-foot traffic bridge and 600-foot pedestrian bridge spanning the I-70, the Colorado River and two Union Pacific Railroad mainline tracks.

Sterling Construction will hold around 49% or approximately $37 million of the $76 million contract. The project will boost public safety, including emergency service response and reliability of the bridge as a critical transportation route.

The project is being funded by the Colorado Bridge Enterprise. Construction is scheduled to begin this month and scheduled for completion by summer 2018.

Recently, RLW was selected by Denver’s Regional Rail Partners as a major subcontractor for a JV between Balfour Beatty and Graham Contracting on two Regional Transport District projects. Work under the projects is currently underway.

Houston, TX-based Sterling Construction is engaged in building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona and California among other states. The company’s transportation infrastructure projects include highways, roads, bridges and light rail; and its water infrastructure projects comprise water, wastewater, and storm drainage systems.

Sterling Construction currently carries a Zacks Rank #3 (Hold).

A couple of favorably ranked stocks in the same sector are Chicago Bridge & Iron Company N.V. CBI and Primoris Services Corporation PRIM, both carrying a Zacks Rank #2 (Buy).

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CHICAGO BRIDGE (CBI): Free Stock Analysis Report
 
PRIMORIS SERVCS (PRIM): Free Stock Analysis Report
 
GRANITE CONSTRU (GVA): Free Stock Analysis Report
 
STERLING CONSTR (STRL): Free Stock Analysis Report
 
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