Tutor Perini Corp. has begun construction on the Palisades Village project in Pacific Palisades.

The Sylmar construction company said its Tutor Perini Building Corp. subsidiary started work on the 3-acre walkable community bounded by Sunset Boulevard, Monument Street and Swarthmore Avenue by developer Caruso shortly after receiving the contract in May.

The contract value will be included in Tutor’s second-quarter 2017 backlog, the company said.

Tutor will build nine new structures that will hold retail and four to five restaurants, office space, eight apartments, a specialty grocery and a renovated Bay Theatre, to be operated by Cinepolis Luxury Cinemas. The 116,000-square-foot project is expected to finish in the summer of 2018. Gensler is the project architect.

Shares of Tutor Perini (TPC) closed Thursday down 20 cents, or less than 1 percent, to $26.70 on the New York Stock Exchange.