A joint venture between civil construction firm Tutor Perini Corp. in Sylmar and Washington, D.C.-based Parsons Transportation Group Inc. has won a $1.4 billion contract for a major redevelopment project at Newark Liberty International Airport in Newark, N.J.
The contract, approved by the Port Authority of New York and New Jersey, is the largest in New Jersey state history for a transportation infrastructure design-build project. It includes the construction of Terminal One – a 1 million-square-foot, 33-gate common use domestic terminal – as well as a new roadway network connecting the terminal to existing ones and a parking garage with toll plaza facilities, according to airport documents.
Work on the project is expected to commence in April, with completion anticipated by 2022.
Shares of Tutor Perini fell 50 cents, or about 2 percent, on Friday to close at $22.55 on the New York Stock Exchange.