Tutor Perini Bids Low on Projects Totaling $1 Billion

Tutor Perini Corp. has made low bids for three new civil projects that will total approximately $1 billion. The Sylmar construction company announced Monday that Lunda Construction, a wholly owned subsidiary, will be the managing partner in a joint venture for the Southwest Light Rail Transit project in Minneapolis, with its low bid of about $800 million. This regional transportation project, to consist of a 14.5-mile extension of the Metro Green Line, will involve the construction of a new light rail infrastructure encompassing 44 bridges, two cut-and-cover tunnels and 15 new stations. Frontier-Kemper Constructors, another of the company’s wholly owned subsidiaries, proved to be the low bidder for an approximately $109 million tunnel project for Los Angeles Department of Water and Power. Also, Tutor Perini has under-bid for the rehabilitation of the Harlem River-spanning Broadway Bridge in New York City, a project worth $93 million. All three contracts are expected to be awarded to Tutor Perini within 60 days, with the projects commencing immediately thereafter, according to the company. Recent high-profile Tutor Perini projects have included Los Angeles Metro’s $1.4-billion Purple Line extension, Fresno’s $1.3-billion California High-Speed Rail project, and Los Angeles’ $783-billion Alameda Corridor. On the commercial side, the firm’s contracts include Cosmopolitan in Las Vegas, a $2.3-billion hotel complex. Shares of Tutor Perini (TCP) rose 60 cents, or 2.9 percent, to close Monday at $21.15 on the New York Stock Exchange.