Feb 28 2011
Sterling Construction Company, Inc. (NasdaqGS: STRL), ("Sterling" or the "Company") today announced that Central Texas Mobility Constructors, a joint venture between its wholly owned subsidiary, Texas Sterling Construction Co. (“TSC”), and Webber, LLC, has been selected as the best value proposer by the Central Texas Regional Mobility Authority to design and build a 6.2-mile section of the Manor Expressway northeast of Austin, Texas.
The joint venture, of which TSC is a 45-percent participant, has proposed to substantially complete the project within 955 days of issuance of a Notice to Proceed at a price of $207,272,859. Notice to Proceed will be issued after financial closing, tentatively set for May, following the sale of bonds.
Patrick T. Manning, Sterling’s CEO, stated: “We are pleased to win this design-build project, our largest in Texas to date, and be part of this joint venture, thus further building on our design-build and joint venture experience in Texas and Utah.”
Source: http://www.sterlingconstructionco.com/