Shimmick Construction awarded $8.26 million contract for preconstruction services on LA Metro's North Hollywood to Pasadena BRT Project.
Quiver AI Summary
Shimmick Construction Company, Inc. has been awarded a contract for the North Hollywood to Pasadena Bus Rapid Transit (BRT) Project by LA Metro, in partnership with Myers and Sons as part of the Myers-Shimmick Joint Venture. The $8.26 million contract involves preconstruction services for a transformative 19-mile transit corridor that will connect key areas in California and include 22 new stations. The project aims to enhance transit options, reduce traffic congestion, and improve air quality using zero-emission electric buses. With an estimated construction phase valued at $190 million, the project will prioritize collaboration to refine designs and ensure efficient schedule management, with early utility work set to begin in 2025 and completion expected by 2028.
Potential Positives
- Shimmick has secured an $8.26 million contract for preconstruction services on a significant Bus Rapid Transit (BRT) project, indicating strong performance and trust from LA Metro.
- The project aims to connect multiple key locations in California, which will enhance mobility for millions of residents, showcasing Shimmick's role in impactful community development.
- Collaboration with Myers and Sons as part of the Myers-Shimmick Joint Venture demonstrates strategic partnerships that may lead to additional project opportunities in the future.
- The project emphasizes the use of zero-emission electric buses, aligning with environmental sustainability goals and enhancing Shimmick's reputation in green infrastructure development.
Potential Negatives
- The announcement may draw attention to Shimmick's reliance on joint ventures for significant projects, raising concerns about their capability to handle large-scale construction independently.
- The lengthy project timeline, with completion slated for 2028, could be perceived as a potential delay in benefits to the community and may affect investor confidence regarding short-term gains.
- The press release does not mention any specific proactive measures to mitigate risks associated with the project's complexities, which could raise concerns regarding project management and execution.
FAQ
What is the North Hollywood to Pasadena BRT Project?
The North Hollywood to Pasadena BRT Project is a 19-mile transit corridor aimed at improving transit connectivity in Los Angeles County.
Who is responsible for the construction of the BRT Project?
Shimmick Construction Company, in partnership with Myers and Sons, will serve as the Construction Manager/General Contractor for the project.
What is the budget for the preconstruction services of the project?
The budget for the preconstruction services phase is $8.26 million, as approved by the LA Metro Board.
How many new stations will be featured in the BRT Project?
The BRT Project will feature 22 new stations along the transit corridor connecting various cities.
When is the expected completion date for the project?
The project is slated for completion by 2028, with early utility work beginning in 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SHIM Insider Trading Activity
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Full Release
IRVINE, Calif., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Shimmick Construction Company, Inc. (“Shimmick”), a leader in critical infrastructure, water, and transit solutions, announced today that it has been awarded a key role in the North Hollywood to Pasadena Bus Rapid Transit (BRT) Project by Los Angeles Metropolitan Transportation Authority (LA Metro). Shimmick, with our partner Myers and Sons, as part of the Myers-Shimmick Joint Venture (MSJV), will serve as the Construction Manager/General Contractor (CM/GC) for the project's preconstruction services phase.
The $8.26 million contract for preconstruction services approved on December 5, 2024, by the LA Metro Board of Supervisors, marks the beginning of this transformative 19-mile transit corridor connecting North Hollywood, Burbank, Glendale, Eagle Rock, and Pasadena in California. Featuring 22 new stations, this BRT project will provide faster, more reliable transit options, reduce traffic congestion, and improve air quality with the use of zero-emission electric buses. The construction value for the construction phase, if awarded to Myers-Shimmick Joint Venture by LA Metro, is estimated at $190 million.
"We are excited to once again partner with Myers and Sons and LA Metro on this critical infrastructure project to improve mobility and connectivity for millions of LA County residents," said Ural Yal, CEO of Shimmick. "We are encouraged to utilize the CM/GC project delivery method, which allows the entire project team to work together to address projects risks and set the project up for success during the construction phase."
The project enhances transit access for disadvantaged Equity Focus Communities (EFCs) in the project area, including improved pedestrian and bicycle facilities, and utilizes electric zero-emission buses to improve air quality and reduce greenhouse gas emissions.
The preconstruction phase will involve close collaboration between the Myers-Shimmick team, Metro, and the design team to refine project designs, ensure cost control, and develop a comprehensive construction schedule. Early utility work is scheduled to begin in 2025, with the project slated for completion by 2028.
For more information, visit Metro's North Hollywood to Pasadena Transit Corridor Project Page .
ABOUT SHIMMICK
Shimmick (NASDAQ: SHIM) is a leading provider of water and critical infrastructure solutions nationwide. Shimmick has a long history of delivering complex infrastructure projects from the world's largest wastewater recycling and purification system in Orange County California to the iconic Hoover Dam. Shimmick is at the forefront of delivering solutions to meet the nation’s growing demand for water infrastructure. Our self-performing capability ensures better cost control, quality and client satisfaction across our diverse project portfolio. According to Engineering News Record, in 2024, Shimmick was nationally ranked as a top ten builder of water supply (#8), dams and reservoirs (#6), and water treatment and desalination plants (#7).
CONTACT INFORMATION
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