Sterling Awarded a $26.4 Million Project in Utah by the Woodbury Corporation
April 06 2020 - 4:05PM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS:
STRL) (“Sterling” or “the Company”) today announced that its
subsidiary, Ralph L Wadsworth Construction, LLC (“RLW”) was
selected by the Woodbury Corporation for a Utah structural project
totaling $26.4 million.
The $26.4 million project is part of a $500 million
revitalization effort of University Place, a 120-acre multi-use
development project located in Orem, Utah. RLW is contracted to
provide the structural concrete for a nine-story structure with the
bottom five levels consisting of 115,000 square feet of structured
parking and a lobby and the top four levels with over 115,000
square feet of Class A office space, boasting unobstructed
360-degree views of Utah Valley. Construction is scheduled to begin
this Spring and is expected to be completed in the Fall of
2021.
Joe Cutillo, Sterling’s CEO, commented, “We are pleased to begin
work with the Woodbury Corporation, one of the premier retail
developers in the United States and the local community. Residents
of Utah County have made their desire for growth, urban town
centers and diverse housing choices known, and we are extremely
glad that, we are able to aid in the redevelopment effort of
University Place.”
Sterling, a Delaware corporation, operates through three
operating groups specializing in heavy civil, specialty services
and residential projects in the United States, primarily across the
southern U.S., the Rocky Mountain States, California and Hawaii, as
well as other areas with strategic opportunities. Heavy civil
includes infrastructure and rehabilitation projects for highways,
roads, bridges, airfields, ports, light rail, water, wastewater and
storm drainage systems. Specialty services projects include site
excavation and improvement, foundations for multi-family homes,
parking structures and other commercial concrete projects. Site
excavation and improvement entails construction site preparation
primarily in the Southeast region of the United States for
blue-chip customers in the distribution center, warehousing,
e-commerce, data center, big box retail and energy sectors, as well
as other growing end markets. Residential projects include concrete
foundations for single-family homes in Texas.
This press release includes certain statements that fall within
the definition of “forward-looking statements” under the Private
Securities Litigation Reform Act of 1995. Any such statements are
subject to risks and uncertainties, including overall economic and
market conditions, federal, state and local government funding,
competitors’ and customers’ actions, and weather conditions, which
could cause actual results to differ materially from those
anticipated, including those risks identified in the Company’s
filings with the Securities and Exchange Commission. Accordingly,
such statements should be considered in light of these risks. Any
prediction by the Company is only a statement of management’s
belief at the time the prediction is made. There can be no
assurance that any prediction once made will continue thereafter to
reflect management’s belief, and the Company does not undertake to
update publicly its predictions or to make voluntary additional
disclosures of nonpublic information, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200406005713/en/
Sterling Construction Company, Inc. Ron Ballschmiede, Chief
Financial Officer 281-214-0777 Investor Relations Counsel:
The Equity Group Inc. Fred Buonocore, CFA 212-836-9607 Mike
Gaudreau 212-836-9620
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