05:06 PM EDT, 05/20/2025 (MT Newswires) -- Granite (GVA) said Tuesday it was awarded a federally funded $54 million contract for the first phase of a two-part construction project under a construction manager/general contractor contract with the Alaska Department of Transportation and Public Facilities.

The project involves realigning a segment of the Parks Highway to reduce sharp corners and improve traffic safety.

Granite will perform major earthwork, asphalt paving, and implement a full traffic diversion. Construction began May 1 and is expected to finish by September 2027.

The company said the contract value for the second phase is estimated at $35 million.