Tutor Perini (TPC) said Wednesday that its joint venture with O&G Industries is close to finalizing a $3.76 billion agreement to design and construct a new jail facility in Manhattan.
The project, managed by the New York City Department of Design and Construction, is expected to be finished by May 2032, the company said.
The facility will include roughly 1,000 beds, underground parking, recreational spaces, staff offices and 20,000 square feet of ground-floor community and commercial space.
Tutor Perini said it is the primary partner in the joint venture, with P&G holding a 25% stake and HOK handling the design.
Shares of Tutor Perini rose more than 2% in recent Thursday premarket activity.
Price: 23.71, Change: +0.57, Percent Change: +2.46
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