Shares of Tutor Perini Corporation (NYSE: TPC) surged over 9% in pre-market trading on Tuesday, following the company's announcement that it has been identified as the apparent selected proposer for a multi-billion dollar project to build a new jail facility in Manhattan, New York City.
Tutor Perini, a leading civil, building, and specialty construction company, revealed that it has formed a joint venture with O&G Industries to design and construct the new Manhattan jail facility. This project is part of New York City's plan to replace the aging Rikers Island jail complex with four new borough-based jails.
The new state-of-the-art jail facility in Manhattan will have 886 beds and provide dedicated space for various services, recreation, food services, staff facilities, and underground parking. It will also include 20,000 square feet of community and commercial space on the ground floor.
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