California's high-speed rail project appears to be off and running.
On Wednesday, civil engineering firm Tutor Perini Corp. (NYSE: TPC ) said the California High-Speed Rail Authority has identified its $985 million bid to design the initial Madera-to-Fresno segment of California's high-speed railway as the "apparent best value" of all bids received.
The contract has not been awarded yet, but Tutor says it expects an official award to be granted in the coming weeks on the nation's first high-speed rail project.
Tutor, based in Sylmar, Calif., is leading a joint venture among itself, Texas-based Zachry Construction Corp., and Pasadena, Calif.'s Parsons Corp., bidding on this project. Work is expected to begin by July and continue over four years, creating more than 1,000 construction jobs, according to Tutor, and laying the groundwork for a modernized rail system in California.