HOLLYWOOD, FL -- (Marketwired) -- 01/11/16 --
NV5 Global, Inc. (the "Company" or "NV5") (NASDAQ: NVEE), a provider of professional and technical engineering and consulting solutions, announced today that it was selected to provide infrastructure engineering services, including surveying and tentative tract mapping, for the Tejon Mountain Village residential development project and the Grapevine Development project, both located northeast of Ventura in California's southern San Joaquin Valley region. NV5's infrastructure engineering teams in southern California, northern California and Salt Lake City have contracted initial fees of approximately $1 million and expect that fees associated with these projects may exceed $11 million over the next six years.
Dickerson Wright, PE, Chairman and CEO of NV5, said, "Although most of the work we do -- approximately 75 percent -- is publicly funded, it is important to also be involved in private sector projects like Tejon Ranch when the economy is conducive to these opportunities. Tejon Ranch is one of the largest private landowners in California and we are pleased that we were selected to help the Company execute the vision it has held since 1936 of responsible land and resource use to meet the needs of current and future generations of Californians. We are also pleased that this win resulted from the ongoing cross-selling efforts of our infrastructure experts in various specialty disciplines across California and Utah."
Laura Bonich, PE, LEED, Business Development Director at NV5 and Principal in Charge for the Tejon Ranch work, said, "The Tejon Mountain Village project is a true new town development consisting of at least 3,000 luxury resort community units with no existing urban services, which makes this an exciting and challenging project for us. The Grapevine Development Area, though in its early planning stages, will be a more close-knit master-planned community of about 10,000 residential units. We expect Tejon Ranch Mountain Village to be one of the foremost land development projects in the U.S. in the next two to four years."
"Tejon Ranch has provided stewardship over this beautiful piece of land for many years. To be a part of their vision to create a sustainable, authentic ranch community is an amazing opportunity for NV5 and our civil engineering team," added Scott Vinton, PE, Project Manager at NV5.
About Tejon Ranch
Tejon Ranch Company is a fully diversified integrated real estate company and agribusiness, whose principal asset is California's historic Tejon Ranch. Located along Interstate 5 approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield, the 270,000-acre ranch is the largest single piece of private property in the state. At 422 square miles, it is just about as large as the City of Los Angeles and about 40 percent the size of Rhode Island. In addition to real estate, the Company has extensive agriculture and ranching operations. Tejon Ranch Company's real estate developments include the world-class Tejon Ranch Commerce Center, a 1,450-acre commercial/industrial center located at the junction of I-5 and Highway 99. The Commerce Center is also the location of the Outlets at Tejon, an upscale outlet retail center the Company developed in partnership with The Rockefeller Group. In addition, Tejon Ranch Company is developing several master planned residential communities, including a fully-approved mountain resort community known as Tejon Mountain Village. The Company is also planning two other communities: Centennial, a landmark new town in Los Angeles County that's designed to serve as a model of sustainable development for 21st century California; and Grapevine, a similar master planned community located near the Tejon Ranch Commerce Center in Kern County.
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure, engineering and support services, energy, program management, and environmental solutions. The Company operates 42 offices in Arizona, California, Colorado, Connecticut, Florida, Massachusetts, Maryland, New Jersey, New Mexico, New York, Ohio, Pennsylvania, Utah, Washington and Wyoming, and is headquartered in Hollywood, Florida. For additional information, please visit the Company's website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company's most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
NV5 Global, Inc.
Lauren Wright, Ph.D.
Director of Investor Relations
Source: NV5 Global, Inc.