FDOT Awards Contract to Spanish Co.

I-95 is Florida’s main east-coast corridor, running 381 miles from the Fla./Georgia border south to Miami (pictured).

Reuters reports that FCC, a Spanish construction company, Fomento de Construcciones y Contratas (stock symbol: FCC.MC), has a contract to widen I-95 highway in Florida. The contract is worth an estimated $121.5 million.

This is FCC’s first major building deal in the U.S. I-95 is Florida’s main east-coast highway, connecting such cities as Jacksonville, Daytona, New Smyrna, Edgewater, Cape Canaveral, Vero Beach, West-Palm Beach, Delray Beach, Boca Raton, Fort Lauderdale, Hollywood and South Beach.

Financial analysts say FCC, like other Spanish builders, is expanding abroad to make up for a slowdown in its housing market. FCC is already present in the U.S. cement market and last year bought two industrial waste treatment plants.A Jan. 14, 2008 news item out of Palm Bay, Fla. indicates city council members are frustrated FDOT plans to cut four miles from an Interstate 95 widening project through Brevard County because of insufficient funds. George Lovett, director of transportation development with FDOT, told the Palm Bay Council the state is $50 million short to widen a 22-mile stretch of I-95 from four to six lanes. Lovett reported the bids came in too high, and thus the $198 million three-year project in Brevard County would be cut to 18 miles.

Another recent news item reported FDOT is seeking federal funding to construct express lanes along I-95 in South Florida.