Summer2025

Letter From Our CEO

Hi everyone -

It was great seeing you all at this year’s regional meetings. I hope you enjoyed the opportunity to connect, reflect, and look ahead together in smaller groups and embrace this new regional vision. It was great to see all the incredible work happening across the country and, as always, see the commitment in putting projects first. That project-first mindset continues to define who we are and strengthen our reputation as a trusted partner. 

Shifting our annual meeting structure is part of a broader effort to strengthen our regional strategy and allow all of us more opportunities for challenges and growth. Looking ahead, our current plan is to host a companywide meeting every other year. I, along with your executive team, understand and believe in the importance of bringing everyone together in person to celebrate our successes.

During the regional meetings, we introduced something very meaningful: our core values. These values have always been a part of our makeup, but it was overdue for reevaluation and a written commitment. These revised values came from all of you, comprising of employee owners from both SWI and MRS, spreading across many levels of responsibility and experience in which honest conversations and collaboration were shared. They are about lifting one another up, having every employee-owner’s back, and doing what it takes to get the job done. 

Using the acronym “LIFT” we describe them as follows:

Lead with ownership. Part of being employee-owned means we all have a true stake in the success of the company, so we work our asses off at maintaining and growing our stellar reputation. 
Invest in partnerships. We believe in treating others right. People trust us because of the way we truly partner with clients, joint ventures, subs, and the communities we work in. 
Fiercely commit. Others may claim it, but we’re the originators of the project-first mentality. We do what’s right for the job and get done what needs to be done regardless of title. 
Trust in each other. It’s why all the above works. We know we’re working alongside people with the same values, and we have each other's backs.

As many of you step into new roles or take on new challenges, keep these core values close. We protect this company because we care about it and because we believe in what we’re building.

There's plenty of work ahead, and I wouldn’t want to take it on with anyone else.

It’s good to be us. 

George Furnanz

CEO | STACY WITBECK

Update From MRS

Acknowledging that the market is shifting with projects pushing to the right, highlights the importance of adaptability and resilience. We see the opportunities on the horizon and have taken this opportunity to reinforce our foundational values that will strengthen our execution and position us for continued growth. We shared this and other key operational information at this year’s MRS Business Meeting.

As most may know, we sold Modern Manufacturing on April 1st of this year, a decision not made lightly, but necessary as our vision and growth were no longer aligned with a manufacturing mindset.

We are actively managing and executing Progressive Design Build initiatives across three key projects—LA Metro’s G Line, East San Fernando Valley, and UDOT FrontRunner Double Track Program.

Looking ahead, we’re focused on expanding our resume in the freight rail market with clients such as CPKC, AKRR, BNSF, and CN, while also pursuing standalone Traction Power and OCS contracts.

Keep the momentum.

Be safe and believe.

Paul Rieger

PRESIDENT | MODERN RAILWAY SYSTEMS

Because of established relationships in the region, our newly formed Water Group's initial regional focus is in SoCal, with plans to expand geographically as we further establish ourselves. The team won the Culver City, California Washington Blvd. Stormwater and Urban Runoff Diversion Project to construct water treatment systems.

The Silver Lake Reservoir wrapped up with demobilization early this year. The Caltrans Pump Station Upgrades were completed this year, which entailed the installation of six high-capacity drainage pumps and one sump pump, along with mechanical, electrical, and civil system upgrades. The success of these two water market projects are proof that we were fully ready to dive into the water market. Doing so will allow us to smooth out revenue peaks and valleys that come with alternative delivery, letting us stabilize our margins.

The strategic plan is to pursue jobs with a duration of less than two years that can help build out our resume, such as advanced water treatments or a large pump station. Although many of our transit projects have included water scopes, our intent is to create a reputation outside the transit sector and pursue stand-alone water projects in the future.

In Portland, we just celebrated the grand opening of Parklane Park, a 20-acre expansion of an existing park that included many additional amenities, such as a skatepark and custom pavilion shelter.

The Redmond Link Extension opened in May, a significant milestone for Sound Transit and the culmination of three large, challenging projects for our team. The work puts us in a great position in the Seattle area moving forward as Sound Transit continues building out their light rail network.

The E750 Pedestrian Crossing for Sound Transit is currently 85% complete with an expected $3M change order to come. The work includes crossing gates, striping, signage, and a high level of coordination with the stakeholders, including an active railway.

The F210 Traffic Mitigation is also underway for Sound Transit, creating new traffic patterns with roadway improvements adjacent to the Federal Way extension of which MRS is actively working on.

We're actively continuing work with the Sounder Maintenance of Way contract, covering 20 miles of tracks and two small yards that reside in multiple jurisdictions.

We also picked up RapidRide I, a BRT project in the Seattle area, consisting of roadway, utility, and shelter improvements along a 15-mile alignment.

We are continuing a strong relationship with TriMet, executing on six maintenance of way and track rehab projects, as well as, four crossing reconstructions on freight alignments in the area. We received NTP on the Max Station Rehabilitation to upgrade a light rail station on a busy, active alignment.

The 32nd Street Grade Separation will be a great addition to our Progressive Design-Build resume, planned to construct an under/overpass, pedestrian paths, and intersection upgrades at a critical choke point that sees up to 60 trains a day. Construction is scheduled to begin in November of 2026.

The Earthquake Ready Burnside Bridge project continues in the preconstruction phase, successfully performing a test shaft earlier this year. Construction has been delayed 10 months as the County works through funding agreements, yet our team remains positive.

We celebrated the opening of the Windsor Extension. The 3.3-mile extension included a new station, four pedestrian bridges, and five railroad bridges.

We plan on leveraging the success of these projects and more historical work on SMART’s alignment as we pursue the Healdsburg Extension, a nine-mile extension to the commuter rail that includes a station.

Our long-standing partnership with SMART continues to pay dividends with opportunities for more work in the near future.

Early this year, we celebrated the Petaluma North Station project grand opening, which included a grade crossing, track replacement, new station, and signaling systems (provided by MRS).

We recently won the CM/GC Stockton Soda and Ready Island Terminal project at the Port of Stockton. Phase 1a, valued at $50M, includes earthwork, utilities, and nine miles of ballast track for a new soda ash export terminal. With a private owner, the project offers strong potential for future work.

The East San Fernando Valley (ESFV) Light Rail and G Line BRT have begun construction. ESFV is conducting early utility relocations and has secured multiple funding rounds for the 6.7-mile alignment. After a rocky preconstruction, G Line secured a $75M GMP. Construction is underway, with old stations demolished and groundbreaking held last March.

The San Diego MTS Orange Line Train Control Improvements received NTP in May and construction is scheduled to begin in July. The job, performed with MRS, entails updating existing signals, OCS, and track.

The North Coast team completed CIDH installation on Batiquitos Double Track ahead of bird nesting season. Work resumes August 1, with remaining tasks—including pier caps, abutments, girders, and final widening between Carlsbad and Oceanside - on track for completion by late August.

We began construction on the Port of Long Beach (POLB) Locomotive Facility, which includes six tracks with signaling and utilities, and we’re targeting substantial completion by next June.

The POLB Pier B East Expansion is in early construction, preparing for future growth with pump station relocation, retaining wall, crossing modifications, and rail yard realignment.

The Trancas Creek Bridge is tracking to complete in Q3, with girders set last February and the stage 2 deck pour occurring in March.

Brightline West is gaining momentum with major funding secured and construction expected soon. Finalizing debt obligations remains the last hurdle, yet expected to be resolved in the coming months.

The Capital Extension (CapEx) team submitted the 60% design in May, with pricing coming in below the 40%. The 90% design is due in October. Despite funding delays, Construction NTP is expected by March 2026.

In Phoenix, the Job Order Contracting (JOC) team has strengthened ties with Valley Metro, completing multiple track repairs and restoring art lighting on a 1,500-foot, two-span bridge.

Salt Lake City's On-Call teams are busy with several task orders, including a 40-day shutdown for a new double crossover and interlocking system, plus multiple rail repairs for UTA this year.

MRS is currently leading an OCS Task Order for UTA, including an 85-day shutdown in collaboration with SW. The work is progressing better than expected and ahead of schedule.

The Midvalley BRT team is scheduled to complete this Fall - a full year ahead of schedule. This lines up for a successful transition to starting on the High Valley Transit SR224 BRT project in nearby Park City.

The 2100 S Reconstruction has continued to be a major success story, creating a solid reputation with the City of Salt Lake City, leading to an additional $12M of negotiated work.

The Bluffdale Undercrossing, the first in the U.S. to box jack under live track and aiming for construction this summer, has led to two nearby projects: an outfall job and a pedestrian bridge.

Finally, FrontRunner 2X continues to advance, with a major additional package added to the project by the team winning the FrontRunner Points Improvements project; an additional $300M in contract value.

The Kansas City Streetcar Extension wraps up this month after over three years of construction. Test trains are running, with a grand opening set for fall.

In Chicago, Metra's 16th Street Interlocking marked a major milestone with the decommissioning of a 124-year-old signal tower and the transition to modern microprocessor-based signaling—a significant advancement in rail technology.

The Omaha Streetcar remains in extended preconstruction as pricing is finalized. A GMP letter of intent based on 90% design was received in February, with final estimates pending City Board approval on June 16.

In Texas, the DART Shiloh Equipment Maintenance Facility team has been working through an extremely tight schedule with a staff comprised 100% of relocated people. The project includes yard track, an extensive wash facility, the maintenance facility, and a 25,000 gallon fuel station, and is set to hit substantial completion in November of this year.

Our DART On-Call team, with MRS support, has completed 15 task orders covering bridge, tunnel, drainage, and systems improvements.

The TEXRail Medical Center Extension in Fort Worth faces funding delays, but we remain confident. The 60% estimate is submitted, with the GMP estimate due this summer. The 2.5-mile commuter rail project shares a corridor with UPRR and includes two new bridges.

Our East Region remains a key strategic outpost for the company, strengthened by a growing relationship with Amtrak that we believe will lead to more rail work across the region. Central to this is our work on the Frederick Douglass Tunnel South Approach, a major effort to relieve a significant bottleneck in the Northeast Corridor. The team is currently negotiating a Lean GMP 2 valued at $85M. Additionally, the project has already achieved $300M in value engineering savings during preconstruction.

We recently added the E Line Sanitary Sewer and Cub Run Pump Station to our water portfolio. Construction starts this month in eight phases, including three taxiway and three taxilane shutdowns. Scope covers 7,500’ of pipe rehabilitation, 9,000’ of pipe installation, pump replacements, and station improvements, with a 525-day timeline.

MRS is strengthening its partnership with CATS in Charlotte through an On-Call contract, a crossing job, and the TPSS project. We’re currently in preconstruction for the South End Station Track and Systems, which will add a new station on the Blue Line. The 60% estimate was submitted in April, with a track shutdown planned for Spring 2026.

Keeping Track

SUMMER 2025

Letter From Our CEO

George Furnanz

Update From MRS

Paul Rieger

Water Market Update

Regional Project Updates

Northwest

Regional Projects

Northern California

Regional Projects

Southern California

Regional Projects

Mountain States

Regional Projects

Central

Regional Projects

East

Regional Projects

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