I4 Mobility Partners chosen for I4 Ultimate Project in Florida
John Laing, the international infrastructure investor and asset manager, today announced that the Florida Department of Transportation has selected the “I4 Mobility Partners” consortium – led by John Laing and Skanska Infrastructure Development – to finance, design, construct, operate and maintain the I4 Ultimate project in Florida. The consortium will now be able to start the process of achieving financial close for the project.
The I4 Ultimate Project will reduce congestion and provide additional capacity along a busy 21-mile section of Interstate 4 that also serves as a major tourist route across Orlando. Under a public-private partnership, the winning consortium will design, build, finance and operate the new section over an anticipated 40-year concession. The project includes reconstructing 15 major interchanges, constructing more than 145 bridges, adding four variable priced toll Express Lanes, and completely rebuilding general use lanes. The Florida Department of Transportation will administer all-electronic tolling for the managed routes.
John Laing and Skanska Infrastructure are joint equity partners and developers in the project; Skanska USA Civil Southeast Inc., with Granite Construction Company and The Lane Construction Corporation are the construction joint venture. The lead engineering firms are HDR Engineering, Inc. and Jacobs Engineering Group, Inc. The lead Operations & Maintenance firm is Infrastructure Corporation of America.
Derek Potts, Managing Director for Primary Investments at John Laing, said: "We are delighted that FDOT has selected our consortium. Public Private Partnership schemes are developing in the US as a way to deliver infrastructure in a cost effective and timely fashion. The US is an important market for John Laing, where we hope to demonstrate our experience in delivering high quality infrastructure for the public sector."
The project is expected to be financed using equity, debt and a loan made available under the US Department of Transportation’s Transportation Investment and Financing Infrastructure Act (TIFIA) programme.
Construction is expected to begin in early 2015, with completion estimated in 2021.
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