John Laing adds to road infrastructure portfolio and continues support of US traffic congestion reduction targets
John Laing Group plc (“John Laing” or “the Group”), the international originator, active investor and manager of infrastructure projects, is pleased to announce the financial close of a project to improve safety and add capacity to parts of Michigan’s road transport network.
The I-75 Improvement Project (Segment 3) is part of the Michigan Department of Transportation’s wider I-75 Modernization Project. As well as adding capacity and relieving traffic congestion, the project will also deliver critical improvements to driving surface conditions and safety. The project includes a storage and drainage tunnel and a pump station to mitigate future flood events.
The project includes the reconstruction of a 5.5-mile section (Segment 3) of the I-75 corridor as well as construction of a new 4-mile long, 14-feet wide storage and drainage tunnel. It utilizes an availability-based payment structure, over an approximately 30-year contract term.
Anthony Phillips, John Laing’s Regional Managing Director for North America said: “We are very pleased to be working with the Michigan Department of Transportation in its I-75 modernization program. Alongside our partners Aecom within the Oakland Corridors Partners consortium, we are looking forward to providing a safer driving experience for the residents of southeast Michigan.
‘This significant equity investment builds upon John Laing’s strong presence throughout the US, and maintains our commitment as a leading developer and investor in PPP infrastructure, bringing best practice and innovation from around the world to this important market. Since 2015 we have been working with state authorities to alleviate congestion; from the I-77 managed lanes project in Charlotte, North Carolina, one of the fastest growing urban areas in the US, to the more recent
I-4 Ultimate Highway in Florida. This is a fast-growing sector as urbanization increases and we will continue to build partnerships that bring results and benefits for the community and state authorities.”
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