Charlotte, NC, April 11, 2014 – Cintra, a subsidiary of Ferrovial, today was named the apparent best value proposer of the I-77 HOT Lanes Project by the North Carolina Department of Transportation (NCDOT).
The $655 million project, extending 26 miles from the I-77 connection with I-277 in Charlotte to the intersection with NC 150 in Iredell County, will enhance traffic connectivity between the residential areas and downtown Charlotte. The project includes the development of High Occupancy Toll (HOT) lanes in both directions, which will provide traffic congestion relief to rapidly growing communities in the area.
The project is being developed as a public-private partnership with the private sector assuming traffic performance risk traditionally taken by the state.
"We are proud to have the opportunity to work with state and local leaders to deliver a world-class infrastructure project to the state of North Carolina,” said Nicolas Rubio, United States president of Cintra. “We look forward to being a valued partner to the state and North Carolina residents.”
The project is divided into three sections. The project’s 2.2-mile southern section and the 14.9-mile central section will have an ultimate configuration of two HOT lanes in each direction. The north section of the project includes 8.8 miles of new construction of one HOT lane in each direction.
Cintra will be responsible for the development of the project and construction will be led by a joint venture between Ferrovial Agroman and W.C. English.
The project is expected to reach commercial close in the summer of 2014 with a financial close anticipated in the following months. Construction is expected to begin by early 2015 and be completed in mid-2018. The term of the concession will be 50 years after the project opens to traffic.
“This project will not only provide needed traffic congestion relief to one of North Carolina’s fastest growing regions, but it will foster additional economic development opportunities and will create local jobs,” added Patrick Rhode, United States Vice President for Corporate Affairs at Cintra US.
About Cintra US
Based in Austin, Texas, Cintra US is the American arm of Cintra, a subsidiary of Madrid-based Ferrovial. Cintra is the leading private-sector transportation infrastructure company in the world with experience spanning more than 45 years of innovative highway development on three continents. Today its portfolio includes more than 1,300 miles of managed highways worldwide, representing a total global investment in roadway improvements of approximately $30 billion. Cintra manages more than $14 billion in infrastructure projects in the United States.
Recognized as an international powerhouse, Ferrovial, through its four business lines – Services, Highways, Construction and Airports – owns, operates and manages major infrastructure assets, including London's Heathrow Airport and several other major airports in the United Kingdom. Ferrovial is the world's leading private investor in transportation infrastructures, with a workforce of approximately 65,000 employees and operations in more than 25 countries. Ferrovial manages key assets such as Canada's 407 ETR highway and also provides municipal services to more than 800 cities and towns in Spain, Portugal and United Kingdom. The Company is listed in the Madrid Stock Exchange and is included in the prestigious Dow Jones Sustainability, FTSE4Good and Ethibel indices. Public Works Financing has named Ferrovial the world’s leading investor in transportation infrastructure.