On March 26, the Florida Department of Transportation (FDOT) celebrated the grand opening of the $1.2 billion I-595 Express Corridor Improvements Project (Project) in Broward County, Florida. The Project is the nation’s first Availability Payment public-private partnership and the first public-private highway deal in Florida.
The Project consists of the reconstruction of the I-595 mainline from the I-75/Sawgrass Expressway interchange to the I-595/I-95 interchange on I-595 and from Peters Road to Griffin Road on Florida’s Turnpike, for a total project length of 13 miles. The Project includes three reversible express, variable-toll lanes at grade in the median of the existing highway, from Interstate 95 to Interstate 75, a distance of approximately 10 miles.
In March of 2009, FDOT signed the concession agreement with ACS Infrastructure Development Inc., a U.S. subsidiary of Group ACS in Spain, to design, build, finance, operate and maintain the I-595 for 35 years. Construction of the Project began in June 2009 and was completed in less than 5 years and ahead of schedule.
Some of the key milestones and achievements highlighted by FDOT are:
- I-595 improvements completed over 15 years sooner than originally projected
- Innovative design/build processes allowed for execution of the I-595 Project in record time
- Less than 0.7% of the construction cost in scope changes
- No time added to the contract
- All project milestones achieved
- Project of the Year Award in 2009 by the American Road & Transportation Builders’ Association (ARTBA) for outstanding contributions to the promotion of public private partnerships that advance transportation infrastructure improvements
- Award of Excellence in Civil/Public Works in 2010 by Southeast Construction Magazine for partnering with three private golf courses for storm water treatment and saving millions of dollars in right of way acquisitions.
- 2009 North American Transport Deal of the Year by Project Finance Magazine.
Nossaman is proud to have served as FDOT’s outside legal advisor on this groundbreaking transaction.
For more information about the I-595, visit the project website.