On August 3, 2014, the Florida Department of Transportation (FDOT) and the Port of Miami achieved an important milestone when the est. $1 billion Port of Miami Tunnel opened for traffic. The project consists of twin tunnels under Biscayne Bay linking Port facilities on Dodge Island with a widened MacArthur Causeway and I-395. One of the first public-private partnerships in the United States to use an availability payment contracting structure, the tunnel improves access for freight trucks and cruise passengers, reducing traffic congestion in downtown Miami and improving air ...
The Design-Build Institute of America announced today the 2013 Design-Build in Transportation Awards, which will be presented on March 19, 2013 at the 2013 Design-Build in Transportation Conference in Orlando, Florida.
The California Department of Transportation was named 2013 Transportation Owner Agency of the Year. Caltrans has made great strides with design-build recently through its Design-Build Demonstration Program. Caltrans also reached financial close this year on its high profile Presidio Parkway project, which will use the design-build-finance-operate and ...
Continuing a string of awards recognizing its groundbreaking financial structure, The Bond Buyer named the Port of Miami Tunnel Project the 2010 Deal of the Year in the nontraditional financing category. The ninth annual black tie event, held in New York City on Dec. 9, recognized some of the country’s most innovative municipal bond issuers for transactions in a range of sectors, including transportation, schools, water and sewer systems, wind, and public pensions. The publication considered nearly 80 deals that closed between Oct. 1, 2009, and Sept. 30, 2010.
The $1 billion Port ...
It was the best of times, it was the worst of times… Dickens could have been describing 2009, as the P3 market continued to look strong, notwithstanding the economic downturn. Last year three significant P3 deals reached financial close in the United States: in March the I-595 in Florida, in October the Port of Miami Tunnel also in Florida, and mid-December the North Tarrant Express in Texas. All were remarkable in their own right, and cumulatively earned Nossaman the top spot in Infrastructure Journal’s league tables in the North American Transport P3 legal advisor category.
We take a look back at what made the deals remarkable and what 2010 might bring…
The closing of the Port of Miami Tunnel Project deal was just short of miraculous, given the tight financial markets and the political ups and downs of the project procurement. Novel risk allocations helped ensure the success of the deal. The current issue of Public Works Finance includes an excerpted discussion of the risks and the way the Florida Department of Transportation chose to address them. The full text of Port of Miami Tunnel: Digging Through Novel Risks is available on Infra Insight.
The Florida Department of Transportation (FDOT), announced at a press conference in Miami today that it has reached financial close on the Port of Miami Tunnel Project.
FDOT, in partnership with Miami-Dade County and the City of Miami, entered into an agreement with MAT Concessionaire, LLC (MAT) which includes Meridiam Infrastructure Finance, S.a.r.l. and Bouygues Travaux Publics as equity members. The $900 million public-private partnership (PPP) deal uses an availability payment structure that provides for payment to MAT over 30 years after completion of construction ...
Nossaman LLP’s 30-plus infrastructure attorneys offer clients, colleagues, strategic partners, and industry media a wealth of practical experience, insider insight, and thoughtful analysis here on Infra Insight. We blog about what we know best, from industry-leading procurements to local and national policy developments that affect the market and our clients.
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