Midtown Tunnel and Presidio Parkway Projects Receive Prestigious Awards
Nossaman would like to congratulate the Virginia Department of Transportation, the California Department of Transportation and the San Francisco County Transportation Authority on the recognition they received at Project Finance Magazine's annual "Project Finance Americas Deals of the Year" awards dinner in New York City on March 7, 2013.
The awards – which started 14 years ago – are given for innovation, deal repeatability, best practice, problem solving, value for money, and speed of delivery in the financing of infrastructure projects. Two public-private partnership projects – one on the East coast and one on the West coast – received honors at this year's dinner.
The award for 2012 North America Toll Road Deal of the Year was given to the Virginia Department of Transportation's (VDOT) Midtown Tunnel project, which reached financial close in April 2012. The $2.1 billion toll concession project, located in the Hampton Roads region of Virginia, is comprised of a new two-lane tunnel adjacent to the existing Midtown Tunnel, the maintenance and safety improvements to the existing Midtown and Downtown Tunnels, and an extension of the Martin Luther King Freeway to Interstate 264. A Nossaman team, led by Simon Santiago, served as legal advisor to VDOT.
The award for 2012 North America Public Private Partnership Deal of the Year was given to the Presidio Parkway project located in San Francisco, California. The $1.1 billion project was the first transportation project in California to be delivered using the state's recently enacted P3 statute and only the third highway project in the United States developed through an availability payment structure. The awarding authorities were the California Department of Transportation and the San Francisco County Transportation Authority. A Nossaman team, led by Barney Allison, served as legal advisor to Caltrans.