North Carolina Turnpike Authority Signs Pre-Development Agreement for Mid-Currituck Bridge
Los Angeles, CA (May 1, 2009) - The North Carolina Turnpike Authority, a Nossaman Infrastructure Practice Group client, announced that it signed the state's first public-private pre-development agreement for the Mid-Currituck Bridge. The Authority will partner with the Currituck Development Group, LLC, whose lead partners include ACS Infrastructure Development, Inc.; Dragados USA, Inc.; and Lochner-MMM Group to work on the development, design, and financial assessment of the proposed 7-mile Mid-Currituck Bridge toll project on the Outer Banks. The Currituck Development Group will perform financial analyses to determine the overall financial feasibility of the project, which is expected to cost $636 million to complete. Depending on the outcome of the analysis, the Authority may choose to enter into negotiations for a concession agreement with the Currituck Development Group to design, build, finance, operate, and maintain the Mid-Currituck Bridge. The private partner will also assist the Authority with environmental, engineering and design studies, including capital cost estimates, environmental mitigation, regulatory approvals, right of way and utility impact assessments, and construction planning, as well as toll operational strategies and toll market research.