Nossaman Congratulates Florida Department of Transportation and Louisiana Department of Transportation and Development on Recognitions from P3 Bulletin
Nossaman would like to congratulate the Florida Department of Transportation for winning the gold award in the “Best Operational Transport Project” category for the I-595 Corridor Improvements Project and the Louisiana Department of Transportation and Development for receiving a highly commended award in the “Best Road Project” category for the Belle Chasse Bridge and Tunnel Replacement P3 Project. Both projects were honored by P3 Bulletin at its Americas P3 Awards Gala, which was held virtually in March 2021.
The I-595 project is a $1.8 billion P3 aimed at alleviating congestion on the main east-west traffic corridor in Fort Lauderdale. A Nossaman team led by Patrick Harder advised on procurement and contract documents and the financing structure on the project, and addressed issues that arose throughout design and construction. The project was the first U.S. P3 project to employ an availability payment structure, and served as the foundation for the many availability payment-based P3 projects that followed in its footsteps.
The Belle Chasse project is the Louisiana DOTD’s first P3 project procured under new P3 authority and will replace the Judge Perez Bridge and Belle Chasse Tunnel in Plaquemines Parish with a toll facility. A Nossaman team led by Ann-Therese Schmid facilitated a procurement strategy session to help the transportation agency develop its procurement process, contract documents and risk profile; drafted the NOI, RFQ and RFP; participated in competitive dialogue with proposers; conducted the evaluation and short-list and evaluation and selection processes; and managed the concurrent commercial and financial closing. The project closed in December 2019, and will be a revenue risk project with a capital cost of $169 million.