Bridging the Gap Between Port of Miami and I-395
A bustling transportation hub, the Port of Miami was in dire need of a plan to increase movement of goods and traffic and to reduce truck traffic through downtown streets.
In response to the situation, the Florida Department of Transportation (Department) decided to construct twin 42-foot tunnels under Biscayne Bay, linking Port facilities on Dodge Island with MacArthur Causeway and I-395 and adding capacity in each direction.
The Department asked us to provide comprehensive legal and procurement assistance, including drafting procurement and contract documents for the second availability payment contract executed in the United States. The project's success paved the way for several other transportation availability payment deals in the U.S. We also facilitated private sector financing, led contract negotiations, and are currently assisting in the implementation of the contract.
The Port of Miami Tunnel opened to traffic in August 2014.
- $340 million TIFIA loan
- $342 million in bank debt
- $80 million in equity
- The transportation agency's 35-year concession agreement with a Meridiam/Bouygues joint venture marked only the second availability payment contract in the U.S.
HONORS & AWARDS
- "Gold Award" for Best Operational Project | P3 Bulletin, 2016
- "Infrastructure Project Award" | National Council for Public-Private Partnership, 2015
- "Nontraditional Financing Deal of the Year" | The Bond Buyer, 2010
- "North American P3 Deal of the Year" | Project Finance International, 2009
- "Project of the Year" | The American Road and Transportation Builders Association, 2007
- "Global Deal of the Year" and "P3 Deal of the Year" | Project Finance magazine, 2007