Location |
Mecklenburg and Union Counties, North Carolina |
Project Sponsor / Borrower |
North Carolina Turnpike Authority/North Carolina Department of Transportation |
Program Areas |
   
|
Mode |
Toll Highway |
Description |
The Monroe Expressway will be a new 20-mile toll road from US 74 near I-485 in Mecklenburg County to US 74 in Union County. The facility will run roughly parallel to US 74, creating a high-speed alternative to the commercial corridor along US 74. The facility will include an all-electronic toll system.
The project includes one mile of improvement to the existing US 74, including expansion to six lanes and addition of frontage roads. The new toll road will include four travel lanes, a depressed grass median, and eight interchanges (six along the new facility, and two along existing US 74). The project is the combination of two projects previously analyzed by the North Carolina Department of Transportation; the Monroe Connector (I-485 to US 601) and the Monroe Bypass (US 601 to US 74). |
Cost |
$725.2 million (FY 2012 YOE including construction and finance costs) |
Funding Sources |
Total Project Funding (as of 2012):
- Appropriation Bonds - $467.2 million
- GARVEE Bonds - $171.1 million
- Statewide Transportation Improvement Program (STIP) Funding - $77 million
- Turnpike Revenue Bonds - $10 million
|
Project Delivery / Contract Method |
Design-Build |
Private Partner |
Monroe Bypass Constructors (design-builder):
- United Infrastructure
- Boggs Materials
- Anderson Columbia
|
Project Advisors / Consultants |
Not available |
Lenders |
Bondholders |
Duration / Status |
In August 2014, the North Carolina Department of Transportation began project right-of-way acquisition, permitting, and final design.
Construction began in May 2015. Expected completion is late 2018. |
Financial Status |
Appropriation, Turnpike Revenue, and GARVEE bonds were sold in November and December 2011. |
Innovations |
- Design-build team began construction work before completion of all design work to mitigate construction related delays related to changes in design.
|
Related Links / Articles |
Monroe Expressway Project Website |
Contacts |
North Carolina Department of Transportation
General project information
Tel: (800) 475-6402 |
