How the Center for Innovative Finance Support Office Does Business...
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About Us |
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Capacity Building |
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Outreach/Awareness |
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Research |
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Technical Assistance |
Location |
Baldwin County, Alabama |
Project Sponsor / Borrower |
City of Foley, Alabama |
Program Areas |
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Mode |
Highway / Toll Bridge |
Description |
The Foley Beach Express (Beach Express) is a 13.5-mile limited access four-lane route from the City of Foley to Orange Beach, Gulf Shores, and Perdido Key in Alabama. It is in alternative to the heavily traveled Highway 59. The project was originally built in two sections: the 7.5-mile, toll-free Foley Bypass constructed with federal funds and a 1-mile bridge over the Intracoastal Waterway and 5-mile approach road designed, built, and financed by the Baldwin County Bridge Company (BCBC). The approach road was deeded to Baldwin County which maintained and operated it toll-free. The bridge was tolled and operated by BCBC. In December 2005, the Foley Beach Express was sold to Macquarie Infrastructure Group (MIG) and in early 2007 was sold again to Alinda Capital Partners, LLC. |
Cost |
$44 million |
Funding Sources |
$36 million private (taxable) toll revenue bond issue |
Project Delivery / Contract Method |
Toll bridge was built using a design-build procurement awarded to McInnis Corporation of Montgomery, Alabama. The private highway contractor was a joint venture of J.S. Walton Construction and Mobile Asphalt, Co., both of Mobile, Alabama. |
Private Partner |
Original DBFO partner: Baldwin County Bridge Company Current owner: Alinda Capital Partners, LLC |
Project Advisors / Consultants |
Helmsing, Leach, Herlong, Newman and Rouse |
Lenders |
HSH Nordbank AG (Germany) |
Duration / Status |
Opened June 2000 |
Financial Status |
Closed |
Innovations |
N/A |
Related Links / Articles |
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Contacts |
American Roads LLC |
