How the Center for Innovative Finance Support Office Does Business...
 |
About Us |
|
Capacity Building |
|
Outreach/Awareness |
|
Research |
|
Technical Assistance |
Location |
Tallahassee, Florida |
Project Sponsor |
Jeff Phipps |
Program Areas |
|
Mode |
Toll Highway |
Description |
The Orchard Pond Parkway is a 5.2-mile privately constructed toll road north of Tallahassee, Florida. The roadway consists of two 12-foot lanes and 5-foot bike lanes. A future, parallel nature/bike trail is also planned. The route creates an east-west connection among northeast Tallahassee neighborhoods between North Meridian Road and Old Bainbridge Road, paralleling the existing (dirt) Orchard Pond Road. It would, for example, make the journey to Tallahassee Regional Airport in southwest Tallahassee shorter for those residents. The toll road is initially anticipated to serve 500 to 1,000 vehicles per day, increasing to 4,000 per day in 10 years. It is expected to turn a profit after three to five years. A construction loan from the state will be paid off in 30 years. The land through which the road runs is owned by the project's developer, Jeff Phipps. According to the private developer, a new road would eventually be constructed along the existing Orchard Pond Road right-of-way, and he felt that by constructing the road himself, it could be done in way that better preserved the natural environment around it. The road will be owned by Leon County, who will lease it back to Jeff Phipps for 99 years. |
Cost |
$17 million |
Funding Sources |
Florida Department of Transportation State Infrastructure Bank (SIB) loan - $13.5 million Cash - $3.5 million |
Project Delivery / Contract Method |
N/A |
Private Partner |
Jeff Phipps |
Project Advisors / Consultants |
M Inc. - Design and construction |
Lenders |
Florida DOT SIB |
Duration / Status |
Construction began in January 2015. Expected completion April-May 2016. |
Financial Status |
Closed |
Innovations |
|
Related Links / Articles |
Florida DOT SIB |
Contacts |
