$1,134.8 million
Project reached substantial completion and commenced tolling operations in January 2013.
The 18.8-mile Triangle Expressway provides congestion relief on existing north-south routes serving the Research Triangle Park (RTP) region (including I-40) between Raleigh and Durham, as well as improves commuter mobility, accessibility and connectivity to the RTP employment center. The tolled highway comprises three sections:
- Phase 1 - 2.8 miles of NC 540 from NC 54 to NC 55 near Morrisville, which was constructed by North Carolina DOT with Surface Transportation Funds (STP) funds and opened to traffic in 2007 (but not tolled until August 2012), and 3.4 miles of NC 147 from I-40 south to the interchange with NC 540 (opened in December 2011 and tolled in January 2012)
- Phase 2 - 6.6 miles of NC 540 from the southern terminus of Phase 1 at NC 55 to U.S. 64 (opened and tolled in August 2012)
- Phase 3 - 6 miles of NC 540 from the southern terminus of Phase 2 at U.S. 64 to NC 55 Bypass near Holly Springs (to open in January 2013)
Toll revenue bonds - $270.1 million
Federal Funds - $86.3 million
State-backed bonds - $352 million
TIFIA loan - $386.662 million
State Funds - $108 million
Design-Build
NCDOT Alternative Delivery Unit
HNTB - GEC
PBS&J - Toll technology
PFM Group/Davenport & Company - Financial advisors
Womble Carlyle - Bond counsel
Wilbur Smith Associates - Traffic & Revenue
Wells Fargo - Bond trustee
Merrill Lynch - Bond underwriters
To USDOT TIFIA JPO:
- TIFIA Legal Advisor: Nixon Peabody
- TIFIA Financial Advisor: Infrastructure Management Group
Direct loan: $386.662 million
The TIFIA loan has been issued on a subordinate basis to the senior lien toll revenue bonds.
- Most expensive public works project in North Carolina history
- All-electronic, cashless/video tolling
Jason Peterson, P.E.
North Carolina Turnpike Authority
1578 Mail Service Center
Raleigh, NC 27699-1578
Tel: (919) 836-4878
triangleexpressway@ncturnpike.org