TxDOT signs agreement for SH-288 with ACS-led group
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The Texas Department of Transportation (TxDOT) announced last Friday it had reached a deal with Blueridge Transportation Group, the joint venture of Spanish construction giant Grupo ACS, global investment firm InfraRed Capital Partners and the Israeli building and real estate company Shikun & Binui Ltd., that won the project.
The deal was agreed after more than a year since Blueridge won the tender process for the toll lanes along Texas 288. The delay was due to the complexity of such a huge deal, TxDOT officials said to sources.
Based on the final agreement, construction will begin in late 2016, pushing back the opening to the second quarter of 2019. Officials initially predicted opening the lanes in early-to-mid 2018.
The total project investment is estimated at US$800 million.
Blueridge will build two toll lanes in each direction and upgrade the Sam Houston and Loop 610 interchanges. The company will operate and maintain the tollway until 2065.
State officials estimate spending $17 million on the project, with the company recouping its investment via tolls.
The project consists of a 10.3-mile section of SH 288 from US 59 to the Harris County line at Clear Creek in Harris County.
The project includes the following:
- The design, construction, maintenance, and operation of four tolled lanes within the median of SH 288 from US 59 to the Harris County line at Clear Creek
- The design, construction, maintenance, and operation of up to eight direct connectors at Beltway 8
- The maintenance and operation of the general purpose lanes and associated facilities along the 10.3-mile section of SH 288.
Additionally, the project includes construction of direct connectors to provide access from SH 288 tolled lanes to the Texas Medical Center; eight direct connectors at Beltway 8; and rebuilds most of the I-610/SH 288 interchange.
Last week SH 130 Concession Company, the private company that built and operates southern sections of the Texas 130 tollway, filed for bankruptcy protection last week.
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