Port of Miami Tunnel Project Secures Final Step in Financing

After a year’s delay, the Florida Dept. of Transportation and a concessionaire have closed on a $900-million public-private partnership that will create a pair of 3,900-ft-long, 41-ft-dia tunnels connecting to the Port of Miami. Last month, FDOT, Miami-Dade County and the city of Miami finalized an agreement in which the concessionaire, called Miami Access Tunnel, will design, build, finance, operate and maintain the project, using its own equity to fund half. Bouygues Civil Works Florida Inc. will lead the $607-million construction portion of the job, with engineering assistance from Jacobs Engineering Group Inc., Pasadena, Calif. FDOT will repay the concessionaire $457 million over the 30-year concession. Another $402 million will come from Miami-Dade County and $50 million from the city. Construction is expected to start in seven months.