MORRISTOWN, N.J., June 11, 2015 (GLOBE NEWSWIRE) -- The I-77 Express Lanes project, a public-private partnership (P3) between the North Carolina Department of Transportation and the Cintra-led I-77 Mobility Partners consortium, has reached financial close. Louis Berger is the lead designer for Sugar Creek Construction, the general contractor, on this $648 million project to improve traffic flow on one of the most congested highways in North Carolina.
"Louis Berger is proud to be part of this team, which is helping bring more efficient transportation choices and economic development to this fast growing area," said Mike Kirk, senior vice president and lead for Louis Berger's design-build/P3 practice.
The project is funded through a combination of public and private funds. Financial close marks the completion of financing requirements necessary for the project to move forward. Louis Berger has been working on the design since last fall, and will now complete the final design.
The I-77 Express Lanes will enhance the existing roadway's capacity between Brookshire Freeway in Charlotte and N.C. 150 in Iredell County, and includes the development of high-occupancy toll lanes in both directions to alleviate congestion for rapidly growing communities in the area. Under this P3, the project will be completed without using traditional funding to make gradual improvements to the I-77 corridor. Once complete, drivers will have the option of using the tolled express lanes, which ensure a more reliable travel time, or remain in the general lanes.
This is the state's first P3 transaction, and is one of just three P3 projects that have reached financial close since January 2015. The project is expected to be complete in 2018.
About Louis Berger
Louis Berger is a $1 billion global professional services corporation that helps infrastructure and development clients solve their most complex challenges. We are a trusted partner to national, state and local government agencies; multilateral institutions; and commercial industry clients worldwide. By focusing on client needs to deliver quality, safe, financially-successful projects with integrity, we are committed to deliver on our promise to provide Solutions for a better world.
Louis Berger operates on every habitable continent. We have a long-standing presence in more than 50 nations, represented by the multidisciplinary expertise of 6,000 engineers, economists, scientists, managers and planners.
Photos accompanying this release are available at: http://www.globenewswire.com/newsroom/prs/?pkgid=33685
CONTACT: Regine de la Cruz email@example.com +1.202.303.2791