07 Mar 2014
Plenary Roads Denver has achieved financial close with the Colorado Department of Transportation’s (CDOT) High Performance Transportation Enterprise on the $175 million second phase of the US 36 Managed Lanes/Bus Rapid Transit Project.
This is Plenary’s first project in the US to reach this milestone.
Plenary Roads Denver, a consortium of infrastructure developer Plenary Group, Ames Construction, Granite Construction, HDR and Transfield Services, has entered into a long-term agreement with HPTE to deliver the project.
Goldman Sachs provided financial services to the consortium.
The US 36 Managed Lanes project involves roadway improvements and expansions to the US 36 highway between Denver and Boulder, as well as the long-term maintenance and operation of the entire US 36 corridor between I-25 and Table Mesa Drive, and the I-25 Express Lanes between downtown Denver and US 36.
It also provides several improvements geared to users of alternate transportation options, through the expansion of facilities relating to the Bus Rapid Transit corridor as well as the completion of a dedicated bikeway through the corridor.
Dale Bonner, Chairman of Plenary’s US operations was excited to mark this important milestone for the project and see it enter its next phase.
“Plenary’s US business is delighted to have the opportunity to partner with the High Performance Transportation Enterprise on this significant piece of civil infrastructure,” Mr Bonner said.
“The project will build on the success of the I-25 Express Lanes to significantly expand and improve the vital transportation corridor between Denver and Boulder for the people and commuters of Colorado.”
The US 36 Managed Lanes project, which is the first CDOT has procured as a P3/PPP, is expected to create hundreds of local construction jobs over the next two years, as well as local operations jobs over its term.
The second phase of the US 36 Corridor includes:
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