MegaProject 1051: Kiewit Meridiam Partners sign Central 70 PPP in Colorado
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Colorado Department of Transportation CDOT and the High Performance Transportation Enterprise (HPTE) have approved the project agreement (PA) with Kiewit Meridiam Partners (KMP), the selected developer partner for the Central 70 project. The approval signifies the commercial close with KMP for the public-private partnership to deliver the project.
Approval of the PA means that KMP is now officially on board to build Central 70, and the agreement will be in effect until 30 years after the completion of construction of the project. The next step is financial close, the stage at which financing is secured. The parties are moving toward financial close as soon as possible.
KMP was selected on Aug. 24, 2017, to be the Central 70 project developer to undertake the largest infrastructure development project in CDOT's history. The project will: reconstruct a 10-mile stretch of I-70 east of downtown; add one new Express Lane in each direction between I-25 and Chambers Road; remove the aging 53-year-old viaduct; lower the interstate between Brighton and Colorado boulevards; and place a four-acre park over a portion of the lowered interstate between Clayton and Columbine streets.
Construction will begin in 2018 and take approximately four years to complete. The project envisages an estimated investment of US$1.2 billion.
HPTE Director David Spector, said:
"While the public won't see construction starting quite yet, commercial close is a big milestone for us because it means we are one step closer to building this much-needed project," said HPTE Director David Spector. "We continue to be committed to transparency and want to ensure that anyone who is interested in this project is kept informed on each step in the process."
Jane Garvey, chairwoman of Meridiam North America, said:
"Reaching commercial close is an important step for KMP to deliver this critical infrastructure project for Colorado. This historic project will not only improve mobility, but will increase economic opportunities, and help to bring jobs to the local communities and across the entire state."