Spanish firm Ferrovial has inaugurated the LBJ Express tollway in Dallas, Texas, which represents an investment of US$2.635 billion.
The road, which uses cutting edge route design and technology, is located north of Dallas, in one of the most congested corridors in the United States.
Construction commenced in 2011. The road was built by Ferrovial Agroman and Webber while keeping the corridor open to traffic as existing lanes were widened and upgraded, frontage roads were kept open and new managed lanes were built. To achieve nine lanes in each direction, over 350 km of lanes had to be built. One section of the road is 28 lanes wide.
Cintra, a Ferrovial subsidiary, heads the consortium that will operate the 52-year concession for this 21.3 km urban highway that passes Dallas on the north, along IH-635, between US-75 and IH-35E, and a section of interstate I-35E. The four shareholders of LBJ Express are Cintra (51% of capital), APG (26.46%), Meridiam (15.94%) and Dallas Police and Fire Pension System (6.6%).
The US$2.635 billion project was funded by four sources: a Private Activity Bond issue, a TIFIA long-term loan from the US Department of Transportation, and contributions by the shareholders and Texas Department of Transportation.