Golden Link Concessionaire, a consortium composed of Hochtief and Meridiam, has opened the US Presidio Parkway P3 project to Bay Area motorists on July 12th.
The Presidio Parkway, a new 1.6-mile six-lane roadway, replaces Doyle Drive as San Francisco's main connection to the Golden Gate Bridge. The improvements include seismic upgrades, 2 sets of short tunnels, a wide landscaped median, enhanced pedestrian accommodations and improved traffic transitions into city streets.
The project has been developed on a design, build, finance, operate and maintain (DBFOM) basis. The concession period is 30 years.
The total project investment has been US$1.1 billion. Funding for the project included a combination of equity, bank debt and TIFIA loans.
The Presidio Parkway is the only project delivered under the P3 statute, Streets and Highways Code section 143 and is the first transportation project developed through California's availability payment structure. The project was procured jointly by the California Department of Transportation (Caltrans) and the San Francisco County Transportation Authority.