The $1.4B I-75 Modernization P3 in Detroit (United States) is now financially closed. The project represents a number of milestones: Our team were able to deliver AECOM Capital’s first ever P3 win/close.

Oakland Corridor Partners LLC (OCP), a special purpose limited liability company formed to develop and operate the project, is formed by five private sector sponsors: John Laing Investments Limited (40%), AECOM Capital, Inc. (30%), Ajax Paving Industries, Inc. (10%), Dan’s Excavating, Inc. (10%), and Jay Dee Contractors, Inc. (10%).

The Michigan Strategic Fund has issued around US$622.2 million Limited Obligation Revenue Bonds to finance the project.

Under a design-build-finance-maintain agreement with the Michigan Department of Transportation (MDOT), OCP will reconstruct, widen and improve a 5.5 mile (8.85 km) segment of Interstate Highway 75 (I-75) in Oakland County, Michigan, located in the Midwestern region of the USA. The segment consists of 1.5 miles of rural freeway and 4 miles of urban depressed freeway.