The Central Texas Turnpike Project is a $4.3 billion project consisting of a new 122-mile turnpike facility in the Austin-San Antonio corridor consisting of a six-lane controlled access electronic toll highway. The project aims to relieve congestion, improve road safety, and enhance commerce and trade, and consists of four interconnected elements: SH 45 North, Loop 1, U.S. 183A, and SH 130). The different elements will be constructed through design-build public-private partnerships. Recently, the contract for SH 45 was awarded to Granite Construction Co. & J.D. Abrams after the partnership had submitted bids that were 23 percent below the State's estimates. The highway is the first of the four elements to begin construction.
The first phase of the project, comprising SH 130, SH 45 North, and Loop, is estimated to cost $3.7 billion. This phase, involving construction of an approximately 65 mile limited access tollroad, is being financed through bonds and notes sold by the Texas Transportation Commission, as well as an $800 million TIFIA loan and a $700 million commitment in funding from the Texas Transportation Commission. The bonds and the TIFIA loan will be repaid from toll revenues.
Thus far, all construction projects have come in between 7 percent and 20 percent below the engineer's estimates. In January of 2004, all of the right-of-way required for the construction of SH 45 and Loop 1 was acquired. Phase I of the project, SH 130, is now due to be competed in 2007.