Shortly after the passage of AB 680, Caltrans issued a request for qualifications from private sector investors and developers to participate in the P3 demonstration. Several consortia responded to the request, and 13 groups were prequalified and invited to submit franchise proposals. Nine of the consortia submitted detailed proposals for eight different private toll road projects, and ultimately four groups were selected. Caltrans made its selection based on a number of criteria, including the need for the project, environmental effects, constructability, right-of-way requirements, the experience of the consortium, incorporation of innovative concepts, and the promotion of economic development.
CTV was one of the four winning consortia for its proposal to develop the long-planned extension of SR 125 South as a toll facility. CTV was a consortium of four firms, each of which had equal ownership in the company. They included an engineering firm (Parsons Brinckerhoff), a construction company (Fluor Daniel Corporation), a French toll road operator and developer (Transroute International S.A.), and the investment arm of a large insurance company (Prudential Bache Capital). Caltrans and CTV negotiated the terms of their partnership during the latter half of 1990 and signed a franchise agreement for the SBX in January 1991. The agreement allowed CTV to finance and construct the roadway, transfer the title of the road to Caltrans upon completion, and then lease back the operational rights for a 35-year concession period. Toll rates would be set by the concessionaire, subject to a cap on its rate of return. The agreement also prohibited Caltrans from building any competing roads that could divert traffic away from the SBX.
Under the franchise agreement, CTV was to complete final environmental documentation for the project by December 1997. After delays due to legal challenges, shifting responsibilities, and other factors, the project finally gained environmental approval in mid-2000. In 2003, CTV awarded a contract to design and construct the project and shortly thereafter was acquired by Macquarie Infrastructure Partners, which established SBX Limited Partnership (LP) as the new concession company implementing the project.
Following financial close, construction began in May 2003 and was completed in November 2007, roughly one year behind the original schedule. Tolling began two months later following delays in activating the facility's tolling system. Despite subsequent financial distress and project ownership changes, the road has operated continuously and remained open to traffic since that time.