PRHTA solicited interest among private firms for the two projects initially contemplated for P3 delivery. Three firms were shortlisted in January 1990 based on statements of interest. The firms submitted proposals in April 1990, and PRHTA selected APR in June 1990 on the basis of demonstrated capability to manage the project's expected construction and financial risks. APR was originally composed of Dragados Construction (a large Spanish construction and investment company) and two local construction firms, Supra and Rexach Construction.
On December 20, 1991, PRHTA and APR executed a 35-year concession agreement, giving APR the right to collect and retain all toll revenues generated by the new bridge. In March 1992, PRHTA issued Special Facility Revenue Bonds to finance the bridge. Construction began in April 1992 and was completed in February 1994, two months ahead of schedule. The total cost of the project was $126.8 million. The Teodoro Moscoso Bridge is considered the first modern highway P3 project in the U.S.
In 2009, the concession agreement was amended to extend the term by 17 years to 2044, 50 years after the initiation of service on the bridge, as part of a litigation settlement between APR and PRHTA. Following a series of transactions between 1998 and 2010, APR is now wholly owned by Abertis Infraestructuras, S.A., a Spanish conglomerate.