NTE Mobility Partners Segments 3 LLC (NTEMP3) has achieved financial close to begin constructing a new phase of the 35W redevelopment project.
This major interstate runs through one of the fastest growing corridors in the North Texas region.
“The 3C project is the culmination of 10 years of progress and growth in Tarrant County”
“This new segment will complete the connection between downtown Fort Worth and Alliance and tie directly into the redeveloped Loop 820 and Airport Freeway”
The $910 million project will rebuild 6.7 miles from just north of US 81/287 (Heritage Trace Pkwy) to Eagle Parkway in Denton County. The new corridor will include reconstructed main highway lanes, expanded frontage roads and, additionally, two TEXpress Managed Lanes in each direction. The construction will be performed by Ferrovial Agroman US and Webber. Preconstruction activities are on-going and full construction will ramp up in 2020. Anticipated substantial completion is late 2023.
NTEMP3 will finance, design, build, operate and maintain this new segment along 35W which connects with two other operating segments of the interstate. Segment 3C will complement the existing network of TEXpress Managed Lanes and add to the congestion relief being experienced now by drivers throughout North Texas.
The 35W project is led by Cintra, a world leader in private sector development of transportation infrastructure, Meridiam, a global developer, investor, and manager of long-term sustainable public infrastructure, and APG, a financial services company working with large pension funds in the areas of fund administration, asset management and support in the public and private sectors. These shareholders have successfully completed and continue to operate and maintain three projects in North Texas, the North Tarrant Express and North Tarrant Express 35W in Tarrant County and the LBJ Express in Dallas County.
“This new segment of completely modernized roadway carries all of the hallmarks of a successful project for Texas: it will improve regional capacity, safety, and reliable mobility for travelers while reducing congestion and carbon emissions for the region and the state”
The NTE 35W project is being financed through a combination of private equity from investment partners and the sale of Private Activity Bonds (PABs). The equity investment is $160 million, and the PABs will provide $750 million to the total finance package.
TEXpress Lanes and redeveloped corridors across the North Texas region are providing much needed congestion relief in some fast growing and very densely populated urban areas. The improved mobility has been adding to the quality of life and economic development since 2014.
“We opened Segments 1&2 of North Tarrant Express in 2014 and the LBJ Express in 2015”
Every day drivers are choosing between the different options available on the TEXpress Lanes corridors to fit their commutes and to stay on-time for their social schedule of family and personal events and obligations
Tolls collected on the TEXpress Managed Lanes are used to pay for the ongoing operation and maintenance of the entire highway system as well as pay back the equity and bonds used to finance the project.
About Cintra US
With US headquarters in Austin, Texas, Cintra is the leading private-sector transportation infrastructure company in the world, with experience spanning over 50 years of innovative highway development on four continents. Today, its portfolio includes over 900 miles of managed highways globally, representing a total global investment in roadway improvements of over $21 billion. Cintra manages over $9 billion of infrastructure projects in the United States and more than $4.7 billion of infrastructure projects in Canada. In Texas alone, Cintra led partnerships have helped the state leverage limited public resources to create more than $7 billion in major new infrastructure improvements, added thousands of local Texas jobs, and contributed to the long-term economic development success of the state.
About Meridiam
Meridiam was founded in 2005 by Thierry Déau, with the belief that the alignment of interests between the public and private sector can provide critical solutions to the collective needs of communities. Meridiam is an independent investment firm specializing in the development, financing, and management of long-term and sustainable public infrastructure projects in three key sectors: mobility of people and goods, energy transition and environment, social infrastructure. With offices in, Addis Ababa, Amman, Dakar, Istanbul, New York, Luxembourg, Paris, Toronto and, Vienna, Meridiam currently manages 7 billion Euros of assets, and more than 70 projects and assets to date. Meridiam is certified ISO 9001: 2015, ISO 26000 Robust by VigeoEiris and operates on a proprietary methodology in relation to ESG and impact based on UNSDGs.
About APG
APG, a financial services provider in the collective pensions market, provides pension fund administration, asset management, management support and communication services to pension funds. For these pension funds and their 4.5 million active and retired participants in the public and private sectors, APG manages pension assets totaling approximately $565 billion (April 2019). APG administers over 30 percent of all collective pension schemes in the Netherlands.
