The U.S. Department of Transportation’s Build America Bureau recently approved a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan of up to $417.2 million for the North Carolina Turnpike Authority (NCTA).
The agency will use the funding for $1.3 billion phase two of the Complete 540 Project. The project extends the Triangle Expressway 10.8 miles from I-40 to I-540 at I-87/ U.S. 64/U.S. 264 in Knightdale.
During phase two, the roadway will be connected to 17.1 miles currently under construction for phase one. Work also includes six interchanges, 14 culverts, and 24 bridges.
Construction is scheduled to be completed in 2028.
“This important infrastructure project will provide congestion relief by allowing local north-south travelers options to avoid the busiest segments of 540 in southwest Raleigh,” Deputy Transportation Secretary Polly Trottenberg said. “Completing the route will also ensure the community has an additional evacuation route to help during emergencies such as hurricanes on the coast.”
The project will add five new interchange connections, a crossing over the Neuse River, and an additional evacuation route from the coastlines in case of emergencies. When completed, it will be a 70 mph, six-lane all-electronic toll facility.
NCTA has received four TIFIA loans totaling $1.3 billion.