Full construction can begin on Alabama’s Mobile River Bridge and Bayway Project, one of the largest infrastructure projects in the state’s history, now that the financing is complete, state officials said.
The Alabama Toll Road, Bridge and Tunnel Authority said the bond and federal loan financing necessary to fully fund the $3.2 billion Phase One of the project had been closed on, allowing full construction on the project to proceed on Oct. 1.
Financing for the project includes a $2.52 billion Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from the U.S. Department of Transportation as part of the Infrastructure Investment and Jobs Act’s Build America Bureau, as well as bonds made available to investors this month.
“This major infrastructure investment in Alabama’s Gulf Coast will make monumental improvements for travel and commerce across the region. This advancement marks the final piece needed for the decades-awaited Mobile River Bridge and Bayway project. Once it is completed, this project will finally alleviate our traffic gridlock across Mobile Bay,” Alabama Gov. Kay Ivey said.
The financing will fully fund the Phase One construction costs which includes a new six-lane cable-stayed bridge across the Mobile River and six lanes of capacity across the existing Bayway. The financial closing comes after years of work between the state, its Department of Transportation, the Authority and federal partners to develop the financing for the project.
Other federal funding includes a $550 million Bridge Investment Program grant and a $125 million Infrastructure for Rebuilding America (INFRA) grant.
“This is the point where years of planning become construction,” Transportation Director John Cooper said. “The financing is in place, the construction price is established, and we’re ready to build. The support and flexibility provided at the federal level have been extraordinary and were essential to getting us here.”
The new bridge will provide a route across the Mobile River for hazardous freight that was prohibited from using the Wallace Tunnel and must currently travel through local streets and neighborhoods. The project is expected to reduce congestion and travel times along I-10 and improve access to the Port of Mobile.