The Tennessee Transportation Modernization Board has approved a team, which includes construction stalwarts AECOM and Ferrovial, to construct a $9.2 billion interstate project via a public-private partnership.
The board has approved the state DOT’s pick of a private-sector consortium of builders and developers to deliver the state’s I-24 Southeast Choice Lanes project, according to an Aug. 19 announcement from Gov. Bill Lee.
Alongside AECOM and Ferrovial, the team includes Ferrovial’s U.S. subsidiaries, Cintra and Webber; road operator Transurban; and infrastructure management firm Tikehau Star Infra, a subsidiary of Tikehau Capital.
As part of the project’s scope, the construction team will add new, optional choice lanes in each direction along approximately 26 miles of I-24 between Nashville and I-840, according to the announcement, and will leave general lanes available to other drivers. With the current plan, the proposal represents the country’s largest P3 concession for an interstate choice lanes project, per the announcement.
I-24 is a major thoroughfare in the Volunteer State that cuts through Nashville as it moves from Marion, Illinois to Chattanooga, Tennessee. As vehicles travel into those lanes, the project is also designed to improve traffic flow, per the governor’s office.
Choice lanes act similarly to toll roads in that they allow commuters to dodge traffic on main thoroughfares for a fee. However, with choice lanes, the only time a commuter pays would be if they use that specific choice lane, and not the whole road.
The award builds on Tennessee’s progress via the Transportation Modernization Act, which the state passed in 2023. The act expanded the state’s ability to use alternative delivery methods and gave TDOT the ability to enter into P3 projects.
“We have moved from facing a critical transportation need without a viable path forward to an opportunity that will deliver the project, enhance communities, and improve travel,” said Will Reid, TDOT commissioner, in the announcement. “Our responsibility now is to verify the commitments, complete the required reviews, finalize the agreement, and deliver as promised.”
