The U.S. Dept. of Transportation (DOT) has approved a $603 million loan to build new express lanes on I-595 in Broward County, Florida, with construction expected to begin this summer.
"The new express lanes will bring congestion relief and give drivers more choices for a better commute on this important highway in South Florida," said Secretary of Transportation Ray LaHood. "This project is part of the Obama Administration's commitment to reviving the economy and putting Americans back to work."
The loan will help build three reversible "high-occupancy toll" (HOT) lanes in the median along 10.5 miles of I-595 running east/west and linking two key interchanges on I-75 and I-95, DOT said.
The lanes will be built as part of a public-private partnership between the Florida Department of Transportation and ACS Infrastructure Development. Under the terms of the agreement, ACS will finance build, operate and maintain the roads for the next 35 years while the Florida DOT will set and collect tolls.