Tennessee is moving forward with a $9.2 billion plan to add fee-based lanes to Interstate 24 after a municipal board approved a joint-venture contract to complete the project.
DriveTN — a group consisting of Cintra, Transurban, Tikehau Star/Infra/Capital, Ferrovial, Webber and AECOM — was chosen as the private-sector partner on the I-24 Southeast Choice Lanes by the state’s Transportation Modernization Board.
The project will add two Choice Lanes in each direction along a 26-mile corridor of I-24 between Nashville and Murfreesboro, aiming to provide drivers with a faster, less congested and more reliable commute.
Choices Lanes "use pricing to proactively manage demand and provide travel-time reliability," according to the Tennessee DOT. Drivers pay a fee to use the lanes and can typically travel about 45 mph in them during rush hour when traditional lanes, which will remain free, are slowest or stopped.
After the TDOT and USDOT Build America Bureau finalize an agreement with the joint venture, DriveTN will design, build, finance, operate and maintain the project. This will be the largest public-private partnership for an interstate Choice Lanes project in the country’s history.
As part of its bid, DriveTN committed to a net reduction in overall right-of-way impacts, eliminating the need to rebuild the Hickory Hollow Parkway Bridge, avoiding impacts to local businesses and apartments, building park-and-ride facilities and supporting future transit integration.
Powered byThe I-24 Southeast Choice Lanes project is estimated to generate $24.8 billion in revenue for the state, according to the governor's office, which could be leveraged into funding future transportation infrastructure projects.
Alongside announcing the selection of DriveTN for the project, Governor Bill Lee also signed Executive Order 114, establishing the Tennessee Strategic Transportation Accountability Council to oversee the state’s private-public partnership revenues and advise state leaders.
