A consortium lead by Hochtief and the infrastructure fund Meridiam has reached financial close for the £645M Presidio Parkway project in San Francisco, California.
Presidio Parkway is to be a new southern access route to the Golden Gate Bridge. Once complete in 2015 the road will run for around 2.5km along the northern coast of San Francisco, extending from the toll station on the Golden Gate Bridge on the west, to Broderick Street in the east, giving access to historical and cultural landmarks. The existing access road which was built in the 1930s is structurally and seismically unsafe. It is therefore being replaced by the Presidio Parkway which, once completed, will serve approximately 120,000 journeys per day. The project also includes various tunnels, major interchanges and a landscaping component.
The two partners will plan, build, operate and partially finance the public-private partnership (PPP) project and will run it 33.5 years through concession company Golden Link Concessionaire.
Hochtief’s US subsidiary Flatiron will take the lead in the £159M construction contract.