The Michigan Department of Transportation (MDOT) has selected Oakland Corridor Partners (OCP) to develop the I-75 Modernization Project P3, Inframation has learned.
The consortium entails AECOM Capital, John Laing, Dan’s Excavating, C.A. Hull, AJAX Paving, and Jay Dee Contractors. The SPV is expecting to reach financial close in November or December, with construction slated to begin in early 2019.
AECOM and John Laing will have a lion’s share of the equity, but the four contractors will also have a stake as well, said a source close to the situation.
The USD 1.4bn project will see OCP responsible for the DBFM of the third segment of the highway’s modernization effort, a 5.5-mile route in suburban Detroit that will include the reconstruction of existing freeway lanes and drainage tunnels. OCP will receive availability payments from MDOT over the length of the 30-year contract.
OCP submitted their final proposals to MDOT on 21 August alongside two other shortlisted firms, as reported. The other teams are:
- Meridiam Infrastructure North America III, Walsh Group
- AMICO, Astaldi Group, Grupo ACS, Dragados SA
A fourth team led by Vinci and Star America, including Granite Construction and Beaver Excavating, did not return financial and technical proposals even though it was shortlisted on 8 January, as reported.
Advising OCP on the project is Davies Ward Phillips & Vineberg (legal). KPMG (financial) is advising MDOT on the project.