Plenary’s second US deal reaches commercial close: SH 183 Managed Lanes Project

DALLAS, TEXAS – Plenary Group’s US business has reached commercial close on its second deal; the US$847 million SH 183 Managed Lanes Project in Texas.

The project will provide vital upgrades to one of the State’s most congested highways.

Under the project agreement with Texas Department of Transportation of Transportation (TxDOT), the SouthGate Mobility Partners consortium will design, construct, provide short-term financing, operate and maintain a 14 mile portion of State Highway 183 through the cities of Euless, Irving and Dallas.

The SouthGate Mobility Partners consortium comprises:

• Plenary Group: Financial advisor and development partner
• Kiewit Development Company and Kiewit Infrastructure South: Developer
• Kiewit Infrastructure South and Austin Bridge & Road Joint Venture: Builder
• SouthGate Mobility Partners and ICA: Operation and Maintenance
• Parsons Transportation Group: Engineer

The SH 183 highway serves as a primary artery between Dallas and Fort Worth. Congestion on this popular roadway is expected to double in coming decades.

Dale Bonner, Executive Chairman of Plenary Concessions, commented on this major project milestone.

“Now that we have successfully reached commercial close, we look forward to continuing the long term partnership that we are building with TxDOT,” Mr Bonner said.

The SH 183 Managed Lanes Project comprises:

• the reconstruction of existing lanes and the addition of managed lanes on 14.8 miles of SH 183;
• the addition of 2.1 miles of eastbound and westbound managed lanes on SH 114;
• the addition of 2.3 miles of westbound managed lanes on Loop 12 from SH 183 to IH 35E; and
• the construction of  general purpose lanes, frontage roads, ramps and connecting roadways, associated drainage, structures, signing and pavement marking, lighting, landscaping, and right of way acquisition and utility adjustments.

Construction is expected to commence in early 2015.

Plenary Group established its US operations in 2013. The company has offices in Los Angeles, California and Denver, Colorado.