Texas DOT Buys Back State's Only Public-Private Toll Road for $1.7B
TxDOT said the acquisition will allow it to reduce tolls by as much as half in Houston.
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The Texas Department of Transportation has terminated the only public-private toll road partnership in the state, spending $1.7 billion to buy back ownership of a portion of State Highway 288.
TxDOT said the acquisition will allow the department to reduce tolls by as much as half in Harris County, home to Houston, in the long term and raise them at slower pace.
Under the now-terminated SH 288 Comprehensive Development Agreement, Blueridge Transportation Group, which built the 10-mile stretch of four toll lanes and opened them in 2020, had a 52-year agreement to manage the roads and set tolls. The project had cost $1.06 billion, $375.3 million of which came from Blueridge.
Almeda-Genoa Constructors was the lead contractor on the project, made up of Dragados USA, Pulice Construction and Shikun & Binui America.
“This is an extraordinary outcome for Texans. Not only will this bring future toll relief and additional free general purpose lanes for drivers, but the state is acquiring a $4 billion asset for $1.7 billion,” said TxDOT Executive Director Marc D. Williams. “This type of buyout is unprecedented in the United States and is a very big win for SH 288 drivers and our taxpayers.”
TxDOT said it will build two free general-purpose lanes along portions of SH 288 between IH 610 and Beltway 8 by 2030, which will be financed by toll revenue.
TxDOT also stated it will be able to pay off debt at least 10 years earlier than the agreement allowed, which will enable the future removal of tolls.
