By Will Soutter
A consortium consisting of HOCHTIEF PPP Solutions North America a subsidiary of HOCHTIEF Solutions and infrastructure fund Meridiam will be involved in the planning, construction and operation and partially fund the EUR 800 million public private partnership for a period of 33.5 years. On the concession company called Golden Link Concessionaire HOCHTIEF will have a 50% stake.
Presidio Parkway is the access to the Golden Gate Bridge from the south. The construction of this access route is likely to be completed by 2015 after which the road will run along a distance of 2.5 km along the northern coast of San Francisco from the toll station at the Golden Gate Bridge in the west to Broderick Street in the east. The present access route was constructed in the 1930s which was unsafe in seismic and structural terms. After the new access road is completed it will facilitate 12,000 trips per day. The project also consists of various tunnels, important interchanges and landscapes.
The bid for this partnership was submitted by HOCHTIEF during 2010 and the contract was awarded to the consortium by December 2010. The project is being carried out based on the availability model where the traffic risks are not being considered. The project is being financed through long term loans from the state owned TIFIA and other short term bank loans.