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Project Profile: Presidio Parkway (Phase II)

Presidio Parkway (Phase II)

photo credit: Caltrans


San Francisco, California

Project Sponsor / Borrower

Project Sponsor - California Department of Transportation (Caltrans)
San Francisco County Transportation Authority (SFCTA)
Borrower - Golden Link Concessionaire, LLC (GLC)

Program Areas

Project FinanceValue CaptureTIFIA

Value Capture Techniques Sales Tax Districts



The Presidio Parkway project is a replacement of Doyle Drive, a 1.6-mile segment of Route 101 in San Francisco that is the southern access to the Golden Gate Bridge, connecting Marin and San Francisco counties and providing a major regional traffic link between the peninsula and North Bay Area counties. The existing structure, built in 1936, did not meet current highway standards and was seismically deficient.

The Presidio Parkway project area extends from the Golden Gate Bridge Toll Plaza on the west to Broderick Street on the east, and includes Richardson Avenue, Gorgas Avenue and Marina Boulevard. The Presidio Parkway is a six-lane facility with a southbound auxiliary lane between the Park Presidio Interchange and the new Presidio access at Girard Road. The roadway consists of various sections (from the toll plaza east to Richardson Avenue) with a landscaped median:

  • a high-viaduct between the Park Presidio Interchange and the San Francisco National Cemetery (Presidio Viaduct)
  • shallow cut-and-cover tunnels past the cemetery to Battery Blaney (Battery Tunnels)
  • at-grade roadways to the Main Post
  • cut-and-cover tunnels from the Main Post to east of Halleck Street (Main Post Tunnels)
  • a low causeway from Halleck Street to Girard Road
  • at-grade connection to Richardson Avenue

The project has been developed in two phases. Caltrans was responsible for the design, financing and construction of Phase I. Phase I, delivered through a traditional design-bid-build process, consisted of a replacement bridge at the Park Presidio Interchange, the new southbound Presidio Viaduct, the southbound Battery Tunnel, and a temporary bypass east of the Main Post to allow construction of the Main Post Tunnels and roadway to Richardson Avenue.

Through a competitive procurement process, Caltrans selected a private consortium, the Golden Link Concessionaire, to deliver Phase II as a design, build, finance, operate, and maintain (DBFOM) availability-pay concession. The P3 Project Agreement with GLC was executed on January 3, 2011. GLC is receiving milestone payments as construction activities reach substantial completion and will continue to receive quarterly availability payments through the concession period, based on performance. These payments are sourced from state and local transportation funds from a number of regional entities. These agencies include the San Francisco County Transportation Authority, which manages administration of a local transportation sales tax; the Golden Gate Bridge, Highway and Transportation District, which operates the bridge; the region's metropolitan planning organization - Metropolitan Transportation Commission; and two other regional planning and local tax-administering agencies - the Transportation Authority of Marin County and the Sonoma County Transportation Authority.

Phase I construction was substantially completed and opened to the public on April 30, 2012. Phase II major construction began after the completion of Phase I and concluded in July 2015. Final landscaping and restoration continues through 2016.


Estimated Total Cost - $851.6 million

Funding Sources

Phase I - $486.9 million

  • Federal funds - $70.8 million
  • ARRA grant - $83.3 million
  • State funds - $229.0 million
  • Local funds - $103.9 million

Phase II - $364.7million

  • Bank Loan - $166.6 million
  • TIFIA Tranche A Loan - $89.8 million
  • TIFIA Tranche B Loan - $60.2 million
  • Parent Company Contribution - $2.6 million
  • Private Equity - $43.0 million
  • TIFIA Capitalized Interest - $2.5 million
Project Delivery / Contract Method

Phase I - Design-bid-build

Phase II - Design-build-finance-maintain Availability Payment Concession (30 years)

Project Partner

Phase II

Golden Link Partners, LLC

  • HOCHTIEF PPP Solutions North America
  • Meridiam Infrastructure

Construction Joint Venture (design-build members)

  • Flatiron West, Inc.
  • Kiewit Infrastructure West, Co.
Project Advisors / Consultants

Phase I Construction

  • C.C. Myers
  • R&L Brosamer

Phase II Project Design

  • HNTB Corporation

To the Borrower

  • Scotia Capital, Inc. - Financial advisor
  • Milbank, Tweed, Hadley & McCloy LLP - Legal Counsel
  • Moore-McNeil, LLC - Insurance Consultant


  • TIFIA Legal Advisor - Bryant Miller Olive
  • TIFIA Financial Advisor - Montague DeRose and Associates, LLP/High Street Consulting Group, LLC

To Public Sector Sponsor

  • Sperry Capital, Inc. - Financial Advisor
  • KPMG Corporate Finance LLC - Financial Advisor
  • Nossaman, LLP - Legal Advisor
  • Arup - Technical Advisor to Caltrans
  • Arup-Parsons Brinckerhoff Joint Venture - Technical and Financial Advisor to SFCTA


Duration / Status

Phase I

  • Construction complete April 2012

Phase II

  • P3 Agreement with Golden Link Concessionaire signed on January 3, 2011 (commercial close).
  • Pre-construction began mid-2011
  • Financial close - June 14, 2012
  • Major construction start - Partial Notice to Proceed 3 (NTP3) was issued by Caltrans on November 6, 2012 which identified many conditions required to be met by the Golden Link Concessionaire (GLC), before beginning the major construction of the project
  • Major construction complete July 2015; final landscaping and restoration to be complete by the end of 2016
  • Duration of concession - 30 years
TIFIA Credit Assistance

Direct Loan - $150.0 million

TIFIA credit assistance totals $150 million and is structured into two tranches, to reflect the two distinct sources of repayment and state and local funding limitations. The $89.8 million short-term loan (Tranche A) is to be repaid fully following substantial completion in the form of a milestone payment. The $60.2 million long-term loan (Tranche B) is to be repaid using the non-Federal portion of the quarterly availability payments to GLC during a 28-year period. The TIFIA loans will be secured by a lien on project collateral.

Financial Status / Financial Performance

TIFIA credit agreement was executed on June 14, 2012

The first TIFIA interest payment is scheduled for June 2016. Principal repayments are scheduled to begin in December 2018. Level debt service payments commence in 2019. The final maturity of the TIFIA loan is December 2045.

  • California's first P3 transaction under its 2009 legislation (prior P3 projects include the South Bay Expressway and SR 91 Express Lanes).
  • California's first availability payment contract for transportation infrastructure.
  • First project with direct Federal-aid participation in availability payments.
  • First TIFIA loan to be repaid in part with a milestone payment following substantial completion.
  • Incorporation of numerous Context Sensitive Design features to minimize traffic impacts and to protect and enhance environmental and cultural resources.
Related Links / Articles

Project Website

Caltrans P3 Website


Nizar Melehani, PE, P3 Program Manager, Acting
California Department of Transportation
Tel: (916) 654-5021

Eric Cordoba, Deputy Director for Capital Projects
San Francisco County Transportation Authority
Tel: (415) 522-4812

Peter van der Waart van Gulik, CEO
Golden Link Concessionaire, LLC
Tel: (415) 921-1867

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