Project Profile: Poinciana Parkway

Poinciana Parkway

photo credit: Osceola County Expressway Authority

Location

Osceola and Polk Counties, Florida

Project Sponsor

Osceola County Expressway Authority

Program Areas

Alternative Project DeliveryProject FinanceTolling and PricingValue Capture

Mode

Toll Highway

Description

Poinciana Parkway is a new limited access toll road and set of arterial improvements that will serve the Poinciana community and other growing urban areas in Osceola County. The route will provide a direct connection to US 17/92 and nearby I-4, reducing commute times and easing congestion.

Segment 1 extends from US 17/92 at Kinney Harmon Road in Polk County, through Osceola County, and south to Marigold Avenue. Segment 2 continues from Marigold Avenue south to Cypress Parkway at the Polk County line. The project will include rebuilding Kinney Harmon Road as a two-lane arterial, constructing a new two-lane bridge over the Reedy Creek Mitigation Bank (RCMB), and constructing a two-lane, limited access toll road from the RCMB bridge to Cypress Parkway. Interchanges will be located at Marigold Avenue, KOA Street, and Cypress Parkway. The improvements are 9.7 miles in total and can be expanded to a four-lane, divided highway in the future.

The project had originally been planned for construction in the late 2000s by Avatar Properties, Inc., a real estate developer, to provide improved access to new residential development, but the Great Recession ultimately caused the cancelation of those plans. At the same time in 2010, the state created the Osceola County Expressway Authority to lead the potential development of toll roads in the region.

Understanding that the need for the roadway was still a regional priority, as reflected in several regional long-range plans, in October 2012, Osceola County, Polk County, and Avatar reached an agreement for the development of the Poinciana Parkway.
Cost

$141 million (total project cost inclusive of planning, design, right-of-way acquisition, permitting, financing, construction, and reserves)

Design-build contract - $68.8 million

Funding Sources

Toll revenue bonds - $69.3 million

State Infrastructure Bank (SIB) loan - $20 million

Osceola County - $6 million

Osceola County deposit to general reserve fund - $2 million

Polk County - $6 million

Avatar Properties, Inc. contribution - $37.7 million (existing expenditures on right-of-way acquisition, planning, design, and permitting)

Project Delivery / Contract Method

Design-build

Private Partner

Design-builder - Jr. Davis/UIG Poinciana Parkway LLC (JD/UIG)

Project Advisors / Consultants

URS - General Engineering Consultant

Jacobs - Traffic and Revenue Consultant

Lenders

Bondholders

Duration / Status

Construction began December 2013.

Segment 1 opened April 2016.

Segment 2 opening fall 2016.

Financial Status

Closed. The toll revenue bonds were sold in March 2014.

Innovations
  • The roadway will traverse the Reedy Creek Mitigation Bank, an area of restored wetlands, requiring a 1.2-mile elevated structure.
  • The project financing includes the private donation of prior planning, engineering, permitting, and right-of-way acquisition from a real estate developer that tried to develop the project on its own in the 2000s.
Related Links / Articles

Project Website

Development Agreement

Contacts

Jeffrey A. Jones, AICP
Osceola County
Strategic Initiatives Director
Tel: (407) 742-2395
Jeff.Jones@osceola.org

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