- Briefing Room
Raleigh, North Carolina
North Carolina Turnpike Authority (NCTA), a Division of NCDOT
The project is designed to extend the Triangle Expressway 28.4 miles from the NC 55 Bypass in Apex to U.S. 64/US 264 (I-87) in Knightdale, completing the 540 Outer Loop around the greater Raleigh area.
Phase I of the project, known as the Southern Extension, will provide the final segments of the 540 Outer Loop. The extension will have six travel lanes (three in each direction), a 70-foot wide median, and a posted speed limit of 70 mph. It will extend the Triangle Expressway from its southern terminus by 17.1 miles and will include interchanges at NC 55 Bypass, Holly Springs Road, Bells Lake Road, US 401, Old Stage Road, NC 50, I-40/US 70 (Clayton Bypass), White Oak Road, Rock Quarry Road, US 70 Business, Auburn Knightdale Road, Poole Road, and US 64/264 (I-495/87). The project also includes 55 bridges, 25 box culverts, and two stream crossings.
The Complete 540 Project, which is formally supported by local governments, will improve mobility during peak travel periods and address increased transportation demands on the existing roadway network, linking Apex, Cary, Clayton, Garner, Fuquay-Varina, Holly Springs, and Raleigh. The project avoids impacts to the Swift Creek watershed critical area (a source for Raleigh’s drinking water), Clemmons Educational State Forest, and historic resources. The new freeway, by linking metropolitan and rural areas of North Carolina together, will also help bring new jobs and opportunities to the regional business community.
Construction is likely to be completed by 2027 in three segments and, depending on available funding, each segment will likely have different construction timelines. The first segment will be from US 401 and I-40, the second from NC 55 Bypass and US 401, and the third from I-40 to US 64/264 (I-495/87).
Senior Debt - $438.8 million (Par of $378.3 million)
GARVEE Bonds - $243.0 million
NCDOT State match - $ 81.0 million
TIFIA loan - $501.5 million
PayGo (Pay As You GO) - $30.2 millionAppropriations Debt -$111.9 million
|Project Delivery / Contract Method||
Public Sponsor: NCTA
Construction: Flatiron-Branch Civil joint venture (2 contracts)
Construction: Lane-Blythe (joint venture)Operator (once completed): NCTA
|Project Advisors / Consultants||
To the Borrower:
To the United States Department of Transportation Build America Bureau:
|Duration / Status||
Substantial completion projected by June 2023.
|Financial Status / Financial Performance||
TIFIA Credit Agreement signed in December 2019. The TIFIA loan will be repaid from gross toll revenues.
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