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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

Complete 540 Phase 2 Project

Map of Raleigh, NC with rt 540 highlighted
Alternate Project Name
Triangle Expressway Loop Completion
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
North Carolina Turnpike Authority
Project Description

This is Phase 2 of the Complete 540 Project around the greater Raleigh, North Carolina area. The project extends the Triangle Expressway 10.8 miles from I-40 to the existing I-540 at I-87/ U.S. 64/U.S. 264 in Knightdale. 

The $1.3 billion Phase 2 project will connect to Phase 1’s 17.1-mile project currently under construction. The Phase 2 project includes six interchanges, 24 bridges, and 14 culverts, with construction expected to be completed in 2028. It will improve local mobility by adding five new interchange connections to the local roadway network and a crossing over the Neuse River. It will also enhance safety by providing an additional evacuation route from the coastlines in case of emergencies. The Triangle Expressway extension will mirror the existing Triangle Expressway as a 70 mph, six-lane all-electronic toll facility. 

Read the news release

Project Details
TIFIA Assistance
$417.00M
Primary Revenue Pledge
Toll Revenues
Project Cost
$1300.00M
Fiscal Year Closed
FY2024
Funding Sources
Senior Bonds:
Current Interest Bonds
Capital Appreciation Bonds
Premium (discount)
TIFIA
Other Sources:
NCDOT State Funding (from Phase I)
NCDOT Garvee
NCDOT State match
Interest Income
Application Details
Applicant
North Carolina Turnpike Authority
LOI Fiscal Year Received
FY2022
LOI Received Date
Application Received Fiscal Year
FY2024
Application Received Date
Credit Agreement Executed
Initial Eligibility Review
Complete
Creditworthiness Review
Complete
Application Review
Complete
Estimated Project Cost
$1300.00M
TIFIA Request
$417.00M
Instrument Type
Direct Loan