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United States Department of Transportation United States Department of Transportation

Port of Miami Tunnel

Port of Miami Tunnel
Alternate Project Name
POMT
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Florida Department of Transportation (FDOT), Miami Access Tunnel (MAT), Miami-Dade County, City of Miami
Project Description

The Port of Miami Tunnel has improved access to and from the Port of Miami, serving as a dedicated roadway connector linking the Port (located on an island in Biscayne Bay) with the MacArthur Causeway (State Road A1A - which connects Miami to Miami Beach) and I-395 on the mainland.  Currently the Port is linked to the mainland only by the Port Bridge.  The project includes a tunnel under the Main Channel, roadway work on Dodge Island and Watson Island/MacArthur Causeway, and widening the MacArthur Causeway Bridge.

The project was developed as a public-private partnership (P3) with Miami Access Tunnel, LLC (MAT).  The State has agreed to pay for approximately 50 percent of the capital costs (design and construction) and all operations and maintenance, while the remaining 50 percent of the capital costs will be provided by the local governments. 

The tunnel has improved access to the Port by rerouting many cargo trucks, buses, cruise suppliers, cruise passengers, and taxis away from the streets of downtown Miami.  In doing so, the tunnel has eliminated leading causes of congestion, improving road safety in downtown Miami and according to the Project Sponsor saves an estimated 3,400 total vehicle hours per day.  The tunnel creates further value for trucking companies by reducing the duration of a drayage truck’s round-trip to port by approximately 40 minutes each way, potentially allowing drivers to make additional revenue-bearing trips during their regulated day.  The project is expected to create over 33,000 and generate approximately $2.25 billion in total economic impact, and it will continue to facilitate ongoing and future development plans in and around downtown Miami. TIFIA financing allows for the realization of these benefits at financing cost savings of approximately $370 million.

Project Details
TIFIA Assistance
$341.00M
Primary Revenue Pledge
Availability Payments
Project Cost
$1073.00M
Fiscal Year Closed
FY2010
Duration/Status
Construction began in May 2010; substantial completion was achieved on August 3, 2014.
Funding Sources
Senior Bank Debt: $341.5 million
TIFIA Loan: $341 million
Equity Contribution: $80.3 million
FDOT Milestone Payments During Construction: $100 million
FDOT Development Funds: $209.8 million
Note: Eligible Project Cost does not include TIFIA capitalized interest of $40.1 million
Project Delivery/Contract Method
DBFOM (Design-Build-Finance-Operate-Maintain)
Project Participants
Miami Access Tunnel, LLC (MAT), Meridiam Infrastructure Finance, S.a.r.l. (90% equity partner), Bouygues Travaux Publics, S.A. (10% equity partner)
Project Advisers/Consultants
Barclays Capital

Macquarie Infrastructure

To USDOT TIFIA JPO:

TIFIA Legal Advisor: Hawkins, Delafield & Wood, LLP
TIFIA Financial Advisor: Scully Capital Services, Inc.
Project Lender
USDOT TIFIA, 10-Bank Club (senior bank debt)
Credit Assistance Detail
Direct loan: $341 million.  The TIFIA loan holds a second priority security interest in project revenues after senior obligations.
Financial Status
The TIFIA credit agreement was executed in October 2009. Interest payments began in 2016, with principal payments to begin in 2023; final loan maturity is expected to occur in 2043.
Innovations
Second U.S. application of availability payments to finance a transportation project (the first also being in Florida - the I-595 Corridor Roadway Improvements).
Application Details
Applicant
Miami Access Tunnel Consortium
LOI Fiscal Year Received
FY2008
LOI Received Date
Application Received Fiscal Year
FY2009
Application Received Date
Estimated Project Cost
$1274.00M
TIFIA Request
$397.00M
Instrument Type
Direct Loan