Official US Government Icon

Official websites use .gov
A .gov website belongs to an official government organization in the United States.

Secure Site Icon

Secure .gov websites use HTTPS
A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

United States Department of Transportation United States Department of Transportation

Presidio Parkway

Presidio Parkway
Project Type
Roads and Bridges
Financing Type
Credit Agreement Executed
Caltrans; San Francisco County Transportation Authority (SFCTA); Golden Link Concessionaire, LLC (GLC)
Project Description

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. Originally built in 1936, the project did not meet highway standards and was seismically deficient.  The 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 will be a six-lane facility with a southbound auxiliary lane between the Park Presidio Interchange and the new Presidio access at Girard Road.

The project is being developed in two phases. Caltrans is responsible for the design, financing, and construction of Phase I. Phase I, delivered through a traditional design-bid-build process. 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 availability-pay concession.

The project’s focus was to improve public safety hazards.  At the project’s inception, the facility carried approximately 120,000 auto trips per day, but it presented significant public risk as it was seismically vulnerable and structurally deficient.  In concert with safety improvements, the Presidio Parkway Project Sponsor estimates it will save commuting motorists 30 minutes in travel time with the addition of new access points, valued at approximately $1.095 billion annually. The project is expected to generate 400 construction phase jobs and a total economic impact of approximately $362 million. TIFIA financing allows for the realization of these benefits at financing cost savings of approximately $2.35 million.

Project Details
TIFIA Assistance
Primary Revenue Pledge
Availability Payments
Project Cost
Fiscal Year Closed
Phase I construction was completed prior to TIFIA close in March 2012.  With respect to Phase II construction, the public-private partnership (P3) Agreement with GLC was signed on January 3, 2011. Pre-construction began mid-2011. Substantial completion was achieved during September 2015, and the road was opened to traffic.  The duration of the concession is 30 years.
Funding Sources
Phase I:
Federal Funds: $70.8M
ARRA Grant: $83.3M
State Funds: $229M
Local Funds: $103.9M
Phase II:
Bank Loan: $166.6M
TIFIA Tranche A Loan: $89.8M
TIFIA Tranche B Loan: $60.2M    
Parent Company Contribution: $2.6M
Private Equity: $43M
TIFIA Capitalized Interest: $2.5M
Project Delivery/Contract Method
Phase I: Design-Bid-Build; Phase II: Design-Build-Finance-Operate-Maintain
Project Participants
Golden Link Partners, LLC; HOCHTIEF PPP Solutions North America; Meridiam Infrastructure; Flatiron West, Inc. - Construction Joint Venture (design-build members); Kiewit Infrastructure West, Co. - Construction Joint Venture (design-build members)
Project Advisers/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
Project Lender
Credit Assistance Detail
Direct loan: $150 million. The $89.8 million short-term loan (Tranche A) is to be repaid 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.
Financial Status
TIFIA credit agreement was executed in June2012. The first TIFIA interest began in 2015 for Tranche A and Tranche B; principal repayment started in 2015 for Tranche A and Tranche B is expected to start in 2018. The final maturity of the TIFIA loan is expected to occur in 2046.
California's first P3 transaction under its new (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.
Application Details
CA DOT/San Francisco County Transportation Authority
LOI Fiscal Year Received
LOI Received Date
Application Received Fiscal Year
Application Received Date
Estimated Project Cost
TIFIA Request
Instrument Type
Direct Loan