The project opened to traffic on July 16, 2005.
The Cooper River Bridge Replacement project connected the cities of Charleston and Mount Pleasant. The Arthur Ravenel Jr. Bridge replaced two functionally obsolete bridges, the Grace Memorial and Pearman Bridge, along U.S. 17 over the Cooper River. The new bridge increased roadway capacity, improved safety, reduced the frequency and cost of major bridge maintenance, and increased the vertical and horizontal navigational clearances to accommodate the current needs of seafaring vessels on the river, including permitting modern cargo vessel passage to the Port of Charleston, the second largest container cargo port on the East Coast.
- SCTIB Grant backed by motor fuel tax, truck registration fees, local taxes, tolls: $325M
- SCTIB Loan backed by TIFIA Loan: $215M
- Federal and State Funding: $135.2M
- Palmetto Bridge Constructors - Joint venture of Tidewater Skanska, Inc. and Flatiron Constructors Inc.
- Parsons Brinckerhoff
- T.Y. Lin International/HDR (a joint venture)
To USDOT TIFIA JPO:
- TIFIA Legal Advisor: Nixon Peabody, LLP
- TIFIA Financial Advisor: Montague DeRose and Associates, LLC
Direct loan: $215 million. The loan was secured by two primary sources: (i) payments from SCDOT ($8 million per year for 25 years), and (ii) certain revenues from hospitality fees levied by Horry County as well as an intercept of State funds collected by the County, if needed.
- Largest contract in SCDOT history
- Part of SCDOT's innovative 27 in 7 Program