Construction began in May 2014 and is expected to reach substantial completion during mid-2018.
The Goethals Bridge carries I-278 over the Arthur Kill, connecting Staten Island to New Jersey and providing critical access for commuters and freight carriers between New Jersey and New York. The project replaces the existing 85-year-old bridge, which is functionally obsolete, with a new six-lane, cable-stayed bridge directly south of the existing bridge. The current bridge will be demolished upon completion of the new bridge. The replacement bridge will consist of six, 12-foot travel lanes, 12-foot outer shoulders, and 5-foot inner shoulders, as well as a 10-foot bike/pedestrian path along the northern edge of the New Jersey-bound side. The bridge design also includes a central area between the eastbound and westbound roadways to accommodate future transit service.
The existing Goethals Bridge was constructed in 1928, and it is now functionally and physically obsolete. The replacement project will widen lanes, add a lane in each direction, widen shoulders, and add bike and pedestrian lanes, which will all greatly increase capacity and safety. Construction of the project is expected to generate approximately 5,500 jobs and a total economic impact of approximately $872 million. The use of TIFIA financing and P3 structuring will allow for project delivery approximately 5 years sooner than more conventional means would have allowed.
- TIFIA Loan: $473.7M
- Private Activity Bonds: $453.3M
- Equity: $106.8M
- Port Authority Milestone Payments: $125M
- Pre-development Costs Funded by the Port Authority: $277.6M
To the Port Authority:
- Financial Advisor: Ernst & Young
- Technical Advisor: Halcrow
- Technical Advisor: HTNB
- Technical Advisor: Arup
- Legal Advisor: Allen Overy
To US DOT TIFIA JPO:
- TIFIA Legal Advisor: Katten Muchin Rosenman LLP
- TIFIA Financial Advisor: Scully Capital Services, Inc.
Direct loan: $473.674 million. The TIFIA loan will be repaid from and secured by availability payments received by the NYNJ Link from the Port Authority.
The Goethals Bridge Replacement is the first surface transportation P3 project in the Northeast U.S. that includes project finance and long-term maintenance.
Port Authority of New York & New Jersey