You are here

Goethals Bridge Replacement

Goethals Bridge Replacement
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
The Port Authority of New York & New Jersey
Credit Agreement Status: 
Active
TIFIA Assistance: 
$474 million
Primary Revenue Pledge: 
Availability Payments
Project Cost Details: 

$1.436 billion.

Duration / Status: 

Construction began in May 2014 and is expected to reach substantial completion during mid-2018.

Fiscal Year Closed: 
FY2014
Project Description: 

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.

Funding Sources: 
  • 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
Project Delivery / Contract Method: 

DBFM (Design-Build-Finance-Maintain)

Project Participants: 
Kiewit Infrastructure (NYNJ Link Partnership - Joint venture between Macquarie Infrastructure & Real Assets and Kiewit Development)
Weeks Marine (NYNJ Link Partnership - Joint venture between Macquarie Infrastructure & Real Assets and Kiewit Development)
Massman Construction (NYNJ Link Partnership - Joint venture between Macquarie Infrastructure & Real Assets and Kiewit Development)
Parsons Transportation Group of New York (NYNJ Link Partnership - Joint venture between Macquarie Infrastructure & Real Assets and Kiewit Development)
Project Advisors / Consultants: 

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.
Project Lender(s): 
Bondholders, USDOT TIFIA
TIFIA Credit Assistance Detail: 

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.

Financial Status: 
The TIFIA credit agreement was executed in November 2013. Interest and principal payments are set to begin in 2018; final loan maturity is expected to occur in 2051.
Innovations: 

The Goethals Bridge Replacement is the first surface transportation P3 project in the Northeast U.S. that includes project finance and long-term maintenance.

Project Contacts: 

Port Authority of New York & New Jersey
(210) 395-3907
GoethalsBridge@paynynj.gov

Submit Feedback >