Budget Finalized for $1.5 Billion Goethals Bridge Replacement

A deal was finalized between the Port Authority of New York and New Jersey and a team of private companies to replace and demolish the existing Goethals Bridge connecting Staten Island and New Jersey. The team, named the NYNJ Link Partnership, is comprised of Macquarie Infrastructure and Real Assets Inc., Kiewit Development and Infrastructure, Weeks Marine, and Massman Construction. This is the Port Authority’s first public-private partnership and will be financed through tax-exempt bonds, loans, and developer contributions. The NYNJ Link Partnership is responsible for designing, building, financing, and maintaining the bridge. The replacement  bridge will improve the existing bridge by having 6 12-foot wide lanes, interior and exterior shoulders, a pedestrian and bike path, and a lane to be developed for buses, HOV, or light rail in the future.

The existing bridge was constructed in the late 1920s and was named after the first consulting engineer for the Port Authority, George Washington Goethal. This cantilever bridge currently has 4 10-foot lanes, no shoulders, and no walkway. The Port Authority reports that the obsolete bridge is currently used to transport over $33 billion of goods between New York and New Jersey each year. The reconstruction will benefit the 14 million vehicles traveling on the bridge each year. The old bridge will remain in place during the construction of its replacement and will be torn down after completion. The new bridge construction is not expected to affect the current traffic. The estimated completion date of the new bridge is late 2016 and the demolition of the old bridge is scheduled for 2017.

$461 million in tax-exempt bonds, $474 million in loans, and developer contributions will fund the construction and demolition. The Port Authority will be in charge of the tolls on the bridge, but will repay developers with interest for 35 years. The project will create 2,250 jobs during construction, which equals approximately $224 million dollars in wages.

 silive, Port Authority of NY & NJ