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Miami still on hold Aug 2008
Shani Wallis for TunnelTalk
p1

Announcement in February of intent to award the Port of Miami Tunnel concession to the French-led Miami Access Tunnel group was not a green light for construction. Teams are now locked in intense negotiations to adjust the selected best value proposal to current economic conditions. Much has happened since the group, led by Bouygues of France, submitted its proposal more than a year ago for the estimated $914 million, 35-year finance, design, build, and operate concession. The group's construction estimate of $600 million for 42ft diameter twin-tube under-sea highway tunnels of about 1 mile long is set against an owner's estimate of $1.3 billion and two competitive bids a year ago of $1 billion and $1.1 billion. Since then credit has become harder to come by and the cost of all materials and resources, including steel, fuel, energy, and cement, have increased.
Final agreement and award for notice to proceed is unlikely until sometime in the fall. The principal delay of last year was resolved when the City of Miami came up with its $50 million contribution to the project as part of a Mega Plan for urban development adopted by the City and Miami-Dade County in December 2007.
Concession partners with Bouygues include Babcock & Brown Infrastructure Group, Transfield Services and ABN Amro. Arup is engaged as technical adviser to the syndicate of banks preparing to finance the PPP project.
References
Miami Port Tunnel finally a project! - TunnelTalk, Oct 2009
Miami Port Tunnel troubles continue - TunnelTalk, Sep 2009
Miami Port Tunnel on life support - TunnelTalk, Jan 2009
Miami still on hold - TunnelTalk, Aug 2008

        

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