Flatiron to Construct California's First PPP Transportation Project
Firestone, Colo. (June 19, 2012) - Flatiron, one of the largest transportation and infrastructure contractors in North America, will construct a landmark public-private partnership transportation project, the Presidio Parkway in San Francisco, Calif. Presidio Parkway is the first PPP transportation project delivered in the state under the recently enacted PPP statute. The project is a collaborative effort by the California Department of Transportation, the San Francisco County Transportation Authority, and the Federal Highway Administration, who reached financial close with developer Golden Link Concessionaire, LLP on Phase II of the project on June 14, which has a construction value of more than $250 million. Flatiron will lead the design-build portion of the project in a joint venture with Kiewit Construction. Construction will begin in late August and is expected to continue through 2015.
Presidio Parkway will replace Doyle Drive, the aging approach to the Golden Gate Bridge used by more than 120,000 vehicles each day. Originally built in 1936, the roadway is structurally and seismically deficient. The Presidio Parkway project will improve seismic, structural and traffic safety, as well as integrate the roadway into the national park setting and create additional recreation space.
Flatiron is the design-build lead for Golden Link Concessionaire, LLP who will design, build, finance, operate and maintain the project for 33.5 years. HOCHTIEF and Meridiam are the project's developers and equity partners. HTNB Corporation is the lead engineering firm on the project. The PPP method of delivery will reduce costs for the owner and ensure a high maintenance standard during the 33.5-year contract.
Flatiron, with a construction volume of more than $1 billion in 2011, is one of the leading providers of transportation construction and civil engineering in North America. Flatiron develops innovative solutions to construct infrastructure, including roads, bridges, tunnels, and rail transit and water/wastewater treatment plants, for both public and private clients. Flatiron also operates as a contractor on design-build and public-private partnership projects. Founded in 1947, the firm is a subsidiary of HOCHTIEF, one of the world's leading international construction service providers. Further information is available at www.flatironcorp.com.
HOCHTIEF is one of the leading international providers of construction-related services. With more than 75,000 employees and a sales volume of EUR 23.28 billion in FY 2011, the company is represented in all the world‘s major markets. The Group‘s service offering in the fields of development, construction, services, concessions and operation covers the entire life cycle of infrastructure projects, real estate and facilities. In this connection, HOCHTIEF focuses on four strategic growth areas: creating sustainable energy infrastructure, shaping major cities, building state-of-the-art transportation infrastructure, and contract mining business. With its subsidiary Leighton (HOCHTIEF share around 54 percent), the Group is market leader in Australia. In the USA, the biggest construction market in the world, HOCHTIEF is the No. 1 general builder via its subsidiary Turner and, with Group company Flatiron, ranks among the most important players in the field of transportation infrastructure construction. Because of its engagement for sustainability, HOCHTIEF has been listed in the Dow Jones Sustainability Indexes since 2006. Further information is available at www.hochtief.com/press.