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AUSTIN, TEXAS—The Texas Transportation Commission conditionally awarded a $4 billion project to rebuild the I-635 (LBJ highway) corridor in Dallas—the New LBJ project—to LBJ Development Partners. The Commission’s action is another step toward a partnership with LBJ Development Partners to finance, design, construct, operate, and maintain the 13-mile corridor.

LBJ Development Partners, a partnership of American and international organizations, plans to use a design that enables the new highway to be constructed while minimizing the need for additional right of way. The design features six depressed lanes (three lanes in each direction) that will operate as managed lanes and eight reconstructed main lanes cantilevered above the managed lanes. In addition, the project includes two-lane frontage roads in each direction, adding a third lane in several sections, for a total of 18 to 20 lanes. Construction is expected to take approximately five years to complete.

"Partnering with the private sector allows us to stretch $445 million taxpayer dollars to deliver an asset worth approximately $4 billion to the region," said Texas Transportation Commission Chair Deirdre Delisi.

The state will retain ownership of the New LBJ at all times and LBJ Development Partners will be required to meet all federal and state regulations throughout the partnership. While LBJ Development Partners will retain the bulk of the toll revenue during the term of the 52-year contract, the North Texas Tollway Authority will be paid to handle toll collection. Additionally, if revenue is sufficient, the region will receive a portion of the toll revenue, as defined by the final contract, for use on future North Texas transportation projects. The Texas Department of Transportation will conduct regular reviews and audits to ensure safety and quality is maintained.