by Jodi Hecht, JEH Advisory

Florida’s I-595 availability payment (AP) project was a landmark in the US P3 market. 595 Express Lanes was a first in many areas—first U.S. availability payment (AP) project; Florida Department of Transportation’s (FDOT) first P3 project, leading a robust state program; and TIFIA’s first AP project. The managed lanes on I-595 opened as scheduled within the allotted 5-year construction period in March 2014, and tolling began in May 2014. The project closed two financings—the original bank loan in 2009 during the financial crises and a refinancing in the private placement market in the fall of 2015. . .