U.S 183 Project Achieves Financing, Construction Planned For Spring

How much does it cost to transform 8 miles of highway in Austin?

If you guessed $100 million a mile, you’re right.

An eight-mile-long U.S. 183 toll project in East Austin became fully financed Tuesday and construction is expected to begin next spring, reported the Austin American-Statesman.

The total cost: $856 million.

On Tuesday, the Central Texas Regional Mobility Authority received a $282 million federal loan from the U.S. Department of Transportation. The rest of the money came in the form of a $143.4 million state grant, $60 million in state loans at 4 percent interest and 370 million borrowed on the private market.

The U.S. 183 toll project will transform the four-lane stretch of highway from Texas 71 near the airport to Springdale Road into a highway with six toll lanes in the center and six frontage road lanes, the Statesman reported. The construction is expected to take four years to complete.

In may, the mobility authority awarded the contract to Fluor Corp for $581.5 million. Of the rest of the $856 million, $160 million will be spent on right of way, engineering and utility relocation costs and $115 million on debt financing costs, according to the Statesman.