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The Tampa Hillsborough Expressway Authority's plan to issue bonds to pay for a much-needed extension of the Lee Roy Selmon Expressway has brought a bevy of investment.
The authority had planned a bond sale of about $157 million for the project, which, when complete, should greatly ease traffic congestion along Gandy Boulevard in South Tampa. However, investors have jumped onboard to the tune of $1 billion in orders.
The authority says the massive demand will allow it to re-price the bonds — a move expected to reduce its interest costs by some $800,000.
On Aug. 14, the authority announced the design-build contract for the $230 million project — dubbed the Selmon West Extension and slated to open in late 2020 — had been awarded to Kiewit Infrastructure South Co. and AECOM. Toll revenues will help pay for the portion of the budget not funded by the bond issue.
In a news release, the authority says the 2-mile, elevated stretch of road, when complete, will “offer a choice for regional travelers to either use Gandy Boulevard for local destinations or use the Selmon Extension for a direct connection to the Lee Roy Selmon Expressway, Dale Mabry Highway or the Gandy Bridge.”
Construction is expected to begin early next year.
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