The highway project, set up by a company Housing and Construction In the city of Houston, Texas, it opened to traffic. It is about achieving a significant milestone in the largest project it is carrying out today.
After four years of construction, the SH288 toll road was opened to traffic in Houston yesterday, where Shikun VeBinui holds 21.6% of the rights in the franchisee and operator company and 50% of the rights in the construction contractor. In the next two weeks, the travel on the lanes will be free of charge, and on November 30, the road is expected to begin toll collection and generate revenue for the operating period, which will last about 48.5 years.
The project included the construction of about 17 km of highway lanes, as well as 54 bridges, interchanges, and access roads, on Highway SH288 which is the main access road to the Houston metropolitan area from the south, and one of the busiest roads in the city. A control room, and a sophisticated technological system that will support the operation of the project over the 48 years in which it will be operated by the concessionaire.
The project was carried out under a 52-year concession, including 4 years of construction, by the State Department of Texas (TXDOT) and is one of the largest P3 projects in recent years in the United States, with a total construction cost of about $ 1.1 billion.
Housing and Construction As stated, it owns 21.6% of the concessionaire and the operator of the project, and 50% of the construction contractor and will enjoy income from traffic on the highways for many years. Other partners in the project are the international infrastructure company ACS, the Infrared investment fund, the Northleaf investment fund, the Israeli Clal Insurance Company, and the Star America investment fund.
The city of Houston in Texas is one of the five most densely populated cities in the United States, and enjoys a particularly high population growth rate. In the last decade, the population in the Houston metropolitan area has grown by more than 20%, reaching about 7 million residents.
Tamir Cohen, CEO of the Housing and Construction Group, said today that “We thank the Texas government and the Texas Department of Transportation for entrusting us with this important flagship project, and are proud to open the Houston road to traffic. The project, which was complex at the engineering level, was built to the highest standards, in order to ensure safe travel and the highest level of service to its passengers. The road will upgrade the quality of life of thousands of Houston residents every day, and we will be there to ensure that. “
Alon Raveh, CEO of the franchise division in Housing and Construction, added that “the project is a significant breakthrough for us in the American market. “Shikun VeBinui is one of the few companies that can now present proven experience in the development, financing and successful construction of a national infrastructure project in the P3 model, and we intend to leverage these capabilities to develop additional projects in the field, some in process already these days.”