In the May issue of Florida Trend, Miami Office Managing Director, Mitch Bierman, was quoted in Where the Revenue Meets the Road. The article discusses the Florida Legislature’s plan to create the largest toll road project in the country. The new highways would increase the turnpike system mileage by 68% from its current 498 miles.
The article covers the hurdles in completing the multi-billion dollar project, from funding to approvals, including an economic feasibility test. The Legislature has ordered the new toll roads to be part of the turnpike system, but its borrowing is capped. The Legislature has also opened the door for public-private partnerships (P3), in which Florida is a national leader. In P3’s, the government partners with a private firm that risks its own capital to design, develop, build and sometimes operate the project.
“A partnership allows a project to move forward faster than by using piecemeal funding,” says Mitch. “There are many situations where the private sector can do it for less.”