The U.S. Department of Transportation (DOT) has approved a $417.2 million loan to support Phase 2 of the Complete 540 project in the Raleigh, N.C. area. The project, backed by the Build America Bureau, aims to extend the Triangle Expressway by 10.8 miles from Interstate 40 to the existing Interstate 540 at Interstate 87/ U.S. 64/U.S. 264 in Knightdale.
Deputy Transportation Secretary Polly Trottenberg commented on the importance of this infrastructure project: "This important infrastructure project will provide congestion relief by allowing local north-south travelers options to avoid the busiest segments of 540 in southwest Raleigh," she said. "Completing the route will also ensure the community has an additional evacuation route to help during emergencies such as hurricanes on the coast."
According to a DOT news release, the Phase 2 project carries a cost of $1.3 billion and will connect to the ongoing 17.1-mile Phase 1 project. The second phase includes six interchanges, 24 bridges, and 14 culverts, with construction expected to be completed by 2028. It is set to improve local mobility by adding five new interchange connections to the local roadway network and a crossing over the Neuse River.
Executive Director Morteza Farajian spoke about North Carolina's strategic approach: "North Carolina is leveraging financing to advance the 540 project to ease traffic congestion for Raleigh residents and enhance the region's economic vitality," he said. "With $1.3 billion in TIFIA loans for four projects, NCTA will save money with our long terms and lower-than-market rates."
The media release further elaborated that Phase 2 of the project will enhance safety by providing an additional evacuation route from coastal areas during emergencies. The Triangle Expressway extension is planned as a six-lane all-electronic toll facility with a speed limit of 70 miles per hour.
NCTA Chief Financial Officer David Roy praised the Bureau's support: "Phase 2 of Complete 540 will provide vital mobility options for North Carolina," he said. "Completion of the project would not be possible without the support of the Bureau and their commitment to reliable transportation solutions across the country. The $417 million TIFIA loan provides tens of millions in savings over the life of the loan and allows construction to begin years ahead of original estimates."
