Presidio Parkway

credit agreement executed

The Presidio Parkway project is a replacement of Doyle Drive, a 1.6-mile segment of Route 101 in San Francisco that is the southern access to the Golden Gate Bridge, connecting Marin and San Francisco counties and providing a major regional traffic link between the peninsula and North Bay Area counties. Originally built in 1936, the project did not meet highway standards and was seismically deficient.  The project area extends from the Golden Gate Bridge Toll Plaza on the west to Broderick Street on the east, and includes Richardson Avenue, Gorgas Avenue, and Marina Boulevard. The Presidio Parkway will be a six-lane facility with a southbound auxiliary lane between the Park Presidio Interchange and the new Presidio access at Girard Road. The project is being developed in two phases. Caltrans is responsible for the design, financing, and construction of Phase I. Phase I, delivered through a traditional design-bid-build process. Through a competitive procurement process, Caltrans selected a private consortium, the Golden Link Concessionaire, to deliver Phase II as a design, build, finance, operate, and maintain availability-pay concession. The project’s focus was to improve public safety hazards.  At the project’s inception, the facility carried approximately 120,000 auto trips per day, but it presented significant public risk as it was seismically vulnerable and structurally deficient.  In concert with safety improvements, the Presidio Parkway Project Sponsor estimates it will save commuting motorists 30 minutes in travel time with the addition of new access points, valued at approximately $1.095 billion annually. The project is expected to generate 400 construction phase jobs and a total economic impact of approximately $362 million. TIFIA financing allows for the realization of these benefits at financing cost savings of approximately $2.35 million.