October 2015
Pennsylvania Rapid Bridge Replacement Project Wins P3 Best Transport Project
The Pennsylvania Rapid Bridge Replacement Project was awarded the Best Transport Project at the P3 Awards 2015. The project includes the financing, design, construction, and 25 years of maintenance for 558 bridges throughout the Commonwealth of Pennsylvania. Walsh Investors is an equity member of the consortium responsible for all aspects of the project, and Walsh Construction is the lead member of the design-build joint venture.
Despite the complexity, the project was procured within a 12 month timeline from RFQ to commercial close, making it one of the fastest deals procured in the US. It focused on maximizing standardization of design and prefabrication of materials to ensure the best value to the public sector. The project is setting new standards in environmental process and using an innovative whole-life costing approach to bridge design and construction to provide a 20% average cost savings per bridge.
The awarding judges commended this “truly exemplary project” for its impressive risk transfer and accelerated delivery. The judges advocated this project as the model for P3 delivery, and commended the exceptional sponsorship from the public and private sector.