STAR AMERICA TEAM ACHIEVES SUBSTANTIAL COMPLETION ON PORTSMOUTH BYPASS PROJECT IN OHIO
December 14, 2018
(PORTSMOUTH, OHIO) – Star America Infrastructure Partners, LLC announces that the Southern Ohio Veterans Memorial Highway, also known as Portsmouth Bypass, has reached the milestone of Substantial Completion on December 10, 2018 – ahead of schedule and within budget. The project will become the new State Route 823(“SR823”) for Ohio.
A formal ribbon cutting ceremony for the highway was held on December 13, 2018 and featured a standing room only crowd of over 300 people. The ceremony was well attended by members of the Ohio Department of Transportation(“ODOT”) and Portsmouth Gateway Group (“PGG”), the developer for the project, which includes Star America. The project officially opened to traffic the morning of December 14, 2018.
SR823 is a 16 mile, four-lane divided highway that bypasses approximately 26 miles of US 52 and US 23 through Portsmouth, Ohio. SR823 is expected to generate estimated travel savings of 16 minutes when compared to the current route. The landmark project is the first P3 for the State of Ohio. Star America is an investor in PGG alongside ACS and Infrared Capital Partners. Construction for the project began in April 2015, after Financial Close. A joint venture of Dragados, Beaver Excavating, and John R. Jurgensen was responsible for the construction of the project.
“Everyone involved in the project has been fantastic to work with. The Portsmouth Bypass project shows what can happen when the public and private sectors come together with shared goals, innovative spirits, and a partnership mentality. There is a lot of credit to be had all around in reaching this key milestone earlier than originally scheduled”said Christophe Petit, President of Star America Infrastructure Partners.
William A. Marino, CEO of Star America Infrastructure Partners added “Star America is proud to be part of this challenging project and furthering our goal of being the preferred partner in building America’s infrastructure. We look forward to continuing successful execution as the project enters the operational phase.”
PGG will be responsible for operating and maintaining SR823 for a period of 35 years under a Public-Private Agreement with ODOT. In return, PGG will receive availability-based payments from ODOT over the term of the concession. The Public-Private Agreement concludes in December 2053, at which point SR823 will be handed back to ODOT.
Press coverage of project opening can be found here: https://www.dailyindependent.com/news/portsmouth-bypass- opens-friday/article_c202a272-ff1e-11e8-b1a1-976a6852a523.html
FOR INQUIRIES:
Christophe Petit, President
Star America Infrastructure Partners, LLC
Tel: +1 516 882 4100
cpetit@starinfrapartners.com
ABOUT STAR AMERICA
Star America, a subsidiary of Tikehau Capital, a European listed asset management and investment group with €27.2 billion of assets under management (as at 30 September 2020) and shareholder equity of €2.8 billion (as at 30 June 2020), is a U.S. headquartered developer and manager of infrastructure assets in NorthAmerica. With an investor base that includes large institutional investors such as insurance companies and pension funds, among others, Star America focuses on delivering infrastructure projects primarily across the transportation, social, environmental and telecommunications sectors. As of September 30,2020, Star America has over $700+ million Assets Under Management and our track record includes investments in 15 infrastructure assets, which have a total project cost valued at greater than $5 billion. Star America’s mission is to become the preferred partner in rebuilding America’s infrastructure.
