- Inflation Adds $300 Million To Cost Estimate For Massachusetts Turnpike Project In Boston
- These are just some of the toll industry developments TRN is following.
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Inflation Adds $300 Million To Cost Estimate For Massachusetts Turnpike Project In Boston
Cape Cod Times reports, “The public sector is feeling the strain of soaring inflation, too: officials now expect that a once-in-a-generation [turnpike] infrastructure overhaul in Allston will cost $300 million more than estimated, and the price of replacing the Cape Cod bridges could more than double.” In a recent briefing for the Massachusetts DOT board, transportation secretary Jamey Tesler revealed that the estimate for the Allston project has risen from $1.7 billion to $2 billion since last fall, and the bridge replacements (which do not involve toll financing) will likely cost $3 billion to $4 billion due to “inflation and a changing construction outlook.” Tesler provided the estimates while outlining the application the state plans to submit to USDOT under the Multimodal Project Discretionary Grant program. The article notes that MassDOT expects to finance the Allston project with federal funds, turnpike toll revenue, Boston city funds and a contribution from Harvard University, which owns property adjacent to the project site. However, according to Tesler, “We see federal funding and competing (for grants) as a critical component of funding this project long-term.”Boston Metro Area Massachusetts Massachusetts Department of Transportation (MassDOT) Massachusetts Turnpike US Army Corps of Engineers US Department of Transportation (USDOT) US Gov't Transportation Funding US Infrastructure Funding And Financing Initiatives
These are just some of the toll industry developments TRN is following.
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