Queensland approves Transurban's Logan Enhancement Project
Transurban, a global company, which manages and develops toll road networks, has secured an approval for its A$512m ($377m) Logan Enhancement Project from the Queensland Government in Australia.
The project is reported to be the first private sector proposal that has been approved under the Queensland Government’s Market-Led Proposal process.
The Logan Enhancement works includes major upgrades to parts of the Logan and Gateway Extension motorways, including the elimination of key congestion points and the addition of new south-facing ramps at Compton Road.
Transurban CEO Scott Charlton said: “This design will address current constraints on the Logan and Gateway Extension motorways while also accommodating growth in the area, particularly from the fast growing freight and logistics industry south of Brisbane.”
Charlton further explained that the original concept design had been expanded to include increased scope and enhancements that were driven by community and stakeholder feedback.
The company anticipates that the project will create approximately 1,300 direct construction jobs, and more than A$1.3bn ($958m) in economic benefits.
Transurban Queensland intends to fund the upgrades project by hiking toll fare for heavy vehicles (Class 4) on the Logan and Gateway motorways.
CPB Contractors, an Australian construction company, has been awarded the contract to take the project into detailed design and construction.
Transurban Queensland anticipates that the financial close on the project will be reached by mid-December this year, and the construction completion by mid-2019.