Ferrovial closes commercial deal for I-24 Southeast Choice Lanes in Tennessee
Ferrovial announced the commercial close for the I-24 Southeast Choice Lanes project in Tennessee, marking the state's largest single capital investment and first public-private partnership.
Global infrastructure company Ferrovial has reached commercial close with the Tennessee Department of Transportation (TDOT) for the I-24 Southeast Choice Lanes project in Nashville. This milestone establishes the contractual framework for one of Tennessee's most significant transportation initiatives.
The project represents the state's largest single capital investment and its first public-private partnership. The Ferrovial-led DriveTN consortium will finance, design, build, operate, and maintain the lanes under a 50-year concession, which begins once the lanes are open to traffic.
The I-24 Southeast Choice Lanes project will add new lanes in both directions along a 26-mile stretch of I-24 between Nashville and Murfreesboro. The choice lanes are designed to provide more reliable travel times, even during peak periods, while also improving traffic flow in the general-purpose lanes.
Beyond improving mobility, the project is expected to drive economic growth, create jobs and opportunities for local businesses, and strengthen local communities. Ferrovial stated the initiative aims to deliver lasting value that supports the region's continued success.