Mark Clark Expressway expansion estimate now tops $2 billion
CHARLESTON, SC (WCSC) – The South Carolina Department of Transportation says the cost of expanding the Mark Clark Freeway is now over $2 billion.
Transportation Secretary Christy Hall in letter to Charleston County says new SCDOT project team cost takes into account current housing and construction market conditions and expected inflation .
“The estimated cost of the project has increased significantly, but it remains only an estimate or forecast,” Hall said. “Until the preliminary work is completed and the project goes to tender, this will remain a highly speculative figure.”
Revised SCDOT costs are estimated at over $2.3 billion over five phases of the project and are broken down as follows:
|SCDOT cost estimates||Cost forecast|
|Acquisition of right of way||$261,000,000|
|Building phase 1||$1,350,000,000|
|Building stage 2||$702,000,000|
In the letter, SCDOT requests an additional $150 million for remaining preparatory work to prepare the project for bidding. A cost that would be shared between the SC Transportation Infrastructure Bank and Charleston County.
The funds exceed the $24 million previously approved by the bank and the county to plan activities related to the project.
Hall says the ministry should also demonstrate a “reasonable financial approach” to the project by project sponsors.
Hall says the South Carolina Transportation Infrastructure Bank is capped at $420 million. The county would then have to fund the rest of the project.
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