Much to the relief of Miami officials, the Florida Dept. of Transportation and the Miami Access Tunnel (MAT) consortium have reached agreement on commercial terms for the revived $1-billion Port of Miami Tunnel project. MAT, led by Paris-based Bouygues Publics Travaux, brought in a new French partner, Meridiam Infrastructure Finance, after its original 90% equity partner, Australia’s Babcock & Brown, bailed out late last year. FDOT approved the switch in early May. “We signed an agreement to proceed; now they have to find financing,” says Dick Kane, FDOT spokesman. The state has set a deadline of Oct. 1 for financial
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.