The state Department of Transportation is pinning its plans for Cape Cod traffic jam relief on private investors it hopes can be convinced to build a third bridge over the canal in a first-of-its-kind public-private partnership.
"We currently don't have the financial resources to do all the other projects we want to do and (the bridge)," said Frank DePaola, administrator of MassDOT's highway division. "We have so many bridges that are in bad condition that need to be replaced, I couldn't justify taking the money from that program to build a new bridge to relieve traffic congestion."
The project would be the first privately built bridge in the state, and investors would get the toll revenue until the bridge is turned back over to the state after a still-to-be-determined number of years.
Yesterday, a consultant laid out a road map for reaching a deal with a private company to build a four-lane bridge next to the Sagamore Bridge. That process includes a traffic and revenue study, reaching out to potential investors and getting feedback from the industry.
"In an ideal world, we can get it done in as little as five months," Mark Morehouse, managing director of financial services firm William Blair, said of pulling together the information needed to solicit proposals.
DOT's plan calls for the new bridge to be used by cars going to the Cape, while the Sagamore would be used by vehicles leaving.
Still, the bridge is far from a done deal. DePaola said construction is at least three years away, but only as long as investors can be convinced to join the project. If they don't, the new bridge won't happen, DePaola said.
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