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Brightline West Oversubscribed for $2.5 billion PABs Offering

Brightline West’s plans for a high-speed rail connection between Los Angeles and Las Vegas won a vote of confidence from municipal bond investors in March. The project’s $2.5 billion Private Activity Bond (PAB) issuance was significantly oversubscribed. The successful offering will be used to refinance some existing debt and invest in ongoing construction of the […]

FRA to Investigate California High-Speed Rail

The chickens may finally be coming home to roost for the California High-Speed Rail (HSR) project. On February 20, U.S. Transportation Secretary Sean Duffy announced that the Department of Transportation would be opening an investigation into the more than $4 billion in federal funding that the project has received, including a $3.1 billion grant from […]

Lawfare Hasn’t Stopped Congestion Pricing – But Politics Might

The United States is one month into its first experiment in congestion pricing.  New York City began its long-delayed congestion pricing program for lower Manhattan on January 5. As New Yorkers adjust their travel habits, early results for the program are rolling in. The program may not last long, however. The Trump Administration has signaled […]

Brightline West Preparing Major PABs Financing

Brightline West is preparing to close what could become the largest infrastructure financing of 2025, and the largest Private Activity Bond (PAB) offering ever. The company has already broken ground on preconstruction work for its Las Angeles to Las Vegas high speed rail line, and is preparing for its first major construction financing for the […]

The Quiet Cancellation of the Inglewood Transit Connector

The Inglewood Transit Connector project had a lot going for it. The project featured an innovative split procurement and was proceeding through predevelopment and permitting at a remarkably fast pace for a transit project in California. It had a clear champion in Inglewood Mayor James Butts. It had broad regional support because it would connect […]

Potrero Bus Yard Project Agreement Approved

The city of San Francisco has approved a project agreement for the Potrero Yard Modernization P3, marking a major step as the progressive P3 moves out of predevelopment and into the development phase. The milestone is a win for the unique redevelopment project, which has caught the attention of other transit agencies nationwide, and for […]

John Laing Consolidates Holding in I‐75 P3

John Laing has consolidated its shareholding in the I-75 Modernization Project P3 in Michigan. In December, John Laing Investments Limited (JLIL), the holding company for joint shareholders Equitix and John Laing, acquired the remaining 30% shareholding in Oakland Corridor Partners, the concessionaire for the I-75 Modernization P3, bringing the firm’s total shareholding to 100%.

RFQ for Tennessee I‐24 Choice Lanes

Tennessee’s very first “Choice Lanes” project took a big step towards development in November. The Tennessee Department of Transportation (TDOT) released its Request for Qualifications (RFQ) for the I-24 Southeast Choice Lanes project, which is the first of four major traffic corridors targeted for express lane projects under the state’s new Choice Lanes program.

Uinta Basin Rail P3 Goes to (the Supreme) Court

PWF first covered the Uinta Basin rail P3 project because, if it ever happens, it would be the first new freight rail line built in the United States in at least three decades. The proposed 88-mile line in Utah made significant predevelopment progress as a public-private partnership in 2021 and 2022, but it is currently […]

LAX Automated People Mover: Testing Moves to Central Terminal

A new phase of testing has begun for LAX’s long-awaited Automated People Mover, LA’s largest public-private partnership. Although testing began earlier this year, it was far from the airport – and the prying eyes of future passengers – as it ran largely from LAX’s upcoming central rental car facility (ConRAC) and a station at the […]