In The News
Houstonians Gain Traffic Efficiency through Opening of Four New Toll Lanes
Read the press release below.
SH288 will now be able to handle the city’s rapid growth and travel needs better than before.
Houston, Texas, November 16, 2020 – Shikun & Binui (S&B), as part of the Concessionaire (BTG) and the construction JV (AGC), is reaching a significant milestone in opening a portion of State Highway 288 (“SH 288”) located in Harris County, Houston, Texas. This team has completed work on the 4 new tolled lanes of SH288 which became operational on Monday.
Delivered through a $1B Demand Risk P3 (Public-Private Partnership) procurement, four new managed lanes on SH288 which were constructed in the middle of a previously 8-lane highway, are adding capacity to provide faster travel times for commuters and commercial trucking, along with better access to the Texas Medical Center via two new direct connector ramp bridges. This artery also serves an important function as an evacuation route.
This $1B project spanned 10.3 miles of SH288 from U.S. 59 to the Harris County line. In addition to the toll lanes, the project includes the construction of 16 new flyover ramps, 2 major interchanges, new direct connectors servicing the Texas Medical Center, and the widening/reconstruction of the 53 structures along the corridor. Additional project elements include the construction of 43.1 lanes miles of concrete roadway with barrier, 25,000 linear feet of retaining/noise wall, and the relocation of utilities for 33 different utility companies.
With the SH288 construction now completed, S&B as a member of the concessionaire will enjoy a steady stream of revenue for 49 years while moving on to focus on other areas of growth. S&B is currently short-listed for two additional billion-dollar P3 projects, the SR400 Express Lanes in Georgia and the P3 Fargo-Moorhead diversion channel in North Dakota, both expected to announce a winner in 2021. In parallel, S&B is also working to expend its construction operation in the mid-Atlantic where it operates through the regional contractors Joseph B. Fay and i+iconSOUTHEAST which S&B acquired in 2019. Both fully-owned subsidiaries will play a key role in future S&B P3 efforts. The latest new frontier is S&B’s USA Energy activity which launched in 2020. S&B USA Energy is in advanced negotiation for several Renewable Energy projects (as a developer and equity investor) and target to complete its first acquisition before the end of the year.
About Shikun & Binui
Established in 1924, Shikun & Binui Ltd. (S&B) is an experienced construction, development and real estate group, headquartered in Israel and active globally. S&B is publicly traded on the Tel Aviv Stock Exchange (SKBN) and is active in Israel and globally in the construction of large scale, complex heavy civil infrastructure projects, including numerous roads, bridges, highway projects and industrial plants under a P3 (Public-Private Partnerships), including solar and energy related projects.S&B has been active in the U.S. since 2012 and is now operating out of Pittsburgh, PA through its infrastructure development and equity subsidiary (Shikun & Binui Concessions USA, Inc.), its construction subsidiary (Shikun & Binui – America, Inc.), and its Energy subsidiary, Shikun & Binui USA Energy.
Shikun & Binui Concessions is part of the Blueridge Transportation Group (BTG) which was formed to deliver the design, build, finance, operation and maintenance of the SH 288 project. Shikun & Binui America is also part of the lead contractor, Almeda-Genoa Constructors (a Design-Build Joint Venture of Dragados USA, Pulice Construction and Shikun & Binui America).
This construction project has included six very complex segments.
Segment 1 - Clear Creek to Almeda: Interchange at Beltway 8
Segment 2 - South of Almeda Genoa Road to Sims Bayou
Segment 3 - Sims Bayou to South of Bellfort Road
Segment 4 - South of Bellfort to Holcombe: Texas Medical Center
Segment 5 - Texas Medical Center to Brays Bayou
Segment 6 - Brays Bayou to US 59 / IH 69