CHARLESTON COUNTY, SC (WCBD) – The estimated cost of expanding I-526 has exceeded $1 billion.
The South Carolina Department of Transportation project team worked on traffic and environmental studies as part of a plan to expand the Mark Clark from West Ashley to James Island.
In a letter to the county this week, Transportation Secretary Christy Hall told executives that updated estimates for the project now take into account current real estate and construction markets and the expected cost of inflation over the course of the year. of the next few years.
That number now totals around $2,352,000,000.
“The estimated cost of the project has increased significantly, but only an estimated cost remains,” Hall said. “However, this remains only an estimate or forecast.”
SCDOT leaders have sent two requests to Charleston County and the SC Transportation Infrastructure Bank Board – this includes authority to proceed with the expenditure of approximately $150 million for the remaining preparatory work needed to prepare the project for l invitation to tender.
The ministry also indicated the need to demonstrate, within the next six months, a reasonable financial approach to the entire project by its sponsors.
“This is required as part of the documentation needed for the final environmental impact statement and other federal approvals,” the SCDOT said.
The expansion project is in the planning and preparation phase.
This is a developing story. Count 2 for updates.