I-24 Southeast Choice Lanes — Nashville to Murfreesboro P3

Tennessee just handed a long-term concession on 26 miles of interstate to a consortium led by Cintra and Transurban, and the number everyone is quoting is the wrong one.

The Transportation Modernization Board approved DriveTN as TDOT’s private partner on August 19, 2026. The project value is $9.2 billion. The $24.8 billion figure in circulation is the projected concession value to the state over the term, not the cost of building anything.

Project Scope

Two priced Choice Lanes in each direction across roughly 26 miles of I-24 between Nashville and I-840, through Davidson and Rutherford counties. No existing general-purpose lanes are removed or tolled. DriveTN designs, builds, finances, operates and maintains.

The consortium is Cintra, Transurban, Tikehau, Ferrovial, Webber and AECOM. Ferrovial Construction and Webber are the construction members, though a formally named design-build entity has not been announced. FHWA issued a Finding of No Significant Impact on June 16, 2026, after NEPA hearings in March and public meetings going back to August 2024.

DriveTN’s winning proposal committed to a net reduction in right-of-way impacts against the reference design. The Noble Place Townhomes are avoided, the Bell Road interchange was redesigned around the Pan-Asia Supermarket, and the Hickory Hollow Parkway Bridge rebuild was eliminated. Park-and-ride facilities are in scope, with commitments supporting later transit integration in the corridor.

Financial close is expected in mid-2027, with the state receiving $1.5 billion at close and the balance across construction phases on a 50-year term. Those terms come from trade reporting rather than the state’s own releases, so treat them as unconfirmed.

Why It Matters

This is the first major award under Tennessee’s 2023 Transportation Modernization Act, and the state is calling it the largest P3 concession for interstate managed lanes in U.S. history. Whether that claim holds depends on how you count. The structure is the real story: Tennessee is buying capacity with toll revenue on a corridor where fuel tax was never going to get there.

Governor Bill Lee signed Executive Order 114 the same day, creating a Strategic Transportation Accountability Council to oversee the revenue. The board also authorized development of three extensions, running north through downtown Nashville, east past Nashville International Airport, and south through Murfreesboro toward U.S. 41. Those are the real test of whether one concession becomes a program.

Project Team & Details