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TDOT says commitments to King’s Crossing mega‑site met; P3 close expected this fall

Finance, Ways and Means Budget Committee · February 5, 2026

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Summary

Commissioner Reed told lawmakers TDOT has spent about $150 million of the $200 million appropriated for road work at the King’s Crossing mega‑site and said commercial close on the first revenue‑risk public–private partnership is expected this fall; further ARPA and private‑investment questions remain.

Commissioner Will Reed updated legislators on TDOT’s work related to the King’s Crossing site and on the department’s use of alternative financing tools.

Reed said TDOT has spent just over $150 million of the $200 million appropriated by the General Assembly for road improvements tied to the site. He said the scope of access and design work shifted after the site’s corporate partner changed plant orientation, and TDOT adjusted deliverables accordingly. “We have fulfilled the commitments that they have asked for, based on the changes they made to the plant,” Reed said, while also noting further clarity awaits the company’s next phase planning.

On private financing, Reed said passage of the Transportation Modernization Act (TMA) in 2023 created a mechanism to leverage private capital for large projects and that TDOT expects to reach commercial close this fall on its first revenue‑risk P3. He described strong investor interest in a proposed ~ $4 billion I‑24 choice‑lane project that, Reed said, could be structured to pay for itself through revenue mechanisms.

Committee members asked about use of ARPA funds for the project and deadlines for county‑flowed ARPA allocations; Reed said some ARPA allocations flowed to counties and that TDOT has provided technical guidance and will supply exact accounting on how much ARPA has been expended for the site. He also told members TDOT remains in close contact with the mega‑site authority and the project partner and will provide further updates when the partner defines the next phase.