Charleston Metro Chamber Of Commerce: The Advocates: All Things 526

Charleston SC

06 June, 2022

12:53 AM

Description

Press release from the Charleston Metro Chamber of Commerce: May 27, 2022 Regardless of what you may have heard, 526 completion is moving forward. The Mark Clark Extension project team is currently pursuing the Final Environmental Impact Statement (FEIS). They are also working on additional environmental studies, a settlement community study, mitigation for parks, a traffic analysis to support a phased approach and updating the U.S. Army Corps of Engineers and U.S. Coast Guard permits for phased construction in addition to finalizing the financial assessment. Over the next two years, the team will work to finish the EIS and other studies. Funding will need to be revisited within the next year to stay on track with the approval timeline. The SCDOT is recommending a phasing approach. They have found that there are challenges for projects of this size. The phased approach is less risky for contractors and will ensure market competitiveness. Phase 1 will extend the Mark Clark from West Ashley to Johns Island for an estimated $1.35B. Phase 2 will extend the Mark Clark from Johns Island to James Island for an estimated $702M. While many were shocked to see the new billion-dollar figure to finish the project, this is just an estimate and, as Secretary Hall stated, it is a "highly speculative" figure. The original cost estimate of $725 million was done in 2014 based on construction in 2019. The updated $2.35B estimate for Phase 1 and 2 is based on a 2028-2035 construction for both phases. The new estimate also includes anticipated project delay costs and 2-3 years of litigation. The sooner the project is started, the lower the cost will be. This press release was produced by the Charleston Metro Chamber of Commerce. The views expressed here are the author's own.