RALEIGH, N.C. (WTVD) -- The Triangle Expressway will be extended about 11 miles, as part of Phase 2 of the Complete 540 Project around Raleigh, according to the U.S. Department of Transportation press release.
To fund the project, the department also announced Thursday that its Build America Bureau has approved a loan for nearly $417 million for the North Carolina Turnpike Authority (NCTA).
The Phase 2 project includes adding six interchanges, 24 bridges and 14 culverts. It is expected to be finished by 2028.
It also will connect to Phase 1's under construction nearly 17-mile project.
"This important infrastructure project will provide congestion relief by allowing local north-south travelers options to avoid the busiest segments of 540 in southwest Raleigh," Deputy Transportation Secretary Polly Trottenberg said. "Completing the route will also ensure the community has an additional evacuation route to help during emergencies such as hurricanes on the coast."
NCTA Chief Financial Officer David Roy said the project will improve mobility.
The Transportation Infrastructure Finance and Innovation Act (TIFIA) program provided the loan. This is NCTA's fourth TIFIA loan, bringing the project's total to $1.3 billion in loans supporting approximately $4 billion in projects.