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When finished, the Grand Parkway will make a 180-mile loop around greater Houston. Portions of the massive toll road are currently open, but to finance its next phase of construction, the U.S. Department of Transportation has approved a $605 million loan to the public entity that's building the road, the Grand Parkway Transportation Corporation.
Funds will be used for two eastern segments between U.S. 59 and I-10 — that's the portion that goes into Liberty and Chambers Counties. The new lanes will add about 44 miles to the project and they're expected to be finished in 2022. Construction is already underway.
The total cost of the two segments is $1.9 billion and the borrowed money will cover about a third of that. Earlier segments of the parkway were also built using similar government loans.
The money is made available through the Transportation Infrastructure Finance and Innovation Act, and U.S. Secretary of Transportation Elaine Chao is lauding the project.
"This government investment of $605 million will help regional and local agencies develop the infrastructure that best meets the needs of their communities, increase connectivity, alleviate congestion, and enhance safety," said Chao.
Currently, drivers can take the Grand Parkway from Sugar Land north to the Eastex Freeway. A portion of the toll road is also open near Baytown.
