Ontario Premier Doug Ford is standing by his commitment to build an expressway tunnel beneath Highway 401, while also exploring the possibility of repurchasing the privately owned portion of Highway 407.
However, Ford emphasized that even if the province were to buy back the section of Highway 407 between Burlington and Pickering, it would only offer a temporary solution. He stressed the need to plan for the long term and construct infrastructure that can withstand the test of time.
In 1999, the Progressive Conservative government sold Highway 407 for $3.1 billion to a consortium that included SNC Lavalin, the Quebec pension fund, and the Spanish company Ferrovial. Currently, the Canada Pension Plan Investment Board holds a majority stake in 407 ETR, the entity operating the toll road.
The province, which owns a portion of 407 East, offers lower toll rates compared to the privately owned segment of the highway.
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A decision regarding the repurchase of Highway 407 will be made after the completion of the feasibility study announced by the province last week, Ford confirmed. The study will also determine the length of the tunnel, which Ford previously suggested could span from Mississauga to Markham.
Ford explained that after consulting with construction experts, it was concluded that building an expressway above ground would present logistical challenges. Therefore, digging a tunnel is seen as a more cost-effective and weather-resistant option.
The premier mentioned that similar projects in other countries, such as Spain, have been executed at a fraction of the projected costs in Ontario. He expressed the need for construction experts to clarify the discrepancies in expenses.
The province is currently conducting soil tests and environmental assessments to evaluate the impact of the proposed tunnel on traffic flow and the economy.
Ford stated that the results of the feasibility study and testing will be shared with the public once they are finalized.
The Canadian Press contributed to this report.
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