Nashville, Tenn. - The Tennessee Department of Transportation (TDOT) and DriveTN have advanced the concession agreement for the I-24 Southeast Choice Lanes project.

Following DriveTN's selection as Best Value Proposer, TDOT and DriveTN reached commercial close on September 30, under an agreed-upon financial structure that reduces risk, secures the $24.8 billion concession value, and establishes a payment structure that will provide both near-and long-term transportation funding benefits for Tennessee.

With a construction cost of $9.2 billion, the I-24 Southeast Choice Lanes Project is approximately seven times the size of TDOT's annual budget for projects and programs. Rather than advancing improvements through a series of projects over multiple decades, Tennessee is delivering a comprehensive corridor solution expected to open in 2035.

Tennessee is expected to receive approximately $7.7 billion through payments between financial close (expected in 2027) and the end of construction (anticipated in 2035) followed by additional payments totaling more than $140 billion over the 50-year operating period.

Financial Close, the milestone that completes all financial arrangements for the project, is anticipated in the third quarter of 2027.

As part of TDOT's commitment to transparency and public engagement, the department will host community meetings to present details of DriveTN's technical proposal alongside representatives from DriveTN. The open-house, drop-in-style meetings will be held:

November 17, 2026, from
3:00 to 7:00 p.m. CT at Trevecca Nazarene University

November 18, 2026, from
3:00 to 7:00 p.m. CT at the Smyrna Event Center

The same information will be presented at both meetings and will also be made available on the project website for those unable to attend.

Persons with a disability, who require aids or services to participate in a meeting, may contact TDOT ADA Coordinator Shanna Chevalier no less than 10 days prior to the date of the meeting at [email protected] or by phone at (615) 741-0465, TTY Relay (877) 831-0298.

About the I-24 Southeast Choice Lanes Project

The I-24 Southeast Choice Lanes Project will add 2 new price-managed lanes (Choice Lanes) in each direction along I-24 between I-40 and I-840, spanning Davidson and Rutherford Counties. This section of I-24 carries approximately 150,000 - 180,000 vehicles per day, including up to 25,000 trucks. The new Choice Lanes will provide motorists with an optional, more reliable travel choice while helping improve overall traffic flow and support continued economic growth in Middle Tennessee. The facility will be delivered, operated, and maintained through Tennessee's first public-private partnership of this kind.