The company behind I-77 tolls already touted project to shareholders
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I-77 from Remount Road. Photo: Alexandria Sands/Axios
While Charlotte leaders were still debating the Interstate 77 South toll lanes, the Spanish company that operates the northern expressway was already touting the project to investors.
Why it matters: A May 8 investor presentation by Cintra's parent company, Ferrovial, includes I-77 South in its U.S. pipeline, even as local opposition threatened to derail the project over concerns that a foreign company was profiting from what critics see as a community detriment.
Catch up quick: The North Carolina Department of Transportation reported in February that Cintra was among the four shortlisted developers for the proposed 11 miles of express lanes between Brookshire Freeway and the South Carolina line.
- Regional leaders recently voted to kill the project following months of protest, but it could be back on the table after state lawmakers weigh in.
Yes, but: An NCDOT spokesperson told Axios on Wednesday that "if the I-77 South project were to move forward, it would go through a competitive bid process."
- "There is not a pre-selected developer on this project," the spokesperson said.
- Ferrovial did not respond to Axios' request for comment by deadline.
How it works: The I-77 South express lanes are the most expensive transportation project in NCDOT history, estimated to cost more than $4 billion.
- NCDOT has said it could only commit up to $600 million to the project and would need to partner with a private developer to cover the rest.
- The existing I-77 Express Lanes north of Charlotte, which opened in 2019, operate under that structure. As part of a 50-year deal, Cintra is recouping its investments through the toll revenue.
What's inside: In the presentation, Ferrovial highlighted I-77 South among six projects in its U.S. pipeline, with an award expected in 2027.
- It identified Charlotte as one of its "top performing regions," with the population expected to grow 50% from 2025 to 2050, citing a report from the Charlotte Regional Transportation Planning Organization.
- The presentation noted the company's "freedom to set toll rates with no cap" on I-77 North. It reported $130 million in revenue generated by the lanes in 2025 and $52 million in dividends.
The other side: Unlike the northern tolls, the southern portion would include toll-rate caps, NCDOT has said. It also has said the developer would be required to implement a discount program for low-income residents.
State of play: Ferrovial's presentation was given just days before Charlotte City Council's May 11 decision to withdraw support for the project.
- Although the widening is two decades in the making, opposition has intensified since November 2025. That's when designs were released showing the road would encroach on historically Black neighborhoods and take out houses.
- But Charlotte City Council faces renewed pressure to reconsider its rescission vote.
- With language introduced by Republican state Sen. Vickie Sawyer, lawmakers included a provision in the newly passed state budget that would require the city and other local governments to repay roughly $60 million for the design and planning work done.
What's next: Charlotte and other local governments must decide by Oct. 5 whether to allow the project to advance or repay NCDOT millions.