The San Francisco-Oakland Bay Bridge, since 1936 the main artery between San Francisco and the rest of the country, will close tonight as crews ready the $6.4 billion replacement of its earthquake-damaged eastern span.
A new span of the San Francisco- Oakland Bay Bridge will open to traffic on Sept. 3, a day after the U.S. Labor Day holiday and 11 years after work began, the Metropolitan Transportation Commission said.
The operator of the San Francisco- Oakland Bay Bridge and six other spans in the area is selling $750 million in tax-exempt bonds toward a $9 billion program to strengthen the structures against earthquakes.
Eight years after a section of the San Francisco-Oakland Bay Bridge collapsed in the 1989 Loma Prieta earthquake, California officials said they’d spend $1.28 billion to replace the damaged eastern span by 2004.
Bonds sold to finance the San Francisco-Oakland Bay Bridge and other structures near the California cities traded at their widest penalty to benchmark municipal debt since 2012 after the opening of the $6.3 billion east span was delayed.
A new span of the San Francisco- Oakland Bay Bridge, the most expensive public works project in California history, is vulnerable to earthquakes because state planners considered only one type of bolt for a type of steel fastener that subsequently failed, an investigative report concluded.
The reconstruction of the San Francisco-Oakland Bay Bridge, one of the largest U.S. public- works projects at $6.3 billion, fell further behind as officials delayed the opening of the new east span, a move that may put bonus payments to contractors at risk.
China Communications Construction Co., the country’s biggest port builder, delayed plans to raise as much as $3 billion in a Shanghai share sale amid weakness in the stock market, said Chairman Zhou Jichang.