The Port of Miami Tunnel was the first availability project completed in the US.  The project teaming and MOUs occurred under ABN AMRO, the Project was bid under Babcock & Brown and closed by Meridiam; where Pegasus was responsible leading the project and transferring it twice to closing.  The project was bid as an availability  design, build, finance, operate and maintain procurement with a capital cost of $1.0 billion.  The Project is a 1.2 km 4 lane tunnel under the McArthur causeway channel, including bridge expansion and auxiliary roads. Florida’s Department of Transportation’s (FDOT) objectives were to improve access to the Port of Miami (POM), enhance competitiveness of the port, allow for future growth, remove POM trucks and buses from downtown Miami, and facilitate the City of Miami’s downtown revitalization program. The tunnel created an alternative access to the Port Bridge and provide POM freight traffic with a direct connection to the interstate highway system. FDOT was the procuring agency for this complex project using a PPP structure in order to benefit from private sector innovation and efficiencies.  The Port of Miami Tunnel was a first of its kind in the US and won numerous awards including Global Infrastructure Deal of the Year by Euromoney Magazine.  Constructor was Bouygues, Operator is Transfield, debt was assumed by a banking syndicate and equity placed by Meridian and Bouygues.