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The new projected total cost of the project to replace the Interstate Bridge is $6 billion, according to Greg Johnson, Interstate Bridge Replacement (IBR) program administrator. The estimate of $5 billion to $7.5 billion was created by internal and independent experts, including a rigorous process that considers cost escalation and inflation factors affecting transportation projects across the country. Those factors include historically high inflation rates, workforce shortages, materials cost increases due to supply chain issues, and other market conditions.

The previous conceptual cost estimate identified a high end of $4.8 billion when it was developed in 2020, based on the scope of the previous Columbia River Crossing project. The new cost estimate for the IBR program covers the components of the Modified Locally Preferred Alternative, which in July 2022 was discussed with the Bi-State Legislative Committee and endorsed by the regional program partners of the Executive Steering Group.

The Modified Locally Preferred Alternative includes: replacement of the Interstate 5 bridge over the Columbia River; inclusion of one auxiliary lane southbound and northbound, and three through lanes; extension of light rail from Portland to Vancouver, Washington; addition of three light rail stations; replacement of the North Portland Harbor Bridge; construction of a partial interchange on Hayden Island; construction of a full interchange on Marine Drive; and construction of a bridge from Marine Drive to Hayden Island.

The new cost estimate sets the foundation for development of the program’s financial plan, anticipated in early 2023, which will include additional details on potential funding sources and a financing approach. Funding will require money from a diverse range of sources, including the federal government, Oregon and Washington state governments, and tolling.

The anticipated cost falls within the range of confirmed and potential funding sources currently identified. Amounts include: $100 million in existing state funding, $98 million from the Connecting Washington transportation package (Mill Plain Interchange), $1 billion from the Move Ahead Washington transportation package, $1 billion in anticipated Oregon funding, $1.25 billion to $1.6 billion in toll funding, $860 million to $1.6 billion in federal grants, and $900 million to $1.1 billion in Federal Transit Administration grants.