Elon Musk’s The Boring Company emerged victorious in a bid to build an underground transportation system in Fort Lauderdale, and the city will now move forward with final negotiations, according to Bloomberg.
The system will be known as Las Olas Loop, and consist of two tunnels running 2.5 miles from downtown Fort Lauderdale to the beach.
Passengers of the transit system would be driven in dedicated Tesla cars (private cars won’t be allowed). Eventually, the cars will become driverless once technology advances.
Mayor Dean Trantalis estimated that the system could cost $90 to $100 million to build, in an interview with NPR last week. The exact financial details are still not public.
Trantalis’ estimates include $10 to $15 million per mile in construction cost for two tunnels that are 2.5 miles each, costing up to $75 million. He also estimated additional costs to build stations would bring in to the $90 to $100 million range.
Funding could come from a 1 percent retail sales tax meant for transportation.
Construction is estimated to take one year once the city gives the final green light.
Eventually, the mayor said he wants the system connected to the airport and seaport.
Pumps would keep the system dry during storms. The company’s chief geologist visited Fort Lauderdale and inspected an existing tunnel, determining that the new system could be built safely.
The city voted in July to accept the proposal, but also open it up to competing bidders for 45 days. Two other groups did submit bids during the 45 day but were disqualified for not meeting state laws on public-private partnerships.
City staff will now move forward with negotiating final terms, before presenting it to the city commission for a vote.