BRADENTON, Fla. — The $1 billion Port of Miami Tunnel project Thursday reached financial closing — a conclusion that took nearly four years due to economic challenges, political problems, and diminished access to credit for large transportation-related public-private partnerships.

The landmark South Florida project involves boring 120 feet below the water from the mainland to the Port of Miami to install two 3,900-foot-long tubes that are 41 feet in diameter. Each tunnel will provide two lanes of traffic for large cargo trucks and cruise passenger buses going to and from the port, bypassing downtown Miami, which is currently the only way to reach the port.

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