Editor's Note: The above video is KXAN file coverage from Sept. 17, 2024 with a phase-by-phase cost breakdown of the I-35 Capital Express Central Project. AUSTIN (KXAN) — The Texas Department of Transportation awarded a $746 million contract for construction work on the Lady Bird Lake portion of the Interstate 35 Capital Express Central expansion. United Kingdom-based infrastructure group Balfour Beatty announced its selection as contractor on the project Tuesday. The group will be responsible for the reconstruction of 2.5 miles of the eight-mile project corridor, concentrated on the portion south of downtown. Its work will include delivering the new bridge across Lady Bird Lake alongside eight general-purpose lanes, a new intersection at Riverside Drive and "multiple upgraded access roads," per the announcement. RELATED: How much will each phase of Austin’s $4.5B I-35 expansion cost? The existing bridge crossing Lady Bird Lake was built nearly 60 years ago, back in 1956. Construction on this portion of I-35 is slated to begin in 2025, with completion expected around 2033, per Balfour Beatty's release. The Texas Department of Transportation awarded a $746 million contract for construction work on the Lady Bird Lake portion of the Interstate 35 Capital Express Central expansion. (Courtesy Texas Department of Transportation)The Texas Department of Transportation awarded a $746 million contract for construction work on the Lady Bird Lake portion of the Interstate 35 Capital Express Central expansion. (Courtesy Texas Department of Transportation) The Lady Bird Lake segment is one of six phases to be tackled under the I-35 Central project. The estimated $4.5 billion project has been divvied into sections, with work kicking off with the reconstruction of the Martin Luther King Jr. Bridge. ICYMI: TxDOT celebrates ‘generational’ I-35 project kickoff as protesters slam expansion Other components include the planned drainage tunnel beneath I-35 at Cesar Chavez Street, CapMetro and Red Line bridges at Airport Boulevard and Fourth Street, The University of Texas at Austin area as well as the downtown segment. Other project features include over 19 miles' worth of new shared-use paths and vehicle bypass lanes to circumvent traffic at 28 intersections. Other components include 13 connections to urban trail and bicycle networks. KXAN broke down funding costs for each phase of construction. That cost analysis is available online.