Unlocking Value Through Strategic Advisory

With experience on both the developer and owner sides of major infrastructure programs, HNTB’s Noah Jolley helps agencies structure funding and delivery strategies that align with policy goals, manage risk and unlock public and private investment. Serving within an advisory role, he has helped shape strategies for some of the nation’s most ambitious infrastructure programs, including Georgia DOT’s SR 400 Express Lanes and Tennessee’s Choice Lanes initiative. Known for his collaborative approach and deep understanding of risk allocation, Noah is working alongside clients to deliver infrastructure with greater transparency, market confidence and long-term value.

How do you approach collaborating with clients to navigate large, complex capital programs?

Every client and program is different, but a common thread is complexity — technical, financial, contractual, political. My role is to partner with clients to cut through that complexity by asking the right questions early: What are your policy goals? What risks are you willing to own or share? What constraints do you have? What outcomes matter most to your stakeholders? From there, we build a delivery strategy that aligns with those priorities. Instead of one-size-fits-all solutions, our professionals work side-by-side with clients to tailor procurement models and commercial structures that reflect their unique context. That might mean pivoting from availability payments to revenue-risk concessions or introducing new risk-sharing mechanisms. The goal is always the same: deliver a better project, with greater public value and stronger market confidence.

What’s an example of an innovative solution you’ve helped implement at HNTB? 

The SR 400 Express Lanes project in Georgia is a standout. It’s part of the Georgia Department of Transportation’s (GDOT) Major Mobility Investment Program and is an initiative that aims to reduce congestion and improve mobility across metro Atlanta. Initially, GDOT planned to deliver the SR 400 Express Lanes using an availability-payment model, but that approach proved too costly. Recognizing the need for a more viable funding and delivery strategy, the agency pivoted to explore alternative options that could better align with market conditions and project goals.

We helped GDOT with a new approach, pivoting to a revenue-risk, design-build-finance-operate-maintain (DBFOM) concession, where the private developer would finance a large portion of the project in exchange for toll revenue. To further enhance this model, we introduced a first-of-its-kind risk-sharing mechanism for alternative technical concepts (ATCs) that required reevaluation under the National Environmental Policy Act (NEPA). This gave bidders the confidence to propose transformative ideas, resulting in 140 accepted ATCs and a $4.7 billion design-build scope. Most notably, the winning bidder offered a $3.8 billion upfront concession payment — turning a projected public subsidy into a major funding source for future mobility improvements. That outcome was the result of strategic advising, significant collaboration with the entire project team, deep market engagement and a willingness from our client, GDOT, to challenge conventional thinking.

The goal is to deliver a better project, with greater public value and stronger market confidence.

– Noah Jolley
Director, Advisory

How do you think about risk allocation in P3s and alternative delivery?

Risk allocation is one of the most powerful tools we have to shape project outcomes. We work with clients to calibrate risk in a way that’s market-savvy but still protects public interests. That means understanding what risks the private sector is willing to take — and at what price — and designing contract terms that reflect that reality. On SR 400, for example, we helped GDOT move away from more traditional, rigid risk structures and toward a more balanced approach that encouraged competition and innovation. We also advocate for transparency and early engagement with the industry, so owners can anticipate concerns and adjust strategies before procurement. When risk is thoughtfully allocated — or better yet, mitigated — you receive better bids, stronger partnerships and ultimately, better projects.

How does HNTB help clients turn policy into action?

One of the most rewarding parts of my work is helping agencies take a bold idea and turn it into a fully scoped, funded and procured program. That’s exactly what HNTB accomplished with Tennessee’s Choice Lanes initiative, collaborating closely with the Tennessee Department of Transportation (TDOT) from the earliest stages. Together, we helped shape enabling legislation, conducting feasibility analysis and guiding the development of their first public-private partnership. We’re also helping stand up their tolling back office, develop innovative tolling concepts and build internal capabilities that will support future projects. Our team’s diverse backgrounds and experience brings together policy, funding, delivery and stakeholder strategy to help clients move from vision to execution — especially when the path forward is new or complex.

What’s the impact of your work beyond individual projects?

The real impact is helping agencies deliver programs that shape communities — not just physically, but economically and socially. When we help a transportation agency move from concept to procurement on a major initiative, we’re not just building infrastructure — we’re unlocking mobility, access and opportunity. Projects like SR 400 and Tennessee’s Choice Lanes are catalysts for regional growth, improved quality of life and mobility. What I find most meaningful is seeing how strategic advisory can turn policy into tangible outcomes — whether it’s reducing congestion, connecting people to jobs or attracting private investment that fuels broader development.