The first and second phase costs about $65 million.  It's considered one of the largest undertakings of a public road by a private developer.

Nocatee Parkway is a 4-lane highway between the Intracoastal and US 1.

Rick Ray with the PARC Group says Nocatee Parkway "provides a regional transportation system between the beaches and Jacksonville".

Ray says they've already started on the second phase which should open in 2010.

That phase will add an interchange for Western side of the Town of Nocatee and a connection to US 1 at Racetrac Road.