The Princess Margaret Bridge (the “Bridge”) was built from 1957-59 as one of the largest and most modern bridges in New Brunswick, to serve as part of the Trans Canada Highway system, connecting the north and south sides of the Saint John River in Fredericton. It was officially inaugurated in 1959 by Princess Margaret. The Trans Canada Highway in the Fredericton area was bypassed by the Fredericton-Moncton Highway Project in 2001, and the Princess Margaret Bridge became a part of the Route 8 arterial highway system. The 1.1 km long, 23-span steel structure is composed of several structural systems, and is supported on 14 land piers and 8 water piers. The New Brunswick Department of Transportation & Infrastructure (“NBDTI”) determined in 2008 that the bridge was at the end of its useful service life due to age, an increase in live load due to truck volumes as well as size, combined with the extensive use of deicing salts to keep the bridge operational during Canada’s harsh winter conditions, and deferred maintenance. A major rehabilitation or complete bridge replacement was required due to the age and condition if the bridge. The Princess Margaret Bridge Project (the “Project”) was developed to partner with industry to find a solution that would provide both innovation and value for money to the Province. Since 2010, the 50-year old Princess Margaret Bridge structure has undergone a major rehabilitation by SNC-Lavalin. This paper describes the Project objectives, procurement process, business model, and details the innovative structural system designed and constructed by SNC-Lavalin that revealed to be a cost-effective solution for the Province of New Brunswick.