In 1987 the state of Maine, in concert with surrounding towns, concluded that the existing Million Dollar Bridge, which was almost 70 years old, was inadequate for current needs.

In October 2015, the Maine Department of Transportation announced that it was seeking bids to privatize the maintenance and operation of the bridge, stating that it would be more cost effective and efficient for taxpayers.

[3] The new bridge has much higher horizontal and vertical clearances, which allow larger ships access further into the Fore River, with the bascule also having to open less frequently.

The bridge's steelwork was painted red in order to make it aesthetically pleasing.

The final cost for the Casco Bay Bridge was $130 million, making it the largest project undertaken by the Maine Department of Transportation at the time.