I don't see any way the tunnel option can be financially feasible, unless a huge funding gift comes from the State of California or federal funding. The documents referenced in a previous post report that "Included in the Measure R plan is the commitment of $780 million to improve the connection between the SR 710 and I-210 freeways.", but this is a small fraction of the cost.
As a rough estimate, each mile of the double-decked toll tunnel (two lanes on each level, as depicted on one of the online documents) will cost around $1 billion. I base that number on a report for an in-progress study of a Houston project where the tunnel cost was estimated to be $700 million/mile and the Alaskan Way project, which is $3.2 billion for a single, two-mile-long double deck tunnel (plus other work including a 1-mile surface freeway, etc). Granted, I don't know how the geology compares at the three locations, but $1 billion per mile per bore is a reasonable number.
So this project is 3 miles long times two bores, around $6 billion. If projects like the Bay Bridge and High Speed Rail are any indication, the cost is likely to be even higher. Tolls wouldn't even come close to paying interest on a $5 billion bond (5% interest = $250 million, 150k vehicles/day * $3 toll = $164 million).
So I'm wondering, have any cost estimates for the tunnel been prepared?
For comparison, I'm thinking a surface option in a trench could probably be done for $500 million/mile. Maybe Socal locals could provide a better estimate of the surface option.