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News » US » Virginia approves $565m express lane project » published 11 Jan 2018

Virginia approves $565m express lane project

Virginia Department of Transportation (VDOT) has accepted Transurban’s offer to extend the I-95 Express Lanes to Fredericksburg.

Financial close is scheduled for the first half of 2019 on the US$565m project. The offer was made under the existing 95 Express Lanes concession agreement.

The Fredericksburg Extension project will extend the existing reversible 95 Express Lanes south by 10 miles in the I-95 median. The project also includes new access points to the existing I-95 Express Lanes, including two new flyover ramps to support 28,000 workers at Marine Corps Base Quantico.

The design-build procurement process will launch in January 2018 with construction expected to begin in early 2019 and the new lanes scheduled to come into service in late 2022.

Transurban’s offer also includes an additional payment to VDOT of US$45m at financial close and US$232m at service commencement in lieu of forecasted toll revenue sharing commitments under the current concession agreement. Transurban said that the new regime provides certainty in funding for the Commonwealth to advance critical transportation projects while reducing complexity and long-term risk for Transurban.

Transurban CEO Scott Charlton said the Fredericksburg Extension project enabled Transurban to extend its Express Lane services to one of the worst congestion hotspots in the region. “We currently have under way substantial enhancements to our network at both the Southern and Northern ends of the I-95 Express Lanes, which represents more than US$1 billion of investment. Once we have completed these projects, our Express Lanes network in the Greater Washington Area will be the largest connected network in the United States.”

 

MPU

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This article was published on 11 Jan 2018 (last updated on 15 Jan 2018).

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