VDOT Signs $925M HOT Lanes Deal with Private Companies

Tom Warne Report, 3 August 2012

Washington Express – July 31, 2012

Virginia’s Gov. Bob McDonnell announced this week that the state signed a deal for the HOV/HOT lanes project on I-95 to Stafford, with construction set to begin next month. The $925 million contract will support nearly 8,000 construction jobs and create $2 billion in economic activity, according to McDonnell. The project calls for 29-miles of express lanes to be built from Garrisonville Road in Stafford to Edsall Road in Fairfax County and is scheduled for completion by the end of 2014.

A joint venture of Transurban DRIVe and Fluor Enterprises will foot the majority of the project’s cost – $854 million – although $300 million of that is an anticipated federal loan. Virginia will pay $71 million of the project cost and will keep ownership of the infrastructure as well as oversee the company’s work. Fluor-Lane will have a 76-year concession period on the road.

The project will connect to existing HOV lanes on 95 and a project to build express lanes on 495 in Northern Virginia which will help ease congestion on one of the busiest corridors in the nation. Plans also call for additional park-and-ride access by the end of 2014, with thousands of spaces added in several lots.

Tolls will vary on the lanes depending on traffic conditions, reaching up to $5 to $6 during rush hour, according to a governor’s press release.

This entry was posted in General News, Legislative / Political, News. Bookmark the permalink.

Comments are closed.