InfraPPP | December 12, 2016
The Commonwealth Transportation Board (CTB), which establishes the administrative policies for Virginia’s transportation system, has signed a Comprehensive Agreement with Express Mobility Partnersto build express lanes on I-66 Outside the Beltway.
Express Mobility Partners, a consortium of Cintra, Meridiam, Ferrovial Agroman US and Allan Myers VA, Inc., will finance, design, build, maintain and operate the project under the Public-Private Transportation Act.
The consortium was chosen by the Virginia Department of Transportation (VDOT) as Preferred Proposer in early November. Cintra and Meridiam will be responsible for project development. Ferrovial Agroman, with local construction company Allan Myers VA, Inc. will handle design and construction.
The project involves building 35 kilometers along the I-66 corridor between Route 29, in the environs of Gainesville, and I-495, the Capital Beltway, in Fairfax County. The project aims to transform Northern Virginia’s I-66 outside the Beltway into a multi-modal corridor that moves traffic and people quicker and in a more reliable way.
With three regular lanes and two managed lanes in each direction, the new section of highway will expand capacity, improve mobility and enhance driver safety, as interchanges will also be upgraded to reduce congestion. The project also envisages new and expanded transit service and park-and-ride lots, with direct on- and off-ramps from the managed lanes.
The winning bid will provide approximately US$2.5 billion in construction, US$800 million in net present value for transit capital and operating improvements over the term, US$350 million in net present value for other corridor improvements over the term, and US$500 million for other corridor improvements at financial close next year.
The construction works could be done in phases. Financial closure is expected next summer. Construction is scheduled to be completed by 2022, and the concession runs for 50 years.