I495 EXPRESS LANES
A public-private partnership between Virginia Department of Transportation and Transurban widening the I495 Capital Beltway by adding two Express Lanes in each direction for 14 miles
PROJECT DETAILS
Value: US$2.1 B
Contract: Design-build-finance-operate-maintain Toll Concession
Parties: Virginia Department of Transportation (VDOT) & Capital Beltway Express, LLC - Joint venture between Fluor and Transurban
Contractor: Fluor / Lane Joint Venture
Operator: Transurban USA Ltd
Status: In use (85 year concession term including 5 years build)
PROJECT DESCRIPTION
14 miles of two new lanes in each direction
first time introduction of High Occupancy Vehicles (HOV) lanes to the Capital Beltway
replacement of more than $260 million of ageing infrastructure, including more than 50 bridges and overpasses
construction of carpool ramps connecting I-95 with the Capital Beltway to create a seamless HOV network
PROJECT BENEFITS
reliable transit options to the Beltway and Tysons Corner, Virginia
congestion-free network for carpools, vanpools, transit and toll-paying motorists
dynamic tolling based on real-time traffic condition
first time a Private Activity Bond was used for HOT lanes in the U.S. and the first time combined with TIFIA financing
KEY SERVICES PROVIDED
concept design development and development leadership
stakeholder and approvals management
consultant team & disciplinary oversight
commercial and legal negotiation lead
transaction and financial close management
Executive, Board and investor reports and updates