Transurban, Virginia sign agreements for USD 1bn in transportation projects

29 January 2019 - 12:00 am UTC

Virginia has signed agreements with Transurban to deliver four projects along the I-495 and the I-95, according to a 29 January statement issued by Governor Ralph S. Northam.

Transurban signed a project development agreement with the Virginia Department of Transportation (VDOT) for the Capital Beltway Express Lanes Northern Extension project, which involves a 2.5-mile extension of the 495 Express Lanes north to the American Legion Bridge. Four general purpose lanes and two new express lanes are planned in each direction of the Capital Beltway to ease congestion.

The company also agreed to design, construct, maintain and cover all costs to add a reversible ramp connecting the existing 95 Express Lanes at Opitz Boulevard. The ramp would provide improved access to Potomac Mills and Sentara Northern Virginia Medical Center.

Additionally, Transurban reached an agreement to construct a southbound “Occoquan auxiliary lane” on I-95 in Woodbridge to address the traffic bottleneck at Occoquan Bridge. The lane would connect the southbound Route 123 ramp onto I-95 with the off-ramp at westbound Prince William Parkway.

Under the terms of the agreement, the auxiliary lane project would not require any compensation payment to Transurban.

Construction on the three projects could begin as early as 2020.

Virginia and Transurban also finalized their agreement for the Fredericksburg Extension project, a 10-mile extension of the 95 Express Lanes to Fredericksburg. Transurban is expected to make a payment of USD 54-98m to the commonwealth to fund additional transportation improvements, depending on the final terms of the Transportation Infrastructure Finance and Innovation Act  loanissued for the project.

Construction on the Fredericksburg project is scheduled to begin later this year, with operations slated for the fall of 2022. Commercial close on the DBFOM project is expected this spring.

An email to the governor’s office requesting clarity on the project delivery methods was not returned by press time.  

 

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