Commuters driving along I-95 between from Stafford County to Edsall Road in Fairfax County will have an Express Lane option by the end of 2014.
Gov. Bob McDonnell (R) announced Tuesday that the construction of 29 miles of Express Lanes will start early next month.
In a release, McDonnell said the project would cost $925 million and will be completed in partnership with private companies.
The stretch of Express Lanes will be for vehicles with three or more passengers. Vehicles with fewer than to use the lanes, or they can ride the general purpose lanes for free, said the governor's office.
The project will also bring additional commuter parking lots along I-95.
Greg Whirley, VDOT commissioner, worked with the Office of Transportation Public-Private Partnerships to secure the agreement with 95 Express Lanes LLC, a joint venture of Transurban DRIVE and Fluor Enterprises, Inc., according to a release from the governor's office.
"The agreement, signed under the Public-Private Transportation Act, allows VDOT to partner with 95 Express, which will make a substantial investment in the project and share in the financial risk of construction and operations," said the release.
The project will be financed by $854 million from 95 Express.
"This includes an anticipated TIFIA loan of $300 million, which is expected to be available in November 2012," said the release. "VDOT will provide $71 million in public funds, a lower amount than the original estimate of $97 million, due to lower-than-expected financing costs at closing.
Construction is expected to be completed by late 2014. The lanes will expand existing HOV lanes from two to three lanes for 14 miles between Prince William Parkway to the vicinity of Edsall Road on I-395.
“This is a historical day for transportation and the economy in Virginia,” said McDonnell in a release. “In partnering with the private sector, VDOT is leveraging nearly $1 billion dollars in congestion relief for the heavily traveled Northern Virginia region. Virginia is taking bold action to move more people with fewer cars by giving them more transportation choices that will save time and money, and improve the environment. The project will also support nearly 8,000 jobs over the construction period and stimulate $2 billion in economic activity.”
Financial and tolling highlights:
- Tolls will be collected electronically using E-ZPass, including the new E-ZPass
- HOV-3+, vanpools, motorcycles and buses travel free. Vehicles with one or two people will pay a toll to use the express lanes or ride the general purpose lanes for free. Tolls will vary based on real-time traffic conditions to manage the number of toll-paying customers who choose to enter the express lanes. Most customers are expected to pay to use express lanes only a couple of times a week when they need a faster trip, with a typical trip during rush hour costing between $5 and $6.
- Project will fund a safety and enforcement program including crews to assist disabled vehicles, incident detection technology and more Virginia State Police. The program is expected to significantly reduce HOV violators.