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Projects
I-495 Capital Beltway HOT Lanes
Location Fairfax County, Virginia
Project Sponsor Virginia Department of Transportation (VDOT)
Mode High Occupancy Toll (HOT) Road
Description

The Capital Beltway High Occupancy Toll (HOT) Lanes project is a Public Private Partnership (PPP) between VDOT and Capital Beltway Express, LLC, a joint venture of Fluor and Transurban. This team is working in partnership to deliver the most significant improvements to the Capital Beltway (I-495) in a generation. The project limits are from the Springfield Interchange (south) to just north of the Dulles Toll Road (14 miles). Today, there are four lanes in each direction on I-495. Improvements include:

  • 14 miles of two new lanes in each direction
  • First time introduction of High Occupancy Vehicles (HOV) lanes to the Capital Beltway and reliable transit options to the Beltway and Tysons Corner, Virginia
  • Congestion-free network for carpools, vanpools, transit and toll-paying motorists
  • Replacement of more than $260 million of aging 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

Construction began in spring 2008 and the lanes are expected to open in 2013.

Cost $2 billion
Funding Sources State of Virginia grant - $409 million
Private Equity - $349
TIFIA Loan - $586 million (backed by toll revenue)
Private Activity Bonds - $586 million (backed by toll revenue)
Interest Income - $69 millions
Project Delivery/
Contract Method
Design-Build (lump sum, fixed-time)
Private Partner Capital Beltway Express, LLC
Joint venture between Fluor and Transurban
Project Advisors/
Consultants
Vollmer
Lenders Bondholders
Duration / Status

Construction began in spring 2008 and is anticipated to be complete in 2013.

The total length of the concession is 85 years - 5 years of construction and 80 years of operation.

Financial Status Financial close was achieved on December 20, 2007
Innovations
  • Fully electronic toll collection using transponder technology
  • Dynamic tolling based on real-time traffic conditions
  • First HOT lane implemented in the state of Virginia
  • Largest financing of HOT lanes projects
  • First time a Private Activity Bond (PAB) was used for HOT lanes in the U.S. and the first time combined with Transportation Infrastructure Finance and Innovation Act (TIFIA) financing
Related Links / Articles

VDOT Project Website
Virginia Mega Projects Website
FHWA Project Profile
Virginia Public-Private Partnership Act of 1995

Contacts Roger Boothe
Project Manager
Mega Projects Program Management
Virginia Department of Transportation
Roger.Boothe@VDOT.Virginia.gov