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| 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.
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| 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
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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
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| Related Links / Articles |
VDOT Project Website
Virginia Mega Projects Website
FHWA TIFIA Website
News Release: VDOT Completes Project Agreement
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
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