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I-95 HOV / Hot Lanes

I-95 HOV / Hot Lanes
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
Virginia Department of Transportation (VDOT)
95 Express Lanes LLC (the Concession Company and TIFIA borrower)
Credit Agreement Status: 
TIFIA Assistance: 
$300 million
Primary Revenue Pledge: 
User Charges
Project Cost Details: 

Total Cost: $922.6 million (excluding $25.4 million in early development costs already incurred by VDOT)

Duration / Status: 

Construction began in August 2012. Project reached substantial completion as scheduled in December 2014.

Fiscal Year Closed: 
Project Description: 

The I-95 Express Lanes will be the second major step in creating a regional network of tolled managed lanes in Northern Virginia. The project consists of the development, design, finance, construction, maintenance and operation of 29.4 miles of High Occupancy Vehicle (HOV)/High Occupancy Toll (HOT) Lanes along I-95 and I-395 corridor in Northern Virginia, from Garrisonville Road in Stafford County to Edsall Road in Fairfax County over a 76-year concession period. The project is divided into four segments:

  • 8.3 miles of new construction - two-lane reversible (includes 7 new brides)
  • 7.0 miles of two-lane HOV conversion - two-lane reversible
  • 11.9 miles of two-lane HOV conversion - three-lane reversible
  • 2.2 miles of two-lane HOV conversion - three-lane reversible (including connection to 495 Express Lanes at the Springfield Interchange)

The development of the project supported approximately 7,500 full-time equivalent jobs annually through the three-year construction period. Now fully operational, the new managed lanes provide congestion relief and connectivity to users travelling to and from Tysons Corner and Washington, D.C., the major employment centers in the area, and five major military sites, including Fort Belvoir, Quantico Marine Corps Base, and the Pentagon, while providing a reliable pathway for transit vehicles and carpools to travel throughout the region. The reduced congestion and idling is estimated to reduce carbon dioxide emissions approximately 20 percent. Several other environmental benefits were achieved, as well, including decreased energy and water consumption.

Funding Sources: 
  • TIFIA Loan: $300M
  • Private Activity Bonds: $252.6M
  • Commonwealth of Virginia Grant: $82.6M
  • Private Equity: $280.4M
  • TIFIA Capitalized Interest: $6.5M
  • Interest Earnings: $0.5M
Project Delivery / Contract Method: 

DBFOM (Design-Build-Finance-Operate-Maintain)

Project Participants: 
Fluor Enterprises, Inc.
Transurban DRIVe
Project Advisors / Consultants: 

Virginia Department of Rail and Public Transportation

Fluor-Lane 95, LLC - Design-builder

To the Borrower:

  • Scotiabank - Financial Advisor
  • Orrick, Herrington & Sutcliffe LLP - Legal Advisor


  • Bryant Miller Olive, P.A. - TIFIA Legal Advisor
  • Taylor De-Jongh - TIFIA Financial Advisor

To Public Sector Sponsor:

  • KPMG - Financial Advisor
  • Ballard Spahr LLP - Legal Advisor
  • ATCS - Technical Advisor
Project Lender(s): 
Bondholders, USDOT TIFIA
TIFIA Credit Assistance Detail: 

Direct loan: $300.0 million.

Financial Status: 
The TIFIA credit agreement was executed in November 2012. Interest repayment is set to begin in 2019 and principal repayment in 2035; final loan maturity is expected to occur in 2047.

The Sponsors, together with VDOT, are also partners in the 495 Express Lanes project. The I-95 Express will be linked directly into 495 Express Lanes at the Springfield Interchange. The two projects have common traffic and tolling management systems and will share the same operations center/operator.

Project Contacts: 

Larry O. Cloyed, PMP 
Senior Project Manager 
Virginia Department of Transportation 
Virginia Megaprojects Office 
6363 Walker Lane, Suite 500 
Alexandria, VA 22310 
Tel: (571) 483-2584

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