$3.724 billion in eligible project costs
Substantial completion expected in December 2022.
The Project involves a major interstate expansion and construction of managed tolled lanes under a Public-Private Partnership 50-year concession arrangement granted by the Virginia Department of Transportation for approximately 22.5 miles of Interstate-66 in Northern Virginia.
This section of I-66 currently has between two to three general-purpose lanes (the section with three general-purpose lanes begins west of Route US-50) and one rush hour high-occupancy vehicle lane. The Washington Metropolitan Area Transit Authority Metrorail runs through the median of I-66 from the Capital Beltway to the Vienna/Fairfax Metro Station.
The Project intends to address a critical need for transportation improvements. The Project area currently experiences peak congestion periods of four to five hours per day, travel speeds that can drop to as low as 10-15 mph and over 220,000 vehicles per weekday (in the Fairfax County portion). The Project area has higher than Virginia average crash rates, few alternative single occupant vehicle routes and a growing regional population.
The purpose of the Project is to reduce congestion, increase mobility, and optimize the operations of a major interstate highway. The Project is expected to not only substantially improve the traffic flow and provide congestion-free travel along the Express Lanes, but also to enhance quality of life by encouraging carpooling and reducing demand on local streets.
The Project seeks to mitigate I-66 corridor congestion and deficiencies by providing the following:
- Two tolled, managed express lanes (“Express Lanes”) in each direction;
- The expansion to three general-purpose lanes in each direction for the length of the Project; and
- The expansion of park and ride facilities, including over four thousand parking spaces, with direct access to the new Express Lanes.
The Project will also include the design, construction and/or relocation of certain interchanges, bridges and utilities (including full connectivity at the Capital Beltway intersection), improvements to auxiliary and bike lanes, and the design, installation and operation of a dynamic, electronic toll collection system.
To USDOT Build America Bureau:
- TIFIA Financial Advisor: Scully Capital Services, Inc.
- TIFIA Secondary Financial Advisor: Project Finance Advisory Ltd.
- TIFIA T&R Risk Advisor: Booz Allen Hamilton
- TIFIA Legal Advisor: Skadden Arps Meagher & Flom, LLP
Direct loan: Up to $1.229 billion. The TIFIA loan is secured by net toll revenues.
Mr. Javier Gutierrez Villanueva
Chief Executive Officer
I-66 Express Mobility Partners