Project Profiles

Project Sponsor / Borrower

Virginia Department of Transportation (VDOT)

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 Rd. in Stafford County to Edsall Rd. 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 new managed lanes will provide congestion relief and connectivity to users travelling to and from major employment centers in Northern Virginia, such as Tysons Corner and Washington, D.C., and five major military sites, including Ft. Belvoir, Quantico Marine Corps Base, and the Pentagon, while providing a reliable pathway for transit vehicles and carpools to travel throughout the region. In many areas, the project will provide first-time, direct HOV and transit access to these destinations.

Funding Sources

TIFIA loan - $300.0 million

Private Activity Bonds - $252.6 million

Commonwealth of Virginia Grant - $82.6 million

Private Equity - $280.4 million

TIFIA Capitalized Interest - $6.5 million

Interest Earnings - $0.6 million

* A TIGER III (Transportation Investment Generating Economic Recovery) grant will be used to pay the subsidy cost of the loan to the federal government.

Project Partner

95 Express Lanes LLC

• Fluor Enterprises, Inc.
• Transurban DRIVe

Lenders

Bondholders, USDOT TIFIA

Direct Loan: $300.0 million

Innovations

• 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.

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

Larry.Cloyed@VDOT.Virginia.gov