Work is underway to transform Northern Virginia’s Interstate 66 into a multimodal corridor.I-66 Express Mobility Partners announced it has achieved financial close for the construction of the Transform I-66 Outside the Beltway project. This represents a significant milestone in the redevelopment and expansion of a critical interstate corridor in Northern Virginia. The project is a public-private partnership between the Virginia Department of Transportation (VDOT), the Department of Rail and Public Transportation (DRPT) and private partner, I-66 Express Mobility Partners, a consortium of Cintra, Meridiam, Ferrovial Agroman US and Allan Myers VA, Inc. The I-66 Outside the Beltway Project will include:
- 22.5 miles of new express lanes alongside three regular lanes from I-495 to University Boulevard in Gainesville
- New and improved bus service and transit routes
- A state-of-the-art open-road electronic toll collection system
- Interchange improvements to enhance safety and reduce congestion, including auxiliary lanes between interchanges, where needed
- New and expanded park and ride lots providing convenient access to the express lanes and more than 4,000 new park and ride spaces
Belen Marcos, United States president of Cintra, says,
"The I-66 Outside the Beltway project will transform this critical Northern Virginia artery to relieve congestion, improve safety, and provide more predictable travel times."Cintra is the leading private-sector transportation infrastructure company in the world, with experience spanning nearly 50 years of innovative highway development on four continents. [caption id="attachment_4748" align="aligncenter" width="300"] Arlington County Board member Libby Garvey, Virginia Secretary of Transportation Aubrey Layne, and Gov. Terry McAuliffe cut the ceremonial ribbon for 10 Interstate 66 improvement projects[/caption] The $3.5 billion project is being funded through a combination of public and private funds: $1.229 billion from a Federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan; $737 million in Private Activity Bonds (PABS); and $1.523 billion in private equity from investment partners.
Our team is excited to be a part of this critically important project," said Javier Gutierrez, CEO of I-66 Express Mobility Partners. "We look forward to working with the Commonwealth of Virginia, businesses, and residents in Northern Virginia as we bring this project to fruition."Development of the project will be directed by I-66 Express Mobility Partners. Construction will be led by FAM Construction, a joint venture between Ferrovial Agroman and local contractor Allan Myers VA, Inc. Construction on the interstate is expected to begin by the end of 2017, and the express lanes are expected to open in 2022.