Skip to content
Skip navigation

Project Profile: 395 Express Lanes

395 Express Lanes

photo credit: Transurban

Location

Alexandria and Arlington, Virginia

Project Sponsor / Borrower

Virginia Department of Transportation

Program Areas

Public-Private PartnershipProject FinanceTolling and Pricing

Mode

Highway / Express Lanes

Description

The 395 Express Lanes project will provide three reversible express lanes in the median of an eight-mile corridor of I-395 from Turkeycock Run in Fairfax County, Virginia through the Cities of Alexandria and Arlington, to the border with the District of Columbia. Two existing HOV lanes will be converted to express lane operation and a third express lane will be added. The project will provide connections to the 32-mile 95 Express Lanes just north of the Springfield Interchange near Edsall Road. Motorists will also be able to travel to and from the 14-mile 495 Express Lanes through the Springfield Interchange.

The project is being implemented as an amendment to the existing concession agreement between VDOT and 95 Express Lanes LLC, the private partner that implemented the 95 Express Lanes on a DBFOM basis. Once complete, the continuous stretch of express lanes along I-95 and I-395, as well as those on I-495 will be operated and maintained by the same private partner.

The project agreement also includes the widening of I-395 southbound between Duke Street/Route 236 and Edsall Road (approximately 1.5 miles), modifications to the interchanges with those roads, and the rehabilitation of several bridges, among other improvements. These project elements will not be operated or maintained by the private partner upon completion.

Cost

$553.7 million

Funding Sources

Toll revenue bonds (including original issue premium) - $251.4 million

Virginia Transportation Infrastructure Bank (VTIB) loan - $45.0 million

Private equity - $179.0 million

Project Delivery / Contract Method

Design-build-finance-operate-maintain Toll Concession (70 years)

Private Partner

95 Express Lanes LLC

  • Fluor Enterprises, Inc.
  • Transurban DRIVe

Design-builder - Lane Construction Corporation

Traffic and toll management systems - Transurban (USA) Inc.

Operations and maintenance - Transurban (USA) Operations, Inc.

Project Advisors / Consultants

To VTIB

  • Traffic and Revenue Advisor - BuroHappold
  • Technical Advisor - BTY

To 95 Express Lanes LLC

  • Municipal Advisor - THB Advisory
  • Financial Advisor - Bank of Tokyo-Mitsubishi
Lenders

VTIB, Bondholders

Duration / Status

Amended and Restated Comprehensive Agreement executed in June 2017.

Construction began in August 2017.

The project is expected to open to traffic in fall 2019 and be fully complete in summer 2020.

Financial Status

Closed

Innovations
  • The private partner will retain toll revenues collected from the express lane but make a $15 million payment (escalated annually) for transit services and multimodal strategies implemented along the corridor.
Related Links / Articles

I-395 Express Lanes Project Website

Virginia DOT Project Website

Virginia Transportation Infrastructure Bank

Contacts

Susan Shaw, P.E.
VDOT Project Manager
susan.shaw@vdot.virginia.gov

back to top