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Project Profile: I-95 HOV / HOT Lanes

I-95 HOV/HOT Lanes  - Fairfax, Prince William, and Stafford Counties, Virginia

photo credit: VDOT


Fairfax, Prince William, and Stafford Counties, Virginia

Project Sponsor / Borrower

Virginia Department of Transportation (VDOT)

95 Express Lanes LLC (the Concession Company and TIFIA borrower)
Program Areas

Project FinanceTolling and PricingTIFIA


Highway / Express Lanes


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 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.


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

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 is used to pay the subsidy cost of the loan to the federal government.

Project Delivery / Contract Method

Design-build-finance-operate-maintain Toll Concession (76 years)

Project Partner

95 Express Lanes LLC

  • 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

Bondholders, USDOT TIFIA

Duration / Status

Construction began in August 2012

Open to traffic in December 2014

Conclusion of concession in 2087

TIFIA Credit Assistance

Direct Loan - $300.0 million

Financial Status / Financial Performance

Private Activity Bonds sold in July 2012

TIFIA credit agreement was executed on November 20, 2012

  • The Sponsors, together with VDOT, are also partners on the 495 Express Lanes project. The 95 Express will be linked directly into the 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.
Related Links / Articles

Virginia P3 Website

95 Express Lanes LLC Website

95 Express Lanes Comprehensive Agreement


Larry O. Cloyed, PMP
Senior Program Manager
Virginia Department of Transportation

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