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Project Profile: I-95 Express Lanes Fredericksburg Extension

I-95 Express Lanes Fredericksburg Extension - Stafford County, Virginia

photo credit: Virginia Department of Transportation

Location

Stafford County, Virginia

Project Sponsor / Borrower

Virginia Department of Transportation

Program Areas

P3Project FinanceTolling and Pricing

Mode

Highway / Express Lanes

Description

The existing I-95 Express Lanes in Northern Virginia extends 29.4 miles from its southern end at Route 610 (Garrisonville Rd.) in Stafford County north to Edsall Rd. in Alexandria, Fairfax County, where the lanes continue onto I-395, after crossing the I-495 Capital Beltway. The I-95 Express Lanes make connections at these points to the 495 Express Lanes and 395 Express Lanes, forming a vital network of tolled managed lanes in Northern Virginia.

The I-95 Express Lanes Fredericksburg Extension will continue the reversible express lanes in the median of I-95, adding three lanes for approximately 1.5 miles, and two lanes for another 8.5 miles from Route 610 (Exit 143) in Stafford County south to the vicinity of Route 17 (Exit 133) near Fredericksburg. At its southern end, the 10-mile project will connect to the I-95 Southbound Rappahannock River Crossing and I-95 Northbound Rappahannock River Crossing projects, which are adding three new through lanes in each direction in the median of I-95 and converting the existing three lanes in each direction to local traffic access.

The express lanes will include new access points including flyover ramps at the Route 17 terminus and Quantico area (Fuller Rd.) Additional access will be added near the Route 17 and Route 630 (Courthouse Road) I-95 interchanges in Stafford, and near the Russell Road interchange at Quantico Marine Corps Base north of the 10-mile extension in Prince William County. The project includes seven new bridge structures.

The project is being delivered under an Amended and Restated Comprehensive Agreement with 95 Express Lanes LLC, the Transurban Group-led concessionaire that implemented the existing I-95 Express Lanes and 395 Express Lanes and is operating and maintaining those facilities through 2087. The transaction includes a Permit Fee Buyout payment that eliminates the requirement for the private partner to make future anticipated revenue share payments to VDOT.

Cost

$487 million - Total cost including development and construction, financing, reserve accounts, and contingency

$829.9 million - Total cost including $277 million Permit Fee Buyout payment and $65.9 million in additional payments to VDOT for sharing of design-build and development cost savings

Funding Sources

Private Activity Bonds (PABs) - $277.0 million ($262.0 million principal plus original issue premium)

Private equity capital contributions - up to $552.9 million

Project Delivery / Contract Method

Design-build-finance-operate-maintain (DBFOM) Toll Concession (68 years)

Private Partner

95 Express Lanes LLC (Transurban Group) - DBFOM Concessionaire

Branch-Flatiron, Joint Venture - Design-builder

  • Branch Civil, Inc.
  • Flatiron Constructors, Inc.

Transurban (USA) Inc. - Tolling and Traffic Management System contractor (design, construction, commissioning)

Transurban (USA) Operations Inc. - O&M

Project Advisors / Consultants

JP Morgan - PABs Underwriter

To Virginia Small Business Financing Authority (Issuer)

  • Hunton Andrews Kurth LLP - Bond Counsel

To 95 Express Lanes LLC

  • Orrick, Herrington & Sutcliffe LLP - Bond Counsel
  • Hunton Andrews Kurth LLP - Bond Counsel
  • Transurban Traffic Services Group - Traffic and Revenue Consultant
  • Vivid Economic Ltd / BuroHappold - Traffic Advisor
  • BTY Consultancy Group, Inc. - Technical Advisor
Lenders

Bondholders

Duration / Status

Design-build contract awarded fall 2018.

Amended and Restated Comprehensive Agreement and Design-build contract executed April 18, 2019.

Major construction began in July 2019.

Anticipated construction completion in late 2022.

Financial Status

Financial close reached April 30, 2019.

Innovations
  • As a result of the elimination of the Permit Fee structure, additional funds that would otherwise be used to pay VDOT will be available to service the private partner's outstanding debt and other costs, thereby improving cash flows for existing senior obligations.
  • This project is a part of the Atlantic Gateway initiative, a multimodal suite of projects focused on the I-95 corridor between Washington, DC and Fredericksburg. This corridor has been named "worst traffic hot spot" by INRIX. The extended 95 Express Lanes combine with the 395 Express Lanes to provide travel choices and reliable, uninterrupted travel for 50 miles in one of the most congested corridors in the nation. They will also connect with the larger regional network of express lanes in Northern Virginia on the 495 and 66 corridors.
Related Links / Articles

VDOT Project Website

Transurban Project Website

Contacts

Bill Arel
VDOT MegaProjects Engineer
Tel: (540) 899-4494
William.Arel@VDOT.Virginia.Gov

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