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Project Profile: Transform 66 - Outside the Beltway

Transform 66 - Outside the Beltway

photo credit: Virginia DOT


Fairfax and Prince William Counties, Virginia

Project Sponsor / Borrower

Virginia Department of Transportation / I-66 Express Mobility Partners LLC

Program Areas

Project FinanceTolling and PricingValue CaptureTIFIA

Value Capture Techniques Asset Recycling

Highway / Express Lanes


Transform 66 - Outside the Beltway will reconstruct and expand 22.5 miles of I-66 in Virginia from the I-495 Capital Beltway to US 29 in Gainesville. This section of I-66 currently has three general purpose lanes in each direction between I-495 and US 50 in Fairfax and two general purpose lanes in each direction west of US 50. The corridor also includes a single HOV lane in each direction. The Washington Metropolitan Area Transit Authority Metrorail runs along the median of I-66 from the Capital Beltway 2.5 miles west to the Vienna/Fairfax Metro Station.

The project will:

  • Expand the existing HOV lanes to two tolled express lanes in each direction that will operate as HOV3+ along the full corridor to University Blvd. in Gainesville where the express lanes will transition to a single HOV lane in each direction
  • Expand the existing general purpose lanes to three lanes in each direction along the full corridor
  • Add auxiliary lanes eastbound and westbound between interchanges from I-495 to US 29 (Lee Highway) in Centreville, and between Route 234 Bypass (Prince William Parkway) and US 29 (Lee Highway) in Gainesville
  • Reconfigure certain interchanges (including full connectivity at the Capital Beltway interchange), modify or add collector-distributor roads, and provide bridge and utility upgrades
  • Construct new park-and-ride facilities with over 4,000 spaces and direct access to the express lanes pedestrian/bike facilities and connections along the corridor
  • Preserve a minimum 42-foot median for future transit use
  • Provide new and expanded bus service along the corridor

The project is intended to alleviate peak congestion, which extends across four to five hours in both the a.m. and p.m. peak periods, with speeds as low as 10-15 mph. I-66 currently serves over 220,000 vehicles on weekdays in Fairfax County. The corridor also experiences higher than average crash rates compared to other Virginia highways and few alternatives to single occupant vehicle use, as well as a growing regional population.

The project is being delivered under a 50-year design-build-finance-operate-maintain public-private partnership concession. The private partner's investment includes an upfront payment of approximately $500 million that will be used to fund additional transportation improvements in the corridor. The concession agreement also requires the private partner to pay a net present value of $800 million for transit service in the corridor and $350 million for other projects to improve the I-66 corridor over the life of the concession.
Fiscal Year Closed Fiscal Year 2018

$3.724 billion (TIFIA eligible project costs)

  • $2.41 billion (total construction cost including civil works, right of way, building, O&M and toll systems)
Funding Sources

TIFIA loan - $1,229 million

Private Activity Bonds - $737 million

Virginia State Infrastructure Bank loan - $39.0 million

Equity contribution - $1,525 million

Project Delivery / Contract Method DBFOM (design-build-finance-operate-maintain)
Private Partner

I-66 Express Mobility Partners LLC

Equity Investors:

  • Meridiam Infrastructure North America Fund II
  • Cintra Global Ltd.
  • Cintra Infraestructuras S.E.
  • APG Group
  • John Laing


  • Ferrovial Agroman US Corp.
  • Allan Myers VA, Inc.
Project Advisors / Consultants

Lead Engineers:

  • Janssen & Spaans Engineering, Inc.
  • The Louis Berger Group, Inc.
  • American Structurepoint 


  • Financial Advisor - KPMG
  • Legal Advisor - Hunton & Williams
  • Technical Advisor - CH2M Hill

To I-66 Express Mobility Partners:

  • Financial Advisor - Rubicon Infrastructure Advisors
  • Legal Advisor - Gibson, Dunn & Crutcher
  • Technical Advisor - Steer Davies Gleave
  • Model Auditor - Mazars

To USDOT Build America Bureau:

  • TIFIA Financial Advisor - Scully Capital Services, Inc.
  • TIFIA Secondary Financial Advisor - Project Finance Advisory Ltd.
  • TIFIA Traffic and Revenue Risk Advisor - Booz Allen Hamilton
  • TIFIA Legal Advisor - Skadden Arps Meagher & Flom LLP

USDOT TIFIA, Bondholders

Duration / Status

Commercial close achieved December 2016.

Financial close achieved November 9, 2017.

Construction is expected to start in late 2017 and reach substantial completion by December 2022.

Concession term, including construction - 50 years.

TIFIA Credit Assistance

Direct Loan - $1,229 million

The TIFIA loan is secured by pledged net toll revenues (gross revenue minus annual O&M expenses).
Financial Status

TIFIA credit agreement was signed on November 7, 2017.

  • The I-66 express lanes will include connections to the I-495 Capital Beltway express lanes, further expanding Northern Virginia's network of express lanes that also includes those on I-95 and those under construction along I-395.
  • The Outside the Beltway project complements the Transform 66 - Inside the Beltway project east of the Capital Beltway to Route 29 in Rosslyn. This project converted the existing HOV lane to express lane operation during peak periods and will use the toll revenue to fund other travel options currently under consideration (bus, bicycle/pedestrian upgrades, parallel road intersection enhancements, Metro improvements). An additional eastbound lane will be constructed between 2018 and mid-2020.
Related Links / Articles

VDOT Project Website

VDOT Office of P3s Project Website


Susan Shaw, P.E.
Megaprojects Director
Virginia Department of Transportation

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