Transform I-66 Outside the Beltway
Here’s the Deal
The Transform I-66 outside the Beltway project, upgrading 25 miles of I-66 between U.S. 15/Haymarket and I-495, is moving forward!
Through a competitive bid process, a private-sector team, Express Mobility Partners (Cintra /Meridiam/Ferrovial/Allan Myers), has been selected to implement the planned project. The terms of the deal have recently been finalized.
The basics of the deal by the numbers are:
- $2.3 billion construction project paid by private-sector – Improvements include adding two express lanes for HOV-3, toll and transit, and three general purpose lanes in each direction, with interchange improvements throughout the corridor and median space reserved for future transit. Zero public dollars will go into construction costs.
- $800 million for transit improvement in the corridor – Annual investment paid over the 50 year life of the project from toll revenue for new and expanded transit services such as new/expanded park and ride lots and bus services, and corridor-wide trail, and sidewalk improvements.
- $350 million for future corridor improvements – Investment in additional multi-modal corridor-wide improvements paid for over the 50 year life of the project.
- Plus $500 million concessionaire payment – These upfront funds will be paid by the private-sector contractor at financial close (by July 15, 2017) and must go multi-modal improvements in the corridor to benefit the toll paying user.
You can view a presentation with further details on the project procurement here and a presentation on the project update here.
Transforming I-66 Outside the Beltway…
a Huge Win for Regional Mobility!