photo credit: Transurban
| Location | Alexandria and Arlington, Virginia |
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| Project Sponsor / Borrower | Virginia Department of Transportation |
| Program Areas |
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| 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 design-build-finance-operate-maintain (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
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
To 95 Express Lanes LLC
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| 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 |
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| Related Links / Articles | |
| Contacts | Susan Shaw, P.E. |
