Tamara Rollison 804-786-2715
Shannon N. Marshall 804-371-6844
May 25, 2012
VDOT CALLS FOR PRIVATE SECTOR PROPOSALS TO BUILD A NEW ROUTE 460 IN SOUTHEASTERN VIRGINIA
Private sector teams compete to design, build and finance the new roadway
RICHMOND — The Virginia Department of Transportation (VDOT) is seeking private sector competition to deliver the Route 460 project. VDOT, in coordination with the Office of Transportation Public-Private Partnerships, today issued an addendum to its request for proposals to design, build and finance the project. The addendum sets a new financial structure, making the project more feasible for private sector involvement.
“VDOT is looking for the most cost-efficient way to build the project, one in which would require the least public subsidy,” said VDOT Commissioner Greg Whirley. “Route 460 is a critical project for the commonwealth. The improvements will increase safety, generate more jobs and economic development, accommodate greater freight traffic from the Port of Virginia, expand hurricane-evacuation routes and enhance connections among the region’s military installations.”
Cintra Infraestructuras S.A.U., 460 Partners, Inc. and Multimodal Solutions LLC submitted conceptual proposals last year, which the Commonwealth Transportation Board approved advancing to the detailed proposal stage. In preparing the detailed proposals, VDOT and the private sector teams determined an addendum was needed regarding the financial structure so the project could move forward. Key components of the addendum:
- VDOT would control and set the toll rates, reduce the concession length and maintain the facility.
- The private sector would design and build the project at a fixed cost and fixed date. They would put a financial proposal together, identifying funding to bridge the gap between the cost of the project and the public subsidy.
Detailed proposals are due later this year with a final contract scheduled to be reached by the end of 2012. Construction would then begin next year.
The project is 55 miles of new tolled roadway, located south of the existing Route 460 and includes seven interchanges to provide access to local communities along the corridor.
Visit www.route460ppta.org to access the addendum and other project information.
Information in VDOT news releases was accurate at the time the release was published. For the most current information about projects or programs, please visit the project or program Web pages. You may find those by searching by keyword in the search Virginia DOT box above.