Transurban, Virginia to invest $1bn to deliver four road projects
January 31, 2019 – Transurban Group has signed agreements with the Commonwealth of Virginia to invest more than $1bn to deliver four road projects along Interstate 495 and Interstate 95 in northern Virginia.
Virginia Governor Ralph Northam said: “My administration is committed to creating opportunity for Virginia families and businesses in every corner of the Commonwealth, and that requires having a safe, reliable transportation network.
“I am pleased to announce these four projects that will bring significant improvements to I-495 and I-95, easing congestion, enhancing safety, and driving economic growth.”
The transportation projects include the extension of the 495 Express Lanes for 3.2km from the I-495 and Dulles Toll Road interchange to the vicinity of the American Legion Bridge and Maryland line.
The projects include the addition of a new, reversible ramp connecting the existing 95 Express Lanes at Opitz Boulevard to provide improved access to Potomac Mills and Sentara Virginia Medical Center and construction of a new southbound Occoquan auxiliary lane on Interstate 95 in Woodbridge in order to ease the traffic congestion at the Occoquan Bridge.
Work on the transportation projects is anticipated to start after securing financing in FY2021.
Transurban Group CEO Scott Charlton said: “We’re pleased to work with our partners in Virginia to continue improving transport infrastructure in the Greater Washington area.
“This important network enhancement, extending the 495 Express Lanes to the north, is a further example of the incremental network enhancements we are able to achieve across our networks to provide congestion relief for our customers.”
“Construction commencement is timed to coincide with completion of a number of our current development projects, including the 395 Express Lanes in the Greater Washington Area, NorthConnex and stages 1B and 2 of WestConnex in Sydney as well as the Logan Enhancement Project in Brisbane.”
Furthermore, the plans for the Fredericksburg Extension Project (Fred Ex), a project featuring a 10-mile extension of the 95 Express Lanes to Fredericksburg, has been finalised and is on track for commercial close later this year.