Final RFP released for I-66 P3 project
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The Virginia Department of Transportation (VDOT) has launched the final request for proposals (RFP) for the I-66 road HOT lanes P3 project.
The RFP document provide new insight into the development of the two toll lanes and three regular highway lanes in each direction expected to be completed around 2021. The Department intends to announce the successful proposer in October 2016, with Commercial close expected in December 2016.
In December 2015 we reported that the Virginia Department of Transportation (VDOT) announced that the procurement of the Interstate 66 Outside the Beltway project would proceed with a design, build, finance, operate and maintain (DBFOM) concession model.
The project aims to transform Northern Virginia's I-66 outside the Beltway into a multi-modal corridor that moves traffic and people quicker and in a more reliable way. The new corridor will be composed of three regular lanes in each direction, two express lanes in each direction, high-frequency bus service with predictable travel times, and direct access between the express lanes and new or expanded commuter lots. The construction works could be done in phases. The P3 contract will run over a 50-year concession agreement.
The total project investment is estimated at US$ 2.1 billion. According to sources, financial proposals for the projects can include up to US$946 million in private activity bonds, a request for up to US$800 million in low-interest federal loans and up to US$600 million in funding from Virginia.
In late October we reported that a total of three teams were shortlisted for the DBFOM delivery method. The shortlisted teams were the following:
- Express Partners: Private Equity Investors: Transurban (70%) / Skanska (30%); Lead Contractor:Skanska / Archer Western
- I-66 Express Mobility Partners: Private Equity Investors: Cintra (50%) / Meridiam (50%); Lead Contractor: Ferrovial Agroman / Allan Myers
- Transformative Solutions Partners: Private Equity Investors: InfraRed Capital Partners (42.5%) /Isolux (42.5%) / Fluor (15%); Lead Contractor: Fluor / Granite / Lane
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