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Cintra, a subsidiary of Ferrovial, in consortium with infrastructure fund Meridiam, has been chosen by the Virginia Department of Transportation (VDOT) as Preferred Proposer to design, build, finance, operate and maintain the I-66 road HOT lanes P3 project.

The project involves building 35 kilometers along the I-66 corridor between Route 29, in the environs of Gainesville, and I-495, the Capital Beltway, in Fairfax County. 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. 

With three regular lanes and two managed lanes in each direction, the new section of highway will expand capacity, improve mobility and enhance driver safety, as interchanges will also be upgraded to reduce congestion. The project also envisages new and expanded transit service and park-and-ride lots, with direct on- and off-ramps from the managed lanes.

The total project investment is estimated at US$ 2.1 billion. According to sources, financial proposals for the projects 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.

The construction works could be done in phases. Financial closure is expected next summer. Construction is scheduled to be completed by 2022, and the concession runs for 50 years.

Cintra and Meridiam, its partner in this operation, will be responsible for project development. Ferrovial Agroman, with local construction company Allan Myers VA, Inc. will handle design and construction.

Enrique Díaz-Rato, CEO of Cintra, said:

“It is a privilege for Cintra to be have been chosen as Preferred Proposer in a managed lanes project of this scale and in a state like Virginia. Our team in the US is committed to a partnership with the Commonwealth of Virginia to enhance mobility, provide economic growth opportunities and better serve the current and future needs of the region.”