HOT LANES: Virginia reaches deal with private partner on I-95 project

The Virginia Department of Transportation (VDOT) has reached a final agreement with a private partner for the I-95 high-occupancy toll (HOT) lanes project, as announced by Gov. Robert F. McDonnell Tuesday. 95 Express Lanes LLC—a joint venture between Transurban DRIVe and Fluor Enterprises Inc.—will be responsible for construction and operation of the new lanes.

The HOT lanes will be built along a 29-mile section of I-95 from Garrisonville Road in Stafford County to Edsall Road in Fairfax County. Construction is expected to start later in 2012, with completion scheduled for the end of 2014.

Eventually the I-95 HOT lanes will connect with the new lanes on I-495, scheduled to open to traffic by the end of the year.

The I-95 project, which received approval from the Federal Highway Administration in December, will reportedly cost $925 million.