The private operator building a new toll road from Petersburg to Suffolk in Virginia says it will open in 2017 and cost trucks about $12 for a 55-mile trip.
The new U.S. 460 toll road will run parallel to the existing toll-free route, which will remain open according to transportation officials.
Ferrovial, headquartered in Spain and the parent company of toll road operator Cintra, has partnered with American Infrastructure to build the new roadway. The consortium, known as US 460 Mobility Partners, signed the public-private partnership in October, worth an estimated $1.39 billion. The group plans to issue bonds and recoup its investment through tolls.
According to a statement by the builder, the tolls will be administered by a public corporation created by the state of Virginia.
U.S. 460 is an important freight corridor between Richmond and the port region on the Virginia coast.
The Virginia Department of Transportation says the new toll road will increase port traffic and freight movement while easing congestion on other roadways.
VDOT has also floated the possibility of seeking tolls on Interstate 64, another important roadway linking Richmond and the port region, but the state does not possess the authority.
Virginia does, however, possess preliminary approval from the Federal Highway Administration to pursue tolls to fund the reconstruction of Interstate 95. VDOT recently applied for final approval.
Copyright © OOIDA