AUSTIN, Texas, Nov. 10, 2017 /PRNewswire/ -- I-66 Express Mobility Partners announced today it has achieved financial close for the construction and operations of the Transform I-66 Outside the Beltway project. This represents a significant milestone in the redevelopment and expansion of a critical corridor in Northern Virginia.
"Cintra is committed to a long-term partnership with the Commonwealth of Virginia to enhance mobility, provide economic growth opportunities and better serve the current and future needs of the region," said Belen Marcos, United States president of Cintra, I-66 Express Mobility Partners' managing partner. "The I-66 Outside the Beltway project will transform this critical Northern Virginia artery to relieve congestion, improve safety and provide more predictable travel times."
The project involves the development of 22.5 miles of managed lanes along the I-66 corridor between US Route 29 near Gainesville in Prince William County and Interstate 495 in Fairfax County. The more than $3.5 billion project will feature three toll free general purpose lanes and two express lanes in each direction with a state-of-the-art open-road electronic toll collection system. Expanded transit service, park-and-ride lots with 4,000 new parking spaces and interchange enhancements will further improve travel along I-66. The project will also connect several shared use paths to create more multimodal options.
Development of the project will be directed by I-66 Express Mobility Partners. Construction will be led by FAM Construction, a joint venture between Ferrovial Agroman and local contractor Allan Myers VA, Inc. The project is being developed as a public-private partnership with the private sector investing equity and assuming traffic performance risk that otherwise would be taken on by the state. Construction is expected to begin by the end of 2017 and the express lanes are expected to open in 2022.
I-66 Express Mobility Partners is led by Cintra, a world leader in the private sector development of transportation infrastructure, in partnership with Meridiam, John Laing and APG. The project is being funded through a combination of public and private funds: $1.229 billion from a Federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan; $737 million in Private Activity Bonds (PABS); and $1.523 billion in private equity from investment partners. Bond purchase demand for the project in the capital markets was strong with demand oversubscribed by more than 4.9 times availability.
"Our team is excited to be a part of this critically important project," said Javier Gutierrez, CEO of I-66 Express Mobility Partners. "We look forward to working with the Commonwealth of Virginia, businesses and residents in Northern Virginia as we bring this project to fruition."
With US headquarters in Austin, Texas, Cintra is the leading private-sector transportation infrastructure company in the world, with experience spanning nearly 50 years of innovative highway development on four continents. Today, its portfolio includes more than 1,200 miles of managed highways globally, representing a total global investment in roadway improvements of over $21.6 billion. Cintra manages nearly $8 billion of infrastructure projects in the United States and more than $4.7 billion of infrastructure projects in Canada.
Recognized as an international powerhouse, Ferrovial is one of the world's leading infrastructure operators and municipal services companies, committed to developing sustainable solutions. The company has more than 97,000 employees and a presence in over 20 countries. Its main business areas are: Toll Roads, Services, Construction and Airports. It is a member of Spain's blue-chip IBEX 35 index and is also included in the Dow Jones Sustainability Index and FTSE4Good; all its operations are conducted in compliance with the principles of the UN Global Compact, which the company adopted in 2002.