The State of Virginia
has chosen the consortium US 460 Mobility Partners, comprised of Ferrovial Agroman
and American Infrastructure
, to design, build and finance the new 55 miles-long (around 88.5 kilometres) US Route 460 highway.
The project, worth 1.396 billion dollars (approximately 1.079 billion euro), is a four-lane toll road between the cities of Petersburg and Suffolk, in Southeast Virginia. It will run in parallel with the existing Route 460 and connect with seven other roads.
In 2000, the State designated the new Route 460 highway as a top transportation priority in view of the notable benefits the corridor would bring to the region. These include improving the connection with the Port of Virginia from inland Virginia and increasing freight traffic.
Financial completion of the project is expected to be reached within months. The design and right of way work will be conducted in 2013 and construction will start in 2014, to be completed in 2018. The toll collection will be operated by a non-profit corporation.
"This contract will enable us to expand our presence in the transport infrastructure construction market in the US, which has major investment plans. Our capacity to develop complex projects, such as the LBJ and NTE highways in Texas, is positioning us in the US as a solid benchmark," said Alejandro de la Joya, CEO of Ferrovial Agroman.
The Ferrovial-led consortium, US 460 Mobility Partners, was chosen following a selection process that included more than two years of reviews and evaluations by the State authorities. American Infrastructure is among the most respected and knowledgeable design-build contractors and material supplier in the Virginia market.
Though it is legally a public-private partnership, US 460 Mobility Partners will not contribute money directly to the project's cost, but will be responsible for arranging the financing through bonds.
"With the new Route 460 highway, we are taking another major step forward in improving transportation in Virginia," said State Governor Bob McDonnell during the announcement that the Ferrovial-led consortium had won the contract. "We are putting in place the infrastructure today that will be crucial to economic growth and job creation in Virginia tomorrow."
The new infrastructure will be a key driver of the region's economic development. Specifically, construction of the road will create 4,000 jobs and it will lead to over 14,000 long-term jobs once it is operational. Virginia authorities estimate that the project will have a positive economic impact on the region of more than 7.3 billion dollars (around 5.64 billion euro) by 2020.
Ferrovial is a leading global provider for infrastructures and cities, committed to the development of sustainable solutions, with a workforce of approximately 70,000 employees and operations in more than 15 countries. Ferrovial activities focus on four business lines: Services, Highways, Construction and Airports. The Company is listed in the IBEX 35 Madrid Stock Exchange and is included in the prestigious Dow Jones Sustainability Index, FTSE4Good and Ethibel indices. Ferrovial manages key assets such as Canada's 407 ETR highway, Spains AUSOL highway, and London's Heathrow Airport. It also provides municipal services to more than 800 cities and towns in Spain and the United Kingdom.