The Pocahontas Parkway is the first construction project implemented and completed under Virginia's innovative Public-Private Transportation Act of 1995 (PPTA). The Act allows for both private and public funding to meet the growing transportation needs of the State. VDOT can consider proposals from private entities to build highways or other transportation facilities when they are needed using private money rather than waiting until they can be funded with State or Federal funds.
The Route 895 project, the first ever constructed under Virginia's Public-Private Transportation Act of 1995, was completed in September 2002, $10 million below its original $324 million contract.
The new 8.8-mile parkway connects I-95 at Chippenham Parkway in Chesterfield County with I-295 in Henrico County near Richmond International Airport. Commuters from Chesterfield and Eastern Henrico can save 12 minutes of travel time and 8 miles traveling in each direction. This roadway significantly reduces motorist's daily commute for a $1.50 toll and offers a congestion-free ride.
The massive bridge on the Pocahontas Parkway became the Vietnam Veterans Memorial Bridge on Sept. 20, the same day the remaining westbound lanes were opened to traffic; eastbound lanes and a portion of the westbound lanes opened in May. This bridge offers the area's third major James River crossing.
Traffic and revenues for this project have been lower than expected. Demand is not quite half of that expected and the road's builder, Fluor Corp., is having difficulty paying off its bonds.[396] In November 2002, Fitch placed its rating of the parkways bonds on a negative watch. In December 2002, Standard and Poor's lowered its rating of the bonds to below investment grade. In August 2004, State officials agreed to raise tolls from $1.50 to $2.00 to generate more revenue. Fluor is also seeking approval to build an interchange to a new development to increase demand.[397]