The first capital project under the PPTA was an unsolicited proposal for Route 895 in the Richmond area. The 8.8-mile, 4-lane, limited-access, divided highway includes interchanges with Interstates 95 and 295, a 200-meter clear-span, cast-in-place bridge over the James River, smaller bridges, and toll facilities. The toll system uses the "Smart Tag" AVI technology being established throughout the Northeast. The Virginia Department of Transportation (VDOT) owns, maintains, and operates the Pocahontas Parkway.
Fluor led the joint venture responsible for the financing, design, and construction of the Pocahontas Parkway (Route 895) connecting southern Chesterfield and eastern Henrico counties in Richmond, Virginia. The parkway's signature high-level river crossing, the Vietnam Veterans Memorial Bridge, allows ocean-going ships access to the Port of Richmond's Deepwater Terminal.
During the three-year development period, Fluor raised private capital funding and employed an innovative use of tax-exempt bond financing (one of the first 63-20 corporations in the US) to bring the budgeted $324 million project to reality while fostering local support and obtaining agency clearances.
Project activities included utility relocations, wetland mitigation, right-of-way property acquisition, and permitting, in addition to design and construction. Construction began in 1998. The eastbound lanes opened May 2002, and the westbound lanes four months later. The project was completed using the PPTA fifteen years ahead of the schedule it would taken to accumulate traditional state funding sources.
And finally, The Pocahontas Parkway was completed $10 million under budget. (Virginia provided $27 million of the total project budget with the remaining funds from the private sector.