The I-495 Express Lanes PPP (generally referred to in North America as P3) project consists of the construction of two additional high-occupancy toll (HOT) lanes per side along a 14-mile segment of the Interstate 495 highway (I-495) in the state of Virginia.
The I-495 is an interstate highway which surrounds Washington D.C. and is widely known as the "Capital Beltway". The I-495 Express Lanes project, also known as the "E-ZPass Express Lanes", consists of the expansion of a 14-mile segment of the I-495 extending from the Springfield Interchange to a point north of the Dulles Toll Road, in the state of Virginia. The project began when the Procuring Authority, the Virginia Department of Transportation (VDOT), signed an agreement with the Project Company, Capital Beltway Express LLC, in April 2005. However, financial close was not achieved until December 2007. The Project Company's equity investors comprised of Fluor Corporation and Transurban at financial close.
A number of challenges arose during project delivery. By working collaboratively in a focused project office, committing appropriate resources to meet peak production periods, and working closely with the Project Company, these challenges were overcome and construction was completed ahead of schedule. The project opened early, on budget and with an industry-leading safety record.