The project will build a second Midtown Tunnel, rehabilitate the existing Midtown and Downtown tunnels and extend the Martin Luther King Boulevard.
Virginia is partnering with the private sector company Elizabeth River Crossings to deliver the $2.1 billion project, with much of the investment coming from the private sector. The project will be financed through tolls. Elizabeth River Crossings is sponsored by Skanska Infrastructure Development and Macquarie Infrastructure and Real Assets and its design-build team is a joint venture composed of Skanska USA Civil Southeast, Kiewit Construction Companyand Weeks Marine.
Virginia’s governor Bob McDonnell said: “Today's ruling confirms what my administration has been saying from the beginning: Virginia's Public-Private Transportation Act (PPTA) is a critical tool in addressing some of our toughest transportation challenges. By attracting private sector capital and innovation and ensuring projects are completed in a timely, efficient, and cost-effective manner, our ability to partner with the private sector makes otherwise impossible projects doable. This is critically important for future job-creation and economic growth in the Commonwealth."
"The Elizabeth River Tunnels Project is crucial to the future of the Hampton Roads transportation network," said transportation secretary Sean T Connaughton. "Not only will it relieve congestion at some of the worst choke points on the East Coast, but it will help move cargo into and out of the Port of Virginia."