The Build America Bureau within the U.S. Department of Transportation recently provided a $141 million low-interest loan to the Hampton Roads Transportation Accountability Commission or HRTAC on behalf of the Virginia Department of Transportation as part of its I-64 Express Project in Hampton Roads.
[Above photo by VDOT]
That $445 million project is part of the Hampton Roads Express Lanes Network, a 45-mile system of continuous express lanes along I-64.
The $141 million Transportation Infrastructure Finance and Innovation Act or TIFIA loan VDOT is getting specifically supports “Segment 4C,” which addresses one of area’s most significant roadway chokepoints – the 2.5 miles from LaSalle Avenue to Settlers Landing Road – by constructing one full-time express lane, one part-time express lane, and two general-purpose lanes in each direction.
“Virginia’s innovative financing approach is helping to deliver these overdue improvements at a lower cost,” said Bureau Executive Director Morteza Farajian in a statement. “Additionally, with over 80,000 active-duty military personnel at eight installations in Hampton Roads, improving regional mobility is critical to national security.”
VDOT expects to complete the project in late 2026. Additional improvements include constructing noise walls, replacing the eastbound Hampton River bridges, and rehabilitating four bridges at Hampton River, King Street, and Settlers Landing Road.
[Editor’s note: In a related effort, Virginia Governor Glenn Youngkin (R) recently broke ground on the $756 million I-64 Gap Widening Project, which will expand the I-64 corridor from two lanes to three lanes with 10-foot-wide paved shoulders in both directions. Upon completion, this project will ensure “a seamless connection with the Port of Virginia and the rest of the state and nation,” the governor said.]
This is HRTAC’s third project financed with TIFIA; the first was the Hampton Roads Regional Priority Projects, and the second was the Hampton Roads Bridge Tunnel Project.
“We estimate that this TIFIA loan and the associated interim financing generated $18 million net savings,” noted HRTAC Executive Director Kevin Page.
“When including the three previous loans, the TIFIA program has provided $1.8 billion of funding to date for the commission with a $495 million aggregate net savings,” he added. “These enormous savings have allowed the commission to not only ensure delivery of current projects under construction but also provide funding for future projects in our capital program.”