RICHMOND, Va. —
Virginia officials have completed a deal to build a new $1.4 billion section of U.S. 460 from Petersburg to Suffolk.
Virginia Department of Transportation Commissioner Greg Whirley and representatives of US 460 Mobility Partners and the Route 460 Funding Corporation of Virginia signed the agreement Thursday.
Gov. Bob McDonnell said the new 55-mile section of highway will improve transportation and safety, and create jobs and economic development opportunities.
“As recognized by local officials and the General Assembly years ago, there is a clear and critical need for the new U.S. 460,” McDonnell said in a news release.
US 460 Mobility will design and build the four-lane toll road. The existing U.S. 460 will remain an alternative route without tolls.
The Virginia Department of Transportation will provide $903 million for the project. Another $250 million will come from the Virginia Port Authority.
The funding corporation sold $243 million in tax-exempt bonds this month to help pay for the project. It will manage the toll collection system for 40 years.
Construction is expected to begin in 2014 and the road is expected to open in 2018.
Tolls to drive the entire 55 miles will be $3.69 cents for cars and $11.72 for trucks.
McDonnell said the new highway will cut travel time between Richmond and Norfolk by 20 minutes.