Richmond, VA, October 18, 2012 – The State of Virginia has chosen the consortium US 460 Mobility Partners, comprised of Ferrovial Agroman and American Infrastructure, to design, build and finance the new 55-mile stretch of Route 460 in Southeast Virginia.
The project, worth $1.396 billion, is a four-lane toll road between the cities of Petersburg and Suffolk, in Southeast Virginia, and will run parallel with the existing Route 460 and connect with seven other roads.
In 2000, the state of Virginia designated the new Route 460 as a top transportation priority in light of the notable benefits the corridor would bring to the region, including improving the connection between the Port of Virginia and inland portions of the state, as well as increasing freight traffic. The new infrastructure will be a key driver of the region's economic development.
"It is an honor to work with the Commonwealth of Virginia and visionary state and regional officials to deliver a project that will improve safety, enhance connectivity with the Port of Virginia, and create jobs and economic opportunities," said Ignacio Vivancos, President of Ferrovial Agroman US.
Financial completion of the project is expected to be reached within months. The design and right of way work on the new Route 460 will be conducted in 2013 and construction will start in 2014, to be completed in 2018.
“We have a strong track record of hiring local firms to work on our projects in the US and we plan to continue that track record here in Virginia. The Commonwealth of Virginia estimates that this project will create more than 4,000 jobs during construction and more than 14,000 long-term jobs in the region. We are proud to be partners in such an endeavor,” said Patrick Rhode, spokesperson for Ferrovial US and 460 Mobility Partners.
The Ferrovial-led consortium, US 460 Mobility Partners, was chosen following a selection process that included more than two years of reviews and evaluations by Virginia authorities. American Infrastructure is among the most respected and knowledgeable design-build contractors and material supplier in the Virginia market.
"This important project brings together a unique partnership of the best international know-how, together with local construction strength and Commonwealth resources that will make this long-discussed project a reality for the citizens we are honored to serve," said Aaron Myers, Vice President and General Manager of American Infrastructure-VA, Inc.
"With the new Route 460 highway, we are taking another major step forward in improving transportation in Virginia," said State Governor Bob McDonnell today during the announcement that the Ferrovial-led consortium had won the contract. "We are putting in place the infrastructure today that will be crucial to economic growth and job creation in Virginia tomorrow."
Though it is legally a public-private partnership, US 460 Mobility Partners will not contribute money directly to the project's cost, but will be responsible for arranging the financing through bonds. Virginia authorities estimate that the project will have a positive economic impact on the region of more than $7.3 billion by 2020.
Ferrovial is a leading global provider for infrastructures and cities, committed to the development of sustainable solutions, with a workforce of approximately 70,000 employees and operations in more than 15 countries. Ferrovial activities focus on four business lines: Services, Highways, Construction and Airports. The Company is listed in the IBEX 35 Madrid Stock Exchange and is included in the prestigious Dow Jones Sustainability Index, FTSE4Good and Ethibel indices. Ferrovial manages key assets such as Canada's 407 ETR highway, Spain’s AUSOL highway, and London's Heathrow Airport. It also provides municipal services to more than 800 cities and towns in Spain and the United Kingdom.