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Skanska's first US public-private partnership
The route between the cities of Portsmouth and Norfolk via the tunnel under the Elizabeth River in Virginia, USA, is the busiest 2-lane route east of the Mississippi, serving the huge and transient US naval community.Since the tunnel was built 50 years ago, population has increased nearly 70 percent and tunnel usage has gone up by 600 percent. Additional capacity is urgently needed.
The Elizabeth River Tunnels project, which will deliver a major increase in capacity on the route, is Skanska's first public-private partnership (P3) in the USA. The partnership is between the Virginia Department of Transportation and the Skanska and Macquarie consortium, Elizabeth River Crossings OpCo LLC. The project includes:
Niklas FranckSenior Director, Communications & MarketingSkanska Infrastructure Development+1 571 225 4246
E-mail Niklas Franck
Service: Public Private Partnerships, Construction, Operations & Maintenance
Market segment: Roads
Project Finance magazine: "Deal of the Year 2012"
Read more about the award here
The Elizabeth River Tunnels Project will create around 1,700 jobs and promote regional economic development. Its economic benefits include:
The Elizabeth River Tunnels project will improve the lives of local people substantially via greater accessibility to work, educational facilities, medical services, shopping and recreational activities. Currently in the area, three workdays are lost to congestion per driver per year. The project will generate a $170- $254 million annual increase in gross regional productivity.
This also translates into major benefits for individual motorists. When the new tunnel is complete, the average round-trip driver will save about 30 minutes a day, with additional lanes reducing 3+ miles traffic queues and dynamic electronic signs about traffic speeds on different routes informing choice between the Downtown and Midtown Tunnels.
In all, drivers will save $66.3 m in fuel costs a year, almost $200 a year for each resident, or equal to taking 29,120 cars off the road.
The project annual subsidy to Hampton Roads Transit will also increase levels of bus and ferry service between Portsmouth and Norfolk, providing a better-connected, low-cost alternative to driving in the corridor.