Now that the October 8th deadline for financial proposals for the Route 460 PPTA project is closed, state officials have announced they are close to procuring a private partner to construct a new Route 460 that would provide an alternative 55-mile, limited access highway between the City of Suffolk and Prince George County. Anticipated to be financed through a combination of public dollars and tolls, preliminary estimates indicate the new Route 460 will cost between $1.5 billion and $2 billion.
State transportation officials will be briefing the Commonwealth Transportation Board on October 17th regarding the major business points of the successful private sector offeror. The state anticipates a final contract to be reached in December 2012 and construction and acquisition of right-of-way to begin in 2013 with the new Route 460 scheduled to open in 2018.
•Improves travel safety and efficiency along the corridor
•Generates short- and long-term jobs, attracts new business, and boosts tourism
•Accommodates greater freight traffic from the expected growth at the Port of Virginia
•Expands the westbound hurricane evacuation routes
•Enhance connections among the region’s military installations
•The existing Route 460 will remain a free alternative to commuters