Fluor Corporation (NYSE: FLR) announced today that Capital Beltway Express LLC, a concession formed by Fluor and Transurban, has reached substantial completion for the new I-495 Express Lanes in Northern Virginia. Designed and built to relieve traffic congestion around the greater Washington, D.C. area, the four new high occupancy toll (HOT) lanes project was financed through an innovative public-private partnership between Fluor, Transurban and the Virginia Department of Transportation (VDOT).
The early opening was celebrated today with a ribbon cutting ceremony that was attended by numerous federal, state and local elected and appointed officials including Virginia Governor Bob McDonnell and Federal Highway Administrator Victor Mendez along with Fluor and Transurban representatives and members of the project team.
"The opening of the 495 Express Lanes means opportunity for Virginia," said Governor Bob McDonnell. "The project not only helped create jobs during construction, but will continue to make Northern Virginia a more attractive place to work and live. The Express Lanes will open the region for business by providing better access to key employer centers and delivering the infrastructure needed to grow businesses and create additional jobs."
"Fluor's innovative design-build solutions allowed the project to finish ahead of schedule, under budget and save several hundred homes that would have been impacted by the original plan," said Steve Dobbs, senior group president for Fluor's Industrial & Infrastructure Business Group. "We are especially gratified to be able to positively impact the local economy by opening the project early and supporting local businesses during one of their busiest shopping times of the year."“Fluor is pleased to reach this important milestone and see the Express Lanes open a month ahead of schedule for local motorists,” said Herb Morgan, senior vice president of Fluor’s Infrastructure business. “Working with our colleagues at VDOT has been a pleasure and we look forward to building on those relationships as we commence the adjoining I-95 project.”