The Virginia Department of Transportation (VDOT) reported that it has reached agreement on major business terms with a private entity, Elizabeth River Crossings LLC, for the design, construction, financing, operations and maintenance of the Midtown Tunnel Project in Virginia. Tony Kinn, director of the Office of Transportation P3s, made the announcement during a presentation to the Commonwealth Transportation Board.

Elizabeth River Crossings, a partnership between Skanska Infrastructure Development and Macquarie Group, will be responsible for $1.2 billion of construction and financing related costs and $1.3 billion of operating and management costs to be performed during the 58-year concession term. The Commonwealth of Virginia will contribute $395 mill