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Elizabeth River Tunnel Concession Agreement

Sep 18th, 2021

Renovation work on the Eastern Tunnel began on 25 July 2014. ERC planned complete weekend closures for the tunnel to the east and little or no resistance from guides or residents. In order to minimize delays, work on the Midtown Tunnel will begin after the completion of the new Midtown Tunnel. Manulife Investment Management, a long-term institutional investor in infrastructure, entered into the agreement on behalf of John Hancock Life Insurance Company. John Hancock is a U.S. subsidiary of Manulife and a union member of Abertis. Abertis, a global leader in toll road concessions, and Manulife Investment Management have entered into an agreement with Macquarie Infrastructure Partners II, a fund managed by Macquarie Infrastructure and Real Assets, and a subsidiary of Skanska AB, to acquire a 100% interest in the Elizabeth River Crossings concession in the Hampton Roads area(Virginia, United States). The Midtown Tunnel Construction consists of the manufacture and installation of the new Midtown Parallel Tunnel, as well as the modernization and replacement of the Brambleton Ave/Hampton Boulevard intersection that leads directly to the tunnel. Manufacturing of the tunnel`s 11 concrete elements began in November 2012 at Sparrows Point, Maryland, and is being towed through the Chesapeake Bay to the project site in Portsmouth to dive and place under the Elizabeth River. From March 2015, the first six elements will be in place and production of the remaining five elements of the tunnel is underway. Once the work is completed, traffic in the existing Midtown Tunnel from Portsmouth to Norfolk will be converted to one-way eastbound and the new two-lane tunnel will carry traffic westward from Norfolk to Portsmouth. [32] The Elizabeth River Tunnels Project is a series of transportation-related projects that have included the rehabilitation of existing downtown and downtown tunnels, the construction of the new Midtown Parallel Tunnel, and the extension of the MLK Freeway/U.S. 58 to I-264.

The project was managed by Elizabeth River Crossings (ERC) with VDOT as part of a 58-year public-private partnership (P3), which cost approximately $US 2.1 billion to complete. The projects aim to significantly reduce or eliminate traffic congestion along surface roads and other emergency roads in the immediate vicinity. Transportation around South Hampton Roads is made difficult by the various branches of the Elizabeth River (Virginia) crossed by two major highways. . . .

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Oct 2021

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