Governor Terry McAuliffe announced this week that financing has been secured to build a new two-lane tunnel on the Chesapeake Bay Bridge-Tunnel (CBBT) under the Thimble Shoal Channel.
The Chesapeake Bay Bridge and Tunnel Commission awarded the contract to the Dragados Team. There was a 3.5-year project development and procurement process that leveraged a lowest price, technically acceptable acquisition strategy. The Dragados Team, a joint venture composed of Dragados USA, Inc. and Schiavone Construction Company LLC, submitted the lowest price proposal at $755,987,318.
The state funds will come from the department’s Transportation Infrastructure Finance and Innovation Act.
“This new tunnel will expand capacity and improve safety for travelers who use the CBBT, as well as protect the economic competitiveness and quality of life of the Hampton Roads region,” Governor McAuliffe said.
•$338.5 million federal bond — Transportation Infrastructure Finance and Innovation Act Program provides credit assistance for qualified projects of significance, such as the Parallel Thimble Shoal Tunnel Project.
•$50 million state bond — The Virginia Transportation Infrastructure Bank offers low-interest loans and grants for transportation needs and projects in the Commonwealth.
•$321.5 million — Revenue Bond Issue
Remaining funds for the project come from the Chesapeake Bay Bridge and Tunnel District’s general fund.