The Virginia Department of Transportation (VDOT) in the US has awarded a contract to construction consortium US 460 Mobility Partners to finance, design and build Route 460.

The new stretch, which will be built parallel to the existing Route 460 in the south-east of the state, will be a 55-mile four-lane divided, limited-access highway between Suffolk and Petersburg at I-295.

The road will include seven interchanges at routes 156, 625, 602, 40, 620, 616 and 258.

Construction under the $1.39bn project is scheduled to begin in 2014, while design and right of way works will commence in 2013, with the project set to be completed in 2018.

US 460 Mobility Partners will design and build the project, while VDOT will operate and maintain the route, own the project and all the potential benefits, and set the initial toll rates.

Commonwealth of Virginia Governor Bob McDonnell said that the new highway is important for the economic development of the state.

"This project is expected to create 4,000 jobs during construction and more than 14,000 long-term jobs when the new road opens," he added.

"The new route will drive business development in the region by carrying freight traffic from the Port of Virginia."

"The project will also provide a safer route for heavy truck traffic and another westbound hurricane evacuation alternative, in addition to improving connectivity for the region’s military," McDonnel said.

The new route will drive business development in the region by carrying freight traffic from the Port of Virginia.

Once completed, Route 460 will charge a toll of minimum $3.69 for cars and $11.72 for trucks. Tolls on the route will be collected electronically using E-ZPass and licence plate video tolling.

The Route 460 Corridor Funding Corporation of Virginia, a non-profit corporation, will collect the tolls, adjust the toll rates and manage the toll collection system for a span of 40 years.

US 460 Mobility Partners is a consortium of Spanish companies – Cintra Infraestructuras and Ferrovial Agroman; and US firms American Infrastructure, Janssen & Spaans Engineering and A. Morton Thomas and Associates.