Faced with mounting opposition over the immediate use of tolls to begin financing the $2.1-billion Midtown Tunnel P3 project, the Virginia Dept. of Transportation has negotiated an amendment to its comprehensive agreement with Elizabeth River Crossings LLC, or ERC, potentially delaying tolls for two years until construction of the parallel tube is substantially complete.The delay is contingent upon Virginia's ability to find an alternative funding source for the approximately $125 million in revenue expected to be generated if the existing Midtown and Downtown tunnels between Norfolk and Portsmouth begin collecting tolls as scheduled this summer. Construction of the four-year project
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.