Dulles Greenway
The Dulles Greenway forms part of a key road corridor connecting
north Virginia with the greater Washington area in the United States.
About Dulles Greenway
| Location | Virginia, United States |
| Road Opened | 1995 |
| Length | 22 kilometres |
| Number of lanes | Three lanes in each direction |
| Tolling structure | On 27 April 2021 the Virginia State Corporation Commission (SCC) increased off-peak tolls by 5.3% in 2021 and 5.0% in 2022. The Greenway implemented the 2021 toll increase on 5 May 2021. Post 2022 tolls are set by the SCC upon application. |
| Toll collection | Cash, electronic and credit card |
| Concession expiry | February 2056 |
| Related links |
The Dulles Greenway (Greenway) is a 22 kilometre toll road in north Virginia, connecting Leesburg to Washington D.C. through the fast growing Loudoun County.
The Greenway is part of a key route in one of the fastest growing and most affluent counties in the United States, connecting Dulles International Airport through Loudoun County to Leesburg, Virginia.
As Loudoun County continues to grow, it is anticipated the Greenway will be well positioned to provide capacity, a quality service and attract a greater share of future corridor growth, with the ability to expand to meet future demand.
ALX has a 100% economic interest in the Greenway.
Concessionaire ownership structure
TRIP II, a limited partnership, owns the concession to operate the Greenway until 15 February 2056.
ALX's interest in TRIP II is held via:
- 13.4% equity interest in TRIP II (13.3%) and the General Partner (0.1%); and
- two subordinated loans secured against the remaining 86.6% of the other limited partners' equity interest in TRIP II.
Note: simplified ownership structure diagram.
1. Estimated economic interest held through ~86.6% subordinated loans secured against the equity held by other limited partners. Remaining 13.4% interest held through equity.
Ownership History
In late August 2005, Macquarie Infrstructure Trust (MIG) entered into an agreement to acquire an 86.7% economic interest in TRIP II, which included 0.1% acquired via a 100.0% direct interest in the General Partner which has day-to-day responsibility for the management and operation of the concession.
The initial investment comprised two subordinated loans secured against 86.6% of the limited partner interests in TRIP II, as well as two long-dated call options to acquire the 86.6% interests. These interests are currently held by the Shenandoah Group and AIE LLC. This investment reached financial close on 9 September 2005.
On 29 September 2005, MIG acquired the remaining 13.3% direct interest in TRIP II from Kellogg, Brown and Root (KBR). This acquisition resulted in MIG holding an estimated 100.0% economic interest in the Greenway.
In December 2006, MIG divested 50.0% of its interests to Macquarie Infrastructure Partners (MIP).
MIG’s remaining estimated 50.0% economic interest in the Greenway was then assumed by ALX on 2 February 2010, as part of the MIG demerger.
In May 2017, ALX acquired the remaining estimated economic 50.0% interest from MIP, increasing ALX’s estimated economic interest to 100.0%.
Road Configuration
The Greenway opened to traffic in September 1995, six months ahead of schedule.
At its eastern end, the Greenway connects with the Dulles Toll Road (DTR). The DTR, which opened in 1984, is also approximately 22 kilometre in length and extends from the Greenway terminus, intersects the Capital Beltway at Tysons Corner, and ends at Interstate 66 in Falls Church. When combined with the DTR, the Greenway provides the only limited access route through the rapidly growing Dulles corridor.
The Greenway has seven toll plazas, including a main line toll plaza (with 18 lanes) and six tolled ramps. ETC is available at each toll plaza, with 10 dedicated ETC lanes on the main line toll plaza. The Greenway is designed to allow for future expansion from its current six lanes up to 12 lanes, as the right of way is located on land that was acquired by TRIP II fee simple or through an easement agreement with the local airports authority. A typical section of the Greenway is 250 feet wide, providing future lane widening potential.
It also includes a minimum 40-foot median designed at the time to accommodate a mass transit development, which is currently under construction (Metrorail Extension). The Metrorail Extension is expected to complete in late 2022 and is anticipated to improve accessibility to the Loudoun County and further stimulate its economic and demographic development.
Tolling Structure
The Greenway currently has peak and off-peak tolling rates, as well as different toll rates for vehicles with three or more axles. Refer to factsheet for further details.
Upon application, the tolls on the Greenway are set by the Virginia State Corporation Commission (SCC) under the Virginia Highway Corporation Act (1988).
Section 56-542 of the Virginia Highway Corporation Act (1988) stipulates that toll rates must be set at a level that:
- is reasonable to the user in relation to the benefit obtained;
- will not materially discourage use of the roadway by the public; and
- will provide the operator with no more than a reasonable rate of return as determined by the SCC.
The legislation allows applications for a change in toll ceiling to be lodged by the concessionaire, third parties, or the SCC itself.
Tolls for application in the years 2013 to 2019 were approved in 2008 by state legislation to increase annually at the highest of CPI +1%, Real GDP or 2.8%. Toll increases from 2020 will require approval of the SCC.
Future Toll Price Applications to Virginia State Corporation Commission (SCC)
On Friday 20 December 2019, Toll Road Investors Partnership II L.P. (TRIP II) (the owner of the Dulles Greenway) filed an application seeking approval for an increase in the maximum level of tolls for the Dulles Greenway. A copy of the application and supporting materials is available as follows:
- Application, including Exhibits 1, 2 and 3
- Testimony of Graeme Bevans (Chairman of the Board of TRIP II and MD&CEO of Atlas Arteria) in support of application
- Testimony of Albert Racciatti (Transportation Expert) in support of application
- Report on User Benefits of Dulles Greenway (Exhibit B to Testimony of Albert Racciatti)
On 13 October 2020, the Hearing Examiner to the Dulles Greenway SCC Rate Case released his report. Recommendations in the Report are advisory only and do not preclude the SCC from reaching an alternate view, or from taking further evidence. A copy of the report is available below:
On 26 April 2021, the SCC released their determination regarding future tolling at the Dulles Greenway. A copy of the report is available below:
On 11 July 2023 in the USA, TRIP II filed an application seeking approval for an increase in the maximum level of tolls for the Dulles Greenway. A copy of the applicaton and supporting materials is available as follows:
- Application
- Testimony of Renee Hamilton (CEO of TRIP II) in support of application (together with non-confidential Exhibits 3 and 4)
- Testimony of Steve Weller (Lead Forecasting and Analytics, Atlas Arteria USA) in support of application
- Testimony of David Cuneo (Director at Steer Davies & Gleave, Inc.), sponsoring the Dulles Greenway Rate Case Support (Report) prepared by Steer, together with exhibits, including the Report
The application and accompanying testimony provide the supporting information justifying the requested toll increases within the legislative requirements. This includes information for 2024 on expected financial outcomes from the requested toll increases based on forecast traffic and cashflows1.
The Greenway has requested an increase in tolls commencing 1 January 2024. The SCC will take submissions from stakeholders as part of the determination process. There is no statutory deadline for a decision from the SCC.
1. While due care and attention has been exercised in the preparation of this forward-looking information, it is based on forecasts and Atlas Arteria gives no guarantee of future performance. Actual results may vary as a result of various factors, including those beyond the control of Atlas Arteria.
