WASHINGTON — Three firms have submitted conceptual proposals to the Virginia Department of Transportation for a public-private partnership that would develop a new tolled highway in the southern part of the state.

The agency is planning to release the proposals soon, possibly next week, according to a VDOT spokeswoman. The current cost estimate for the project ranges from $1.5 billion to $2 billion, but that figure may change as the project takes shape, she said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.