CHRISTOPHER BOOKER:

What also sets this tunnel apart is how the financial pieces were assembled. To make this project happen. The state of Virginia entered into a public-private partnership. Often called P3's these deals are contracts between governments and the private sector to produce, repair, or replace a public asset, like a road, bridge, or tunnel.

Unlike traditional infrastructure deals, the private partners can invest equity in the project, and by taking on the risk, they can earn lucrative returns.

Across the country, public-private partnerships now account for about 39 billion dollars of roads, bridges, and tunnels green lit between 2005 and 2014. While that's a small fraction of total U.S. infrastructure development, 31 states as well as Puerto Rico and Washington D.C, have enacted statutes allowing P3 for infrastructure projects.

While each P3 deal is unique, the private partners can be involved every phase — finance, design, construction, maintenance, and operation. That's what happened with Virginia's new Midtown tunnel in a 58-year agreement.

A coalition led by Sweden-based Skanska and Australian financier Macquarie formed a consortium called Elizabeth River Crossings. In addition to building the new tunnel, ERC would refurbish the old Midtown tunnel, the one with all that traffic — fix another tunnel in Norfolk, and extend a nearby expressway that connects the tunnels.

According to the builders the budget is just over $2 billion dollars. Virginia issued $638 million in bonds. And paid another $421 million in state funds. The Federal Department of Transportation loaned $441 million dollars. Skanska and Macquarie invested about $200 million. The rest, about 310 million, would come from tolls.