RICHMOND–Gov. Bob McDonnell announced Thursday that the state has contracted with two entities to finance, design and build the new U.S. Route 460 from Suffolk to Petersburg.

US 460 Mobility Partners will construct the $1.4 billion, 55-mile highway. The Route 460 Funding Corporation of Virginia will handle the financing, according to a new release from the governor’s office.

The four-lane divided toll road will run parallel to the existing U.S. 460, which will remain a free alternative. Interchanges in Western Tidewater include Broadwater Road near Ivor in Southampton County and Route 258 in Windsor in Isle of Wight County.

Construction is expected to begin in Dec. 2014. When the road opens in 2018, tolls will begin at 7 cents per mile for cars and 21 cents per mile for trucks. This equals $3.69 for cars and $11.72 for trucks for the 55 miles.