TORONTO — Private toll road operator 407 ETR has announced the official opening of 14 new lane kilometres of tolled roadway between Markham Road and York-Durham Line in the eastern GTA.
There is now an additional lane in each direction on Highway 407 ETR, stated a Sept. 23 release.
Since privatization in 1998, 407 ETR has added over 567 lane kilometres of roadway at a cost of $1.6 billion. 407 ETR pays all costs of operating the highway, including the full cost of policing, snow removal, enforcement by the Ministry of Transportation and repairs and maintenance to the roadway. The 407 serves almost 500,000 drivers and passengers daily.
“The company continues to take enormous pride in the investments made to maintain an excellent quality roadway and the benefits those investments have had on the quality of life and economy of surrounding regions and Ontario,” said Andres Sacristan, president and CEO of 407 ETR, in the statement.
“The highway is also a magnet for economic activity and growth as Highway 407 ETR supports almost $725 million in economic benefits annually.”
The operator is owned by subsidiaries of the Canada Pension Plan Investment Board (total 50.01 per cent); Cintra Global S.E., a subsidiary of Ferrovial S. A. (43.23 per cent); and SNC-Lavalin (6.76 per cent).