Almost 30 years ago, the NC Department of Transportation made a plan to build a loop around Raleigh. On September 25, that plan came one step closer to completion when the 18-mile section of 540, dubbed Phase 1, opened to the public at 6 a.m.
The new section extends the loop that had ended at Highway 55 in Apex for the past 12 years and connects it to the I-40/I-42 interchange in Garner. Interstate 540 now extends almost 37 miles. The final phase is a smaller section that will connect the intersection at I-40/U.S. 70 to I-87/U.S. 64 in Knightdale. That phase is scheduled to open in 2028.
There were 17 options considered for Phase 1 before settling on the final route. Considerable environmental research had to be done, regardless of which route was to be chosen. The final route is the shortest of all of those that were considered.
With the completion of the new section, and the addition of the highway to Knightdale, the total cost is approximately $2.5 billion. The complete 540 project is funded through a combination of toll revenue-supported debt and NCDOT funds. Toll revenue-supported debt includes both Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and toll revenue bonds.
The toll that you pay to drive 540 actually goes to pay off the cost the project. When the project is paid in full, by law the tolls stop. According to the NCDOT, “The existing portion of Triangle Expressway section currently shows a debt repayment schedule of 2048. With the addition of the current south section, the debt repayment schedule is 2058. The plan of finance for facilities such as N.C. Toll 540 is typically and most economically structured around low interest long term debt.”
So, maybe your kids or grandkids will see a time when the road is actually free to drive. There is a caveat though. The tolls also pay for maintenance on the road, so depending on how the road is holding up 34 years from now, those tolls could be used to rebuild the roads at that time.
The hope for opening the new section of Toll 540 is that it will alleviate some of the rush hour mess that we have surrounding Hwy 55 in Holly Springs and beyond. There is a complete breakdown of the tolls in the following pages, but it will cost NC Quick Pass holders $0.72 to travel from Hwy 55 in Apex to the Holly Springs Road exit, $1.38 to go from Hwy 55 to Bells Lake Road, and $2.01 to go from Hwy 55 to the U.S. 401 exit.
The new 18-mile divided 6-lane road consumes a whopping 480 acres. The new exits that are now open are at Holly Springs Road, Bells Lake Road, U.S. 401, Old Stage Road, N.C. 50 and I-40.
If you don’t regularly travel Holly Springs Road, it may look different where it crosses over 540. They built what’s called a “diverging diamond interchange” there. These intersections look like an idea someone cooked up in a bar and initially wrote down on a napkin, but they work. They offer free-flowing left and right turns, and have proven to be safer than the traditional intersections that would normally be at a juncture like this. The insanity of the plan comes when you feel you’re playing “chicken” with oncoming traffic, since you temporarily cross over to the opposite side of the road, before coming back to what feels like your natural side of the intersection.
Transportation Secretary of the NCDOT, Joey Hopkins, told the attendees at the ribbon cutting on September 24 that this is one of the largest investments in state history for the NCDOT. The $2.5 billion dollar question is: Will anyone use it? I feel like most people will fall into one of five categories:
The “Can’t Afford It” people. This is just basic math. If you’re trying to figure out how to pay your bills this month, spending money on a toll road that you don’t have to use just doesn’t make sense.
The “It’s Not Worth It” people. This group of people either doesn’t sit in rush-hour traffic daily, or simply can’t mentally justify spending the money to avoid the traffic. Money has more value to them than the time that they could potentially save.
The “Occasional” user. These people would prefer not to use it but will when needed. Sometimes you just can’t deal with traffic, or you may be running late. It’s great to have it available, but not something you’re willing to spend money for on a regular basis.
The “It’s About Time” driver. This driver is going to take 540 every chance they get. The reasons for this burning desire to be on 540 vary. Here are my thoughts on who these drivers could be:
A. All tolls are paid for by their company.
B. Drivers attracted by the 70 mph speed limit and no traffic lights. (Hard to resist; isn’t it)
C. Drivers who value time over money. It’s said that time is more valuable than money, because time is a finite resource. More money can be easier to come by than more time. How much time will you save? If you save 10 minutes per day on your total daily commute (5 minutes each way), and it’s assumed that you work 50 weeks per year, 5 days a week, that 10 minutes per day adds up to over 41 hours per year. If you save 10 minutes in each direction on average, that’s 83 hours per year less of being in traffic. That’s 10 eight-hour days!
D. Drivers who see less traffic equaling less stress. Some drivers get stressed in traffic. These drivers yell at other drivers, blow their horns constantly, and possibly raise their blood pressure as they get stressed. For these people, it can be hard to deal with other drivers on the road and there are plenty of frustrating drivers out there. There are drivers that sit at green lights, drivers that run red lights, drivers that get stuck in traffic mid-intersection and block cross traffic, motorcyclists that make their own lanes between the cars, and so on. If these people stress you out when you’re in traffic, making the decision to take 540 may extend your life through the reduction of stress. It will certainly be easier on your passengers if you have any.
E. Drivers who can afford the cost. You may take 540 for any of the reasons above, or maybe just because you can. If you work off Morrisville Parkway and live off Sunset Lake Road, the trip will cost $2.89 per drive, or $5.78 daily. When you apply the same numbers as we did with the time savings, you get 250 days per year x $5.78 = $1,445 annually. It’s a lot, but what did you spend at the Seattle-based coffee company last year?
Now for the statistic you didn’t know you needed. The math is pretty simple. The cost to drive the new section is $4.07. The distance is 18 miles. At 70 mph, it will take you roughly 15 minutes to drive that 18-mile stretch. That means it would cost $4.07 for 15 minutes on 540, or about $16.25 per hour to drive on the new section of road.
Early indications on social media show that people are split on the decision to pay the toll and drive the road, or boycott it due to the cost of the tolls. I hope it works as designed. It’s not for everyone, but hopefully everyone will benefit from it opening.
