The Elizabeth River Tunnels Project, a series of transportation projects in the South Hampton Roads region of Virginia, comprises the rehabilitation of the Downtown and existing Midtown Tunnels, the construction of a new parallel Midtown Tunnel, and the extension of the MLK Freeway/U.S. 58 to I-264. Intended to reduce congestion on area surface streets and arterial roads, the project is being administered by Elizabeth River Crossings (ERC) and Virginia Department of Transportation as part of a 58-year public-private partnership concession that will cost about $2.1 billion (2012) to complete.