TRAVIS COUNTY, Texas — The Texas Transportation Commission voted Thursday to advance a project to construct new toll lanes on US 183 North.

The Central Texas Regional Mobility Authority (CTRMA), the tolling authority for the region, is approved to develop, construct and operate two toll lanes in each direction along US 183 from State Highway 45 North/RM 620 to Loop 1 in both Travis and Williamson Counties.

With this vote, TxDOT has allowed the tolling authority to use existing right of way to build the toll lanes, along with one more general purpose lane in each direction.

The tolling authority said it will go to the bond market, borrow $500 million and pay it back in 30 years, paid for by money from the express lanes.

The project is expected to cost about $500 to 520 million and will have bike and pedestrian pathways.

CTRMA said it will now look for contractors. Construction could start by the end of the year or the beginning of next year.

RELATED: 

Tech Tuesday: Austin startup, NuWash, washes cars on the go

Central Texas Regional Mobility Authority releases 2018 report detailing road projects still in progress

Increased Central Texas toll rates go into effect on Jan. 1, 2019