RICHMOND—State transportation officials today are expected to announce the company that will design and build the new U.S. 460 from Suffolk to Petersburg.

The Commonwealth Transportation Board in Richmond is expected to award the contract to U.S. 460 Mobility Partners.

Anticipated to cost $1.4 billion, the 55-mile highway will cross through Isle of Wight and Southampton counties, with interchanges planned for Windsor and Ivor; there will be a total of seven interchanges. Construction is expected to begin in 2014 and be completed by 2018.

The one-way toll is anticipated to be $3.69 for cars and $11.72 for trucks. Tolls could rise 3.5 percent annually.

Design, permitting and right-of-way acquisitions should begin next year.