The Central Florida Express Authority has approved a new $3.2 billion budget for a five-year work plan. The new Lake/Orange Connector, now called SR 516 Lake-Orange Expressway, is included in the new budget. SR 516 construction will be split into 3 segments, with the last designs completed by early 2023.

Segment 1: SR 516 from US 27 to Cook Road

The design will feature a new interchange and realignment at US 27 along with the four-lane expressway. The design for this segment is expected to be completed by late 2022.

Segment 2: SR 516 from Cook Road to Lake/Orange County Line

This design will continue the four-lane expressway to the county line, with an interchange at CR 455. The future extension of County Road 455 is a separate project by Lake County. The design for this segment is expected to be completed by early 2023.

Segment 3: SR 516 from Lake/Orange County Line to SR 429

Segment 3 includes the continuation of the four-lane expressway with an interchange ramp with Valencia Parkway and system interchange at SR 429. Toll gantries will be constructed at all interchange ramps in this segment. Construction of Valencia Parkway between SR 516 and Schofield Road is included in this segment. The interchange at 429 and Schofield Road will remain. The design for this segment is expected to be completed by late 2022.

Design timelines can be found at CFXWay.com.