The project entails adding a thirds lane to each carriageway over a 5.2km stretch of SR408.
It will also involve widening a ramp from two lanes to three lanes, adding sound walls as well as extra open road tolling - ORT - lanes.
The SR 408 handles more than 77,000 vehicles every day – a volume that is expected to increase to more than 85,000 vehicles by 2020.
Construction is scheduled to begin in the fall and take about 24 months to complete.
Lane, a subsidiary of Italian firm
Lane has won a series of contracts in the US this year, including the $188 million Three Rivers Protection and Overflow Reduction Tunnel in Indiana and a $336 million extension of the 395 Express Lanes in Virginia.
The most recent ones are a $232 million project to replace the Unionport Bridge in Bronx County, New York, and a $580 million contract won with parent Salini Impregilo to build the Northeast Boundary Tunnel in Washington, D.C..