Costain was appointed contractor for the job back in February 2016 on a contract worth £110m.
Construction has been delayed by a combination of planning and funding issues.
But a ground-breaking ceremony has now been held for work to link the M55 motorway to a new junction with Blackpool Road at Lea and two new roads connecting to the current and future development of thousands of homes in the Northwest Preston Strategic Housing Site.
Work is scheduled for completion in 2023.
The construction contract adds to roads deals worth £150m won by Costain in the last quarter.
Costain has also been awarded a contract by Highways England to install enhanced highways technology within three areas in the South East to assist with the management of traffic.
Alex Vaughan, CEO of Costain, said: “We’re at the forefront of this exciting sector, helping our clients shape the UK transportation landscape.
“An increasing number of companies are looking for consultancy and digital technology expertise, alongside complex programme capabilities, in the delivery of vital projects to support our highways network.
“Through our integrated service mix we can provide a full value proposition, to deliver much-needed capacity and resilience enhancements across the UK’s road network.”