Priced managed lanes have been proposed and implemented exclusively on limited-access roadways. Yet major arterials handle a large fraction of urban traffic and account for a significant portion of traffic congestion. This paper proposes a way to apply priced congestion relief to major arterials (six or more lanes) and builds on research from the early Value Pricing Pilot Program on tolled queue jumps (grade separations) at signalized intersections, carried out in Lee County, Florida. A “managed arterial” (MA) is defined as an arterial retro fitted with a series of electronically tolled grade separations (overpasses or underpasses) that provide an alternative to the signalized intersection for through traffic. Bus rapid transit is an important element of the concept, and the MA provides an alternative to arterial bus-only lanes, similar to high-occupancy toll lanes providing an alternative to bus-only lanes on freeways. The study addresses issues and trade-offs in integrating bus rapid transit into the design and operation of MAs. The study includes conceptual designs of overpasses and underpasses for use in MAs and estimates the throughput increase obtained by converting a six-lane arterial to the MA configuration compared with that provided by widening it to eight lanes. Sketch-level estimates of financial feasibility are included.