From the SHA Summer 2011 Newsletter:

Rivers Edge Road
After considering  the  community comments and  feedback,  SHA will  re-evaluate the  underpass option,  which  was  the  preferred alternative  in  the  1987 US  29  corridor planning  study  to updat; geometric and  cosreiements.  Due  to  lack of funding,  Phase 2 of this project which  includes the  improvements at  Rivers  Edge  Road  has  been  placed  on  hold .  SHA will  proceed  with  the  design  of Phase  1 only and  will  fully explore all options for Rivers  Edge  Road  access when  future funds  are  identified .

For more information on the SHA project, see this link.