{"id":1004142760,"date":"2016-04-26T00:58:44","date_gmt":"2016-04-26T08:58:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004142760"},"modified":"2020-05-10T23:24:40","modified_gmt":"2020-05-11T07:24:40","slug":"public-private-partnership-makes-waves-in-california","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/public-private-partnership-makes-waves-in-california\/","title":{"rendered":"Public-Private Partnership Makes Waves in California"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Long<\/a>

Long Beach Civic Center | Plenary Properties Long Beach LLC (Developer), Edgemoor Infrastructure and Real Estate and Clark Construction (Contractor), Skidmore Owings & Merrill (Architect)<\/p><\/div>\n

Los Angeles<\/strong>\u2014In downtown Long Beach, Calif., Arup<\/a> has helped facilitate something quite unusual. The City of Long Beach and Port of Long Beach have achieved financial close for the Long Beach Civic Center project\u2014a $520 million mixed-use<\/a>, public-private partnership endeavor\u2014with Arup having served as lead advisor to both entities as they embark on a one-of-a-kind, integrated design-build-finance-operate-maintain venture.<\/p>\n

The LBCC project, for starters, will yield a new 270,000-square-foot City Hall building, a 240,000-square-foot Port headquarters building, a 92,000-square-foot Main Library and an approximately 3-acre public park. Ultimately, the development will include residential and commercial elements as well.<\/p>\n

Design-Build-Finance-Operate-Maintain. LBCC is the first project in North America to utilize the hybrid concept. \u201cThis project, in our view, is unique in the sense that it has real estate risk for the master developer [Plenary Group], but it has a project finance structure, so the project agreement is a long-term, 40-year contract that provides not only for design-build-development of the project, but ongoing facility management for the team,\u201d Orion Fulton, Arup project team leader, told Commercial Property Executive<\/a>.<\/p>\n

It\u2019s quite an undertaking, and Arup deftly handled its responsibilities on behalf of Long Beach and the Port. A global interdisciplinary consulting and design services firm, Arup put together a team involving architectural firm HOK, BAE Urban Economics and MBI Media to provide the City and the Port with an all-inclusive advisory package consisting of financial, real estate, design, engineering, commercial and consulting services.<\/p>\n

Plenary, an international infrastructure business, is leading the consortium that will take LBCC from concept to reality. Acting as Plenary Properties Long Beach LLC, the company is joined by Edgemoor Infrastructure & Real Estate on development, with Clark Construction and architectural firm Skidmore, Owings & Merrill taking on design-build responsibilities.<\/p>\n

As for the financial close, Allianz is supplying $237 million in a private placement, and Sumitomo Mitsui Banking Corp. is coming through with an additional $213 million. The City of Long Beach will make a cash contribution of $11.8 million and throw in the land, which is valued at roughly $40 million. Finally, Plenary, the sole equity provider and financial arranger for the consortium, will provide $21 million in equity.<\/p>\n

This unique P3 project, however, is about so much more than civil buildings and some green space. \u201cIt\u2019s a catalyst for a lot more indirect development in Long Beach,\u201d Fulton said, adding that the buzz among local agencies is the impact of the project will be an estimated $1 billion in subsequent development. \u201cIt\u2019s buoying the market and showing that the City is making a big investment in downtown,\u201d he continued. \u201cSo people who haven\u2019t pulled the trigger on development projects for one reason or another will be inclined to move forward.\u201d<\/p>\n

LBCC\u2019s new City Hall, Port headquarters and library buildings are on track to reach completion in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

A deal for a $520 million civic project is called the first of its kind in North America. <\/p>\n","protected":false},"author":969,"featured_media":1004142761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21783,1594,21752,21742,15],"tags":[],"class_list":["post-1004142760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-investment","category-los-angeles","category-mixed-use","category-latest","category-west"],"acf":[],"yoast_head":"\nPublic-Private Partnership Makes Waves in California - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/public-private-partnership-makes-waves-in-california\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Public-Private Partnership Makes Waves in California\" \/>\n<meta property=\"og:description\" content=\"A deal for a $520 million civic project is called the first of its kind in North America.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/public-private-partnership-makes-waves-in-california\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-26T08:58:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T07:24:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Long-Beach-Civic-Center-Long-Beach-Calif..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/public-private-partnership-makes-waves-in-california\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/public-private-partnership-makes-waves-in-california\/\",\"name\":\"Public-Private Partnership Makes Waves in California - 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