Southern California Public-Private Partnerships

Why You Won't Want To Miss This CRE Summit:

What You'll Learn From This Commercial Real Estate Conference:

• What are the greatest challenges in crafting effective P3's? 
• How can leaders best understand their partners and key players? 
• How do leaders ensure all teams are aligned on one shared vision for the project? 
• What is most important when it comes to building trust with a partner? 
• What are the benefits of a P3, and what are the limitations? 
• What are the barriers to entry in the P3 space? 
• What lessons can be learned in public-private partnerships? What lessons can the government teach businesses, and vice versa?

How You'll Do More Business From Attending This Event: At this event, learn about Public-Private Partnerships, why they exist, why they work, why they matter, and how to best tackle them. Hear success stories from leaders participating in P3 projects, how the public and the private sides support one another, how to ensure success, understand project significance, and how the project will impact the community. 

Notable P3 Projects: 

Garden Grove Civic Center: Garden Grove approves $152-million civic center revamp /// New Public Safety Facility Breaks Ground

SDSU Mission Valley: SDSU Mission Valley is being designed as a vibrant, medium-density, mixed-use, transit-oriented development that will transform the university and the City of San Diego. SDSU Mission Valley will be a community asset, expanding the university’s educational, research, entrepreneurial, and technology programs and supporting community engagement. SDSU Mission Valley will also include Snapdragon Stadium, an Innovation District, housing, retail, a hotel, and more than 80 acres of community parks and open space, including a 34-acre River Park.

• Award-winning River Park supported by donor funding | Story #1 | Story #2
• Water-focused laboratory at SDSU Mission Valley River Park will support research and outreach missions
• Center for Environmental Justice will be based at SDSU Mission Valley Innovation District
• Affordable housing, residential and retail developers selected
• Stadium partners with Sycuan Band of the Kumeyaay Nation and Qualcomm Technologies, Inc.

Vermont Corridor Site 1, Complete: (photo #1) (photo #2) (photo #3) 

Vermont Corridor Site 2, Commencing Construction Q4 2024: The Project consists of the renovation and expansion of an existing office building comprised of 154,793 gross square feet of existing space renovated to Class A office space, including two ground floor retail spaces of approximately 1,000 square feet each, and an extension of the existing building floorplates to include an additional approximately 88,340 gross square feet of new Class A office space, for a total of approximately 243,133 gross square feet of Class A office space (rendering #1) (rendering #2)

Currently working toward project close for Vermont Corridor Site 2. Site 1 was completed ahead-of-schedule and under budget. The majority of project savings is returned to the public partner.  Public Facilities Group utilizes a unique form of P3 that combines 100% tax exempt financing with private sector delivery.  The outcome is a reduction in the cost of financing for the public partner, when compared to traditional P3 models, combined with improved project delivery speed, efficiency and risk reduction when compared to traditional alternative delivery approaches.

Project successes from Vermont Corridor Site 1:

• The project was completed in October 2021, 4 months ahead of schedule and with $24.75 million in project delivery savings.  The County elected to defease bonds with the unused portion of funds, reducing the County’s rent obligation by $980,000 per year, effectively saving the County $32,340,000 in rent payments over the 33-year term of the debt.
• Reduced the County’s original project budget by $30 million because the estimated project timeline of a 63-20 Progressive Design-Build was 11 months faster than the County’s original CMAR approach.
• During predevelopment, Gensler (Architect) and Trammell Crow Company (Developer) discovered the County’s prescribed square foot per employee number was beyond the current industry standards for office buildings.  By re-assigning a market standard square feet per employee, the development team was able to further reduce the project costs by $30 million.  Instead of reducing the project budget, the County decided to add two additional floors to the project to increase available administrative space for use by other County departments.
• PFG issued 63-20 Tax-Exempt Lease Revenue Bonds that achieved AA rating from S&P and a AA- by Fitch, these are identical to when the County issues their own bonds.
• Originally planned for LEED Silver certification; achieved LEED Gold certification
• Project was completed ahead of schedule and under budget despite the unusual challenges presented by unprecedented government tariffs and a global pandemic.
• Winner of LABC’s 52nd Annual Architectural Awards in the Civic Category (2022)

Who You'll Network With At This Discussion:  Owners, developers, investors, architects, construction, designers, brokers, leasing agents, lawyers, financial institutions, cities and government officials.

Why You Should Attend This Session: Bisnow events bring together the biggest power players in the industry to identify opportunities, build your network and expand your business. With the largest audience of commercial real estate professionals in the world, no one knows how to help your business more than us.

For questions, recommendations, comments or press inquiries please email our event producer, Samantha D'Angelo at samantha.dangelo@bisnow.com. To request disability-related accommodations, please contact thea.parkert@bisnow.com no later than seven business days prior to the event.

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