News
$520M Deal Closed for Long Beach Civic Center Project
April 27, 2016
Plenary-Edgemoor Civic Partners
The Port of Long Beach and the City of Long Beach just closed a $520M deal for the Long Beach Civic Center project.
A public-private partnership is overseeing the mixed-use development known as P3. Plenary Group is heading up the downtown Long Beach project.
Sumitomo Mitsui Banking Corp is providing a $213M loan, while Allianz is providing $237M in long-term financing. Long Beach’s contribution is $11.8M in cash and land valued at nearly $30M, according to GlobeSt.
Now that financing is in place, construction is scheduled to begin.
As a result of the partnership, the development process, which would normally have taken three to five years, will only take two. [GS]
