Construction is now officially underway for Amtrak’s redevelopment of the historic William H. Gray III 30th Street Station in Philadelphia. The station is being redeveloped via a $527 million, first-of-its-kind DBFOM P3 for Amtrak, which includes a 50-year operating concession.
2024 is a promising year for the US P3 industry. More states, cities and other public sponsors are considering alternative procurement to deliver their projects, passing enabling legislation, or applying P3s in new sectors. At the same time, public sponsors in the industry are facing new challenges. 2023 saw a continued trend of high-profile project […]
Fitch Ratings has downgraded the Private Activity Bonds (PABs) for Los Angeles International Airport’s Automated People Mover (APM) project to junk status. The downgrade occurred due to continued construction delays and an increasingly strained relationship between the project’s developer, LAX Integrated Express Solutions (LINXS) and public sponsor, Los Angeles World Airports (LAWA). The project currently […]
Providence is breaking new ground with its recently approved progressive P3 for a new transit center downtown: the Predevelopment Agreement (PDA) has been signed but the final location of the transit center may now be up in the air.
There’s always next year, or, more specifically, there’s always the next round of federal grant applications. Maryland’s project to replace the American Legion Bridge is now unfortunately going to have to wait at least one round longer. The project, which has already experienced years of delays, suffered yet another setback at the end of January, […]
PPP performance evaluation: the social welfare goal, principal–agent theory and political economy (Part II)
Original study by Mark A. Moore and Aidan R. Vining. This month’s article continues the review of Moore and Vining’s detailed review of theoretical and empirical literature on PPP performance. The first part of their paper adopted a social-welfare framework to examine the literature on PPP performance. It concluded that the literature demonstrates a lack […]
As it turns out, some Public-Private Partnerships (P3s) do manage to come back after high-profile cancellations. At least that seems to be the case for the Calcasieu River Bridge replacement project in Louisiana. The late-stage cancellation of the project last October was a blow for the industry, and was just one of a recent string […]
Trucking industry opposition to toll-financing of the replacement I-10 bridge in Louisiana nearly killed this critically important P3 project last fall. Fortunately, this $2.1 billion revenue-risk P3 has been rescued by the legislature, after negotiations that revised the financing plan by reducing toll rates for trucks (and for very local users) and increasing the extent […]
Two southern California rail P3s are each a step closer to financial close after receiving discretionary IIJA grants from the Biden Administration. First, the Brightline West High-Speed Rail Project, an effort to connect the 218-miles between Las Vegas and suburban Los Angeles via privately-operated high-speed trains, received a $3 billion federal grant. The project may […]