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 cancellations. Public sponsors are also still adapting, and figuring out, delivery using predevelopment agreements (PDAs) or “progressive P3s.” Cost escalation and third-party risks remain high.
For some guidance on how public sponsors can navigate these challenges, PWF interviewed Nossaman’s Elizabeth (Liz) Cousins. Liz became the Chair of Nossaman’s Infrastructure Group at the beginning of 2024, taking over the role from Patrick Harder, who is staying on at Nossaman as a partner. She has more than 18 years of experience advising clients on P3s, progressive procurements and other alternative delivery projects in the US and Australia.
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, […]
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 […]
Christophers, Brett. Our Lives in Their Portfolios: Why Asset Managers Own the World. Verso, 2023. The infrastructure asset class, and P3s as part of it, are the subject of a new, detailed and biting survey in Brett Christophers’ Our Lives in their Portfolios: Why Asset Managers Own the World. The book’s subject is what the […]
Bids are in for the first US brownfield toll road concession in years. Local news The San Juan Daily Star reported that at least two of the shortlisted teams for Puerto Rico’s planned toll road concession had submitted proposals to the island’s Public-Private Partnerships Authority (P3A), which is managing the procurement.
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