Illinois– The city of Bloomington is deciding on a potential re-use for a building in the downtown area that an insurance firm is vacating. One suggestion for the 89-year-old structure is a new city hall, while others call for office space and light retail. While the exact designation is unclear the size of the building would make it a good fit for a public-private partnership (P3).
The insurance company is finishing up renovations on the building this month that include upgrading the lighting, cafeteria, restrooms, wiring and heating. The city plans to take up the topic along with a library-transit project at its upcoming city council meeting. The project would involve tearing down the Market Street parking garage and building a new library and transit hub in its place.
Wisconsin– The city of La Crosse is in need of updating its emergency service facilities, according to a task force that is dedicated to planning for the city’s future, critical needs. The committee has recommended building a public safety facility to house the La Crosse Fire Department administrative offices, the La Crosse Police Department and the city Building and Inspections Department. There is also a need to build new fire stations on the far north and far south side of the city, replace the station on the intersection of Losey Boulevard and Green Bay Street and remodel the fire station at the intersection of Fifth Avenue and Market Street. The last fire station was built in 1967.
Estimates show that the project could range from $4 million to $9 million per building and even reach up to $33 million for a public safety building. The city presented the option of creating some kind of mixed-use building with a public-private partnership and suggested ways to spread out the investment so taxpayers wouldn’t have to foot the bill for the entire project.
California– San Diego State University (SDSU) is closer to getting a new stadium. The university revealed its $3 billion, 15-year SDSU Mission Valley initiative. The initiative includes the Mission Valley area-stadium site. To avoid raising student fees or state money to finance the new stadium, the city is turning to a public-private partnership (P3).
SDSU’s plans include a 35,000-seat college football stadium that could be expanded to accommodate professional sports, 4,500 residential units for the university, retail, office buildings, two hotels and 90 acres of parks and plazas. SDSU does not own the property yet and is facing competition from a private company. San Diego voters will decide between the two proposals in November.
Florida-The population of Miami-Dade County is 25 times greater than it was in 1925, when the county courthouse was built, and a public-private partnership (P3) could assist with building a new one. The project could combine an availability design, build, finance, operate and maintain model with real estate development, which would create a unique opportunity for international equity investors and construction companies to partner with real estate developers familiar with the Miami market.
The County has identified approximately $50 million in available capital funds that could be applied toward the project. In addition, the cost of operating the existing county courthouse are approximately $3 million per year, which the county has indicated may be applied toward availability payments. The county may also make available certain valuable real estate properties to a private developer in the form of a long-term lease or other partnership as partial consideration for the development and operation of the project. A request for proposals will be released once a decision has been made.