Los Angeles considers P3 for $708M Civic Center

California– The former Los Angeles Police Department headquarters, Parker Center, will soon be developed into a new Civic Center Building. The total cost of the project is now slated at $708 million. The city’s Municipal Facilities Committee has recommended that the city pursue a public-private partnership (P3) to oversee construction, financing and maintenance of the new building. Plans call for erecting a 27- to 29-story tower offering 753,740 square feet of office space and underground parking for 1,100 vehicles.

 

The cost of construction, maintenance and operation of the proposed building is projected to range from $915 million to $943 million over three decades, at which point the building would shift to city control. The new building is the first phase of Los Angeles’ Civic Center Master Plan, approved by the city council in March. The plan calls for six phases of development to bring 1.2 million square feet of additional office space, along with residential options and retail hubs to the area. The approved proposal calls for demolition of the existing structure by December 2019, and an estimated completion of the new construction by 2023.