Miami-Dade County considers P3 for new courthouse

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.