Bidder drops out of Long Beach civic centre P3

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Bidder drops out of Long Beach civic centre P3

Related California, one of the companies that were shortlisted for the design, finance, build, operate and maintain a new Civic Center in the city of Long Beach, California, has dropped out of the tender process.

The other two companies that continue in the tender process are Long Beach CiviCore Alliance, led by the Macquarie Group, and Plenary - Edgemoor Civic Partners.

The city of Long Beach, California, issued a statement that said Related California reviewed the city's request for proposals (RFP) and decided not to submit a bid after taking into account the local real estate market and the city's deadlines.

A fragment of the statement explains:

They were supportive of the concept of the RFP, the process to date, and the quality of the RFP, yet did not feel they could meet the requirements. The city of Long Beach is continuing to move forward with the RFP process with the other two selected proposers. We remain optimistic that the remaining two teams will propose a project that meets our criteria in the RFP.

The city is on track to evaluate and select a winning bid by July. The estimated cost is between US$170 and US$200 million.

The developer would assume construction responsibilities and maintain the finished buildings while the city would pay rent for 40 years. At the end of the term, control of public buildings and land would revert back to the city.

The current structure have issues that would make them vulnerable to serious damage in a major earthquake.

List of country news

Country news

  • March 24, 2014

    NZ Super Fund to invest up to US$250m with KKR's energy practice

    The NZ Super Fund has made another major energy investment, committing up to US$250 million to North American gas and oil opportunities with energy investor KKR. Read more
  • March 24, 2014

    Altus and Macquarie launch clean energy land program

    Altus Power America Management, a Connecticut-based company that invests in, owns and operates clean energy projects, announced last week the launch of a Clean Energy Land Program with Macquarie Group to finance up to $100 million in solar and wind land energy projects in the US. Read more
  • March 26, 2014

    MassDOT hires firm to assess feasibility of toll bridge

    Massachusetts department of transportation (MassDOT) has announced that it has hired Cambridge Systematics to help assess the feasibility of finding a private developer to build the Sagamore twin bridge, between Cape Cod and mainland Massachusetts. Read more
  • March 26, 2014

    Ferrovial faces rating downgrade on US-460 bonds

    Moody's Investors Service has placed the Baa3 rating on Route 460 Funding Corporation of Virginia's $294 million of senior bonds under review for downgrade. Read more
  • March 28, 2014

    California High-Speed Rail Authority appoints executive staff

    California's high speed railThe California High-Speed Rail Authority (Authority) announced on Monday the appointments of James Andrew as Assistant Chief Counsel and Jason Kimbrough as Deputy Director of External Affairs. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.