Arup announced that the City of Long Beach and Port of Long Beach have reached financial close for the $520 million Long Beach Civic Center Project.
The project includes a new city hall, port HQ, main library, public park, and street improvements. All the features are designed to be occupied within a week of a major earthquake and meet REDi Gold earthquake performance, an operational resilience rating system developed by Arup.
A public-private partnership (P3) was used to fund the project, which combines public infrastructure and private mixed-use real estate development into one design-build-finance-operate-maintain arrangement.
Arup, the global interdisciplinary consulting and design services firm, served as lead advisor to the city and Port of Long Beach. The firm led financial, commercial, real estate, design, engineering, and cost consulting advisory services.
Long Beach, Calif. Photo: Zen Skillicorn/Creative Commons.
The Arup team included HOK for architecture consulting, BAE for real estate economics, and MBI Media for outreach. Sheppard Mullin provided legal advice to the owners.
Plenary Group is the lead P3 developer, sole equity provider, and financial arranger for the consortium, which includes Clark Construction, Edgemoor, Johnson Controls, and SOM.
Allianz, in a private placement, is providing $237 million in long-term financing. Sumitomo Mitsui Banking Corp. is providing a $213 million loan. Long Beach would contribute $11.8 million in cash and land valued at nearly $30 million. Plenary is contributing $21 million in equity.
Arup managed the entire process from the RFP to the end of negotiations and helped the project become a reality quicker than expected.
"A significant value added for the city is how the P3 model accelerated what would more conventionally have been a three- to five-year project development process using traditional project delivery methods to a two-year process," Orion Fulton, Arup's project team leader, said.
Arup has served as an advisor for numerous projects, including Presidio Parkway in San Francisco, the Los Angeles Convention Center, and the New Champlain Bridge in Quebec.
Construction has begun, and the next phase of the project is being launched.
Related Stories
Government Buildings | Jan 9, 2023
Blackstone, Starwood among real estate giants urging President Biden to repurpose unused federal office space for housing
The Real Estate Roundtable, a group including major real estate firms such as Brookfield Properties, Blackstone, Empire State Realty Trust, Starwood Capital, as well as multiple major banks and CRE professional organizations, recently sent a letter to President Joe Biden on the implications of remote work within the federal government.
Sponsored | Resiliency | Dec 14, 2022
Flood protection: What building owners need to know to protect their properties
This course from Walter P Moore examines numerous flood protection approaches and building owner needs before delving into the flood protection process. Determining the flood resilience of a property can provide a good understanding of risk associated costs.
BAS and Security | Oct 19, 2022
The biggest cybersecurity threats in commercial real estate, and how to mitigate them
Coleman Wolf, Senior Security Systems Consultant with global engineering firm ESD, outlines the top-three cybersecurity threats to commercial and institutional building owners and property managers, and offers advice on how to deter and defend against hackers.
Giants 400 | Aug 22, 2022
Top 70 Science + Technology Facility Contractors + CM Firms 2022
Whiting-Turner, Hensel Phelps, DPR Construction, and Skanska USA top the rankings of the nation's largest science and technology (S+T) facility contractors and construction management (CM) firms, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 100 Science + Technology Facility Architecture + AE Firms 2022
HDR, Flad Architects, Gensler, and DGA top the rankings of the nation's largest science and technology (S+T) facility architecture and architecture/engineering (AE) firms, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 45 Laboratory Facility Contractors and Construction Management Firms for 2022
Whiting-Turner, Hensel Phelps, McCarthy, and STO Building Group top the ranking of the nation's largest science and technology (S+T) laboratory facility contractors and construction management (CM) firms, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 55 Laboratory Facility Engineering + EA Firms for 2022
Jacobs, Affiliated Engineers Inc., Burns & McDonnell, and WSP top the ranking of the nation's largest science and technology (S+T) laboratory facility engineering and engineering/architecture (EA) firms, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 85 Laboratory Facility Architecture + AE Firms for 2022
Flad Architects, HDR, DGA, and Payette top the ranking of the nation's largest science and technology (S+T) laboratory facility architecture and architecture/engineering (AE) firms, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 90 Construction Management Firms for 2022
CBRE, Alfa Tech, Jacobs, and Hill International head the rankings of the nation's largest construction management (as agent) and program/project management firms for nonresidential and multifamily buildings work, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 200 Contractors for 2022
Turner Construction, STO Building Group, Whiting-Turner, and DPR Construction top the ranking of the nation's largest general contractors, CM at risk firms, and design-builders for nonresidential buildings and multifamily buildings work, as reported in Building Design+Construction's 2022 Giants 400 Report.
