P3 – Not Just for Roads, Tunnels and Bridges
January 9th, 2015
Much of the ink on P3 projects concerns horizontal construction. Meanwhile, vertical P3 projects move ahead. Last month’s announcement by the City of Indianapolis provides an example. The mayor (city council approval is still required; a related proposal is on the agenda for the January 12, 2015 council meeting) intends to award a contract for construction of a new complex to include a courthouse, correctional facilities, and law enforcement offices. The completed complex will be leased to the city for 35 years at an annual fee of slightly less than $47 million. Estimated construction cost exceeds $400 million.
Indianapolis has been in the forefront of public infrastructure privatization, and this project is one more example.
About Stan Martin
Stan Martin holds a law degree and an undergraduate degree in architecture. He has been involved with the construction industry for more than 45 years, working in construction prior to law school and beginning his construction law practice. During his career, he has been actively involved with the Associated General Contractors of Massachusetts, the Boston Society of Architects, the American Arbitration Association, and the Massachusetts Building Congress.