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VASCUPP 2013 Convention Virginia Beach, Virginia Adult Mental Health Treatment Center at Eastern State Hospital, Williamsburg, VA Houston Independent Schools.

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Presentation on theme: "VASCUPP 2013 Convention Virginia Beach, Virginia Adult Mental Health Treatment Center at Eastern State Hospital, Williamsburg, VA Houston Independent Schools."— Presentation transcript:

1 VASCUPP 2013 Convention Virginia Beach, Virginia Adult Mental Health Treatment Center at Eastern State Hospital, Williamsburg, VA Houston Independent Schools Houston, TX Rhode Island School of Design Providence, RI Loudoun County Government Center Leesburg, VA Centenary College, Founders Hall Hackettstown, NJ Hancock Geriatric Treatment Center at Eastern State Hospital, Williamsburg, VA John D. Keegan, P.E. – Vice President Gilbane Development Company September 25, 2013 Public-Private Partnerships for Colleges and Universities

2 Something to keep in mind about PPPs… A vision – the seed of any PPP – is nothing unless its… Supported – There needs to be a champion behind the PPP! Articulated – Precisely what is that you want/need to achieve and why? Shared – Equally understood and embraced by both/all partners. Sustained – Durable enough to survive, even if/as stakeholders change.

3 What are some common misconceptions about PPPs? Not a replacement for traditional procurement methods. Simply another tool in the tool box that encourages creativity, helping define problem statements and craft corresponding business solutions (beyond just bricks and mortar). Need not exist only when private-sector financing is involved. Consider as means of overcoming common project constraints: Time – Achieve faster delivery (can be 25% to 50% sooner), critical for meeting internally or externally-driven deadlines. Dollars – Reduce cost through efficiencies gained by turnkey/streamlined delivery. Staff – Overcome human resource constraints (privatizing non- core operations, if need be). Risk – Outsource to achieve appropriate allocation/balance of risk among project partners.

4 What if private-sector financing is involved? If private-sector financing is involved, candidate project must: Have dedicated revenue stream associated with it; Involve some sort of in-kind exchange, such as surplus land for private development; Provide opportunity for tax-increment financing (or similar); and/or, Provide opportunity to monetize existing assets of public sector partner (for example, sale-leaseback transactions).

5 How can you benefit from PPPs? Balance program objectives with resource realities, promoting creative solutions through bundled delivery. Increase flexibility and speed of delivery, overcoming constraints borne of traditional procurement process. Take more strategic approach toward debt management and planning of capital projects, mitigating construction/operating cost escalation and preserving borrowing capacity for core facilities.

6 CASE STUDY – PPEA George Mason University – Manassas, Virginia Upper Level Student Housing Scope = Design / Build / Furnish / Finance: 152-bed, 105,000 SF on-campus apartment-style housing and retail. Ground lease from University to 501(c)(3) Foundation and building lease vice-versa. Tax-exempt and taxable debt issued through Prince William County Industrial Development Authority. Retail leasing, financing, fit-out, and management by Gilbane Development Co.

7 CASE STUDY – PPEA George Mason University – Manassas, Virginia Life Sciences Lab Building Scope = Design / Build / Furnish / Finance: 75,000 SF on-campus life sciences lab building. Ground lease from University to 501(c)(3) Foundation and building lease vice-versa. Tax-exempt and taxable debt issued through Prince William County Industrial Development Authority. Incubator Space on 3 rd Floor.

8 CASE STUDY – PPEA Hancock Geriatric Treatment Center – Williamsburg, Virginia Scope = Design / Build / Furnish / Interim Finance: Driver: Reduce delivery timeline from ~8 to ~2 years to meet CMMS requirements. 150-bed, 115,000 SF psychiatric intermediate care facility specializing in geriatric patients. Replaces five buildings with one. Incorporates latest advances in evidence-based design for psychiatric facilities. Winner of NCPPPs Innovation Award. Featured in Behavioral Healthcare magazine.

9 CASE STUDY – PPEA Adult Mental Health Treatment Center – Williamsburg, Virginia Scope = Design / Build / Furnish / Interim Finance: Driver: Consolidate campus from ~400 to ~80 acres to create surplus acreage ($) to benefit patient initiatives. 150-bed, 188,000 SF psychiatric intermediate care facility specializing in adult patients. Replaces nine buildings with one. Embraces House, Neighborhood, Downtown patient treatment model. Featured in Behavioral Healthcare magazine.

10 CASE STUDY – PPEA Virginia Center for Behavioral Rehabilitation – Burkeville, Virginia Scope = Design / Build / Furnish / Interim Finance: Driver: Satisfy requirements of civil commitment legislation. Phase 1 = 100 beds, 100,000 SF. Phase 2 = 200 beds, 80,000 SF. 30-month turnkey delivery of both phases (8 months early). Few facilities of this type exist, even at national level. Started with development feasibility study.

11 CASE STUDY 8½ Canal – Richmond, Virginia Scope = Design / Build / Furnish / Finance / Own / Operate: 540-bed, 160-unit, 285,000 SF apartment-style student housing. Referral agreement from VCU. Fully-furnished apartments (including flat screen TVs) plus lounges, fitness center, courtyards, 200-car garage, etc. Every bedroom has private bathroom. 15-month delivery from land closing to student occupancy. VCUs needs met without committing its own capital.

12 CASE STUDY 1200 West Marshall – Richmond, Virginia Scope = Design / Build / Furnish / Finance / Own / Operate: 406-bed, 136-unit, 260,000 SF apartment-style student housing. Referral agreement from VCU. Fully-furnished apartments (including flat screen TVs) plus lounges, fitness center, courtyards, 200-car garage, etc. Every bedroom has private bathroom. Includes adaptive reuse of historic building and partial tax abatement. VCUs needs met without committing its own capital.

13 CASE STUDY College Town – University of Rochester Scope = Design / Build / Finance / Own / Operate: Mixed-use development at front door to University of Rochester. 110,000 SF of street-level retail and restaurants (including Barnes & Noble and Constantino's Market), 50,000 SF of Class A office space, 155,000 SF of residential space, 136-room Hilton Garden Inn, and 1,600-space parking garage. Support universitys mission, strengthen surrounding neighborhoods, increase tax revenue, and create jobs. U of Rs needs met without committing its own capital.

14 CASE STUDY Garrett College – McHenry, Maryland Scope = Design / Build / Furnish / Finance: Development feasibility study (dovetailed with findings of independent market study). 126-bed apartment-style residence hall (delivered 11 months from agreement to occupancy). 100 on-campus parking spaces. Co-developer agreements regarding off-campus sewer and water extensions to site. Ground lease from College to 501(c)(3) Foundation and building lease vice-versa. Tax-exempt debt issued through Maryland Economic Development Corporation (MEDCO).

15 CASE STUDY Garrett College – McHenry, Maryland

16 CASE STUDY Centenary College – Hackettstown, New Jersey Reeves Center Lackland Center Bennett-Smith Hall Founders Hall Scope = Design / Build / Furnish / Interim Finance: Two 126-bed apartment-style residence halls. 44,000 SF renovated/expanded recreation center. Significant off-campus road/park infrastructure (development proffers). 439 parking spaces (4,000 LF of 4 diameter underground storm water detention). Real estate consulting services in negotiating conditional permitted use ordinance. Predevelopment services for 70,000 SF student center and 26,000 SF virtual lab.

17 CASE STUDY Centenary College – Hackettstown, New Jersey Original New / Proposed

18 CASE STUDY Rhode Island School of Design – Providence, Rhode Island Scope = Operating (Master) Lease with Purchase Option: 1031 exchange of Fairfax, Virginia asset Acquisition of B of A (formerly Fleet Bank) assets: 1912 – 12 stories, 350,000 SF (historic) 1973 – 28 stories, 370,000 SF Common lobby and HVAC/sprinkler systems Adaptive reuse of 1912 building for RISD: Retire 100-year ground lease Integrate shared access and utility easements Consolidate office uses into 1973 building Create living-learning center: Library and museum: Floors 1 & 2 Student housing: Floors Student union (food service): Floor year operating lease (options to 50 years) Distinct windows for purchase options: Converted taxable to tax-exempt debt

19 CASE STUDY Loudoun County Government Center – Leesburg, Virginia Scope = Design / Build / Furnish / Finance: 158,000 SF, five-story government center including administrative headquarters and 418-car garage. Scattered operations consolidated in two locations and capitalized using tax-exempt bonds, creating ~$1 million in annual savings (~$22 million over lease term). County outsourced financing, design, development and construction risk, realizing significant savings. Project-specific 501(c)(3) ownership entity established by Gilbane. Site master planned to accommodate future expansion.

20 VASCUPP 2013 Convention Virginia Beach, Virginia Adult Mental Health Treatment Center at Eastern State Hospital, Williamsburg, VA Houston Independent Schools Houston, TX Rhode Island School of Design Providence, RI Loudoun County Government Center Leesburg, VA Centenary College, Founders Hall Hackettstown, NJ Hancock Geriatric Treatment Center at Eastern State Hospital, Williamsburg, VA John D. Keegan, P.E. – Vice President Gilbane Development Company (703) www.gilbaneco.com/development Public-Private Partnerships for Colleges and Universities


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