P3s are being used frequently in the healthcare community. Read Lynn Taylor, Merck’s Head of U.S. Corporate & Government Relations tips on successful P3s.
While much of the discussion around public-private partnerships often focuses on funding, anyone who has worked on large-scale construction projects knows that securing financing is just the first step to success. True success is a project completed on time, on or under budget and up to the quality standards set by the owner. That is particularly true for large, public projects. When multiple parties are involved, project execution must be on point to ensure that all involved benefit.
The Commonwealth of Kentucky is moving forward with its project to demolish and replace key parts of downtown Frankfort, including the Capital Plaza Tower. Here are few tips for private developers/contractors considering a large build-lease P3 like the Capital Plaza project.