By Berry Craig IV
P3 Kentucky Staff Writer
P3s are taking on water! (Or, taking to the water, it would seem.) Investments in America’s ports are numerous. Most ports are in the midst of upgrades, performing maintenance, expanding to facilitate larger ships and constructing new storage facilities. Many have already deepened shipping channels, built new locks and invested in larger cranes and other facilities.
The improvements to harbors and terminals mark an ongoing growth in port infrastructure. The impact on local and regional economies is huge – representing billions of dollars and thousands of new jobs created.
Many port projects are recognized as public-private partnership (P3) engagements. The Port of Los Angeles is currently seeking a private developer to renovate the San Pedro industrial waterfront area into a social setting with dining, shopping and entertainment. The port is currently involved in a similar project through a P3 – redeveloping a 40-acre retail strip.
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