The Project includes the creation of a new City Hall, a new Main Library, a revitalized Lincoln Park, parking facilities, and a new Port of Long Beach headquarters, as well as complementary private development in downtown Long Beach.
Plenary Properties Long Beach (PPLB) will develop, design, build and finance the new Civic Center, and will then manage operations and maintenance over a 40-year concession period. By utilizing a public-private partnership model, the City of Long Beach is able to produce this redeveloped Civic Center costing less than it currently pays to use and maintain existing facilities.
The New Main Library is based on sustainable design and state-of-the art programming and interior planning. The new library will be relocated to the northern end of the revitalized Lincoln Park with dual entries to engage park users and the surrounding neighborhoods to the north. A revitalized Lincoln Park has been designed with walkways, lighting and landscaping to create multiple activity zones and improved amenability and public safety.
The City Hall and Port headquarters are designed as separate and distinct buildings to meet their respective programming and security requirements, as well as to create a modern and efficient workplace environment. The separate buildings have shared facilities and both open to the new Civic Plaza. The new City Hall, Port headquarters and Main Library are each designed to achieve a LEED Gold rating.
The Project is the first social infrastructure project in the U.S. to be financed using a taxable private placement solution. Plenary had initially proposed using tax-exempt lease revenue bonds to finance the Project but moved to the private placement solution because it offered lower financing costs and better risk allocation for the City of Long Beach. Plenary also raised short-term construction financing to fund the design and construction of a new Port headquarters building.
The Project is the first hybrid DBFOM deal in North America combining both public infrastructure and private development components within a single project.
This hybrid approach enabled the City to achieve its affordability targets and also allowed the Plenary-led consortium to deliver a vibrant masterplan combining, civil, commercial and residential elements in a cohesive manner which will revitalize the entire downtown area.
Local economic impacts
An estimated 8,000 jobs will be created through the life of this project and PPLB has committed to a hiring plan that includes a local hire and a small business focus. In preparation for the project, PPLB hosted a job fair to get Long Beach residents into the job training pipeline, and has continued to engage local employment organizations and elected leaders to ensure a strong local hire contingent.
The project is also expected to generate over $1.3 billion in economic impacts and will revitalize the heart of downtown Long Beach with new civic and commercial elements. Bringing the Port of Long Beach downtown and adding 1,000 new residents will breathe new life into a historic and cherished part of the City’s core. Finally, the project will result in over $1.0 million in annual taxes that will flow directly the City of Long Beach.