City of Burlingame

Public-Private Partnership

CONTEXT

The City of Burlingame is

CHALLENGE

Monetize public land for public good while maintaining historical character and local contect.

In addition, there is a culvert located through the property over which no permanent structure can be built

APPROACH

  1. Develop context for the area

  2. Understand points of connection with adjacent property

  3. Listen to planning to understand current regulation and future accomodation of development

Burlingame Station.jpg
IMG_20191205_214706.jpg
IMG_20191020_154138.jpg
IMG_20191207_164602 copy.jpg

SOLUTION

Design

  1. Green belt

  2. Underground theater

  3. Ground floor retail

  4. 1st floor commercial space: flex-use office, restaurant, events, hotel amenity

  5. X-X floors of hotel

  6. Roof-top terrace with public access

IMG-20191208-WA0017.jpg



Financing

  1. 100-year ground lease, allowing the city to maintain ownership of key downtown asset

  2. Annuity formula used to assess the present value of the 100-year lease

  3. Value covers the target capital city needed to raise

  4. IRR on project



City of Burlingame, California, U.S.A. - Greenbelt Consultant 

Planning Division and City Council sought public-private partnership redevelopment of key government-owned parcels.

  • Conducted street canvassing of local residents discovering missing downtown elements, e.g. greenspace, theater

  • Developed plan to transform a central parking lot into greenbelt connecting adjoining parcel with underground theater 

  • Lead financial planning with residual land value and 100-yr lease annuity valuation to maintain public ownership

  • Held periodic reviews with planning managers and final presentation to council members, including the mayor





0 Likes




Andrés Carlos MartellComment