MIAMI—There's a gap between required infrastructure investmentand available public funding. At the same time, there are pivotalinfrastructure projects underway in South Florida and beyond.That's demanding a new way of thinking about public-privatepartnerships.

|

GlobeSt.com caught up with Darryl Sharpton, CEO of The SharptonGroup, to get his thoughts on the evolution of P3s and what he seesas some of the most exciting projects rising these days in part twoof this exclusive interview. You can still read part one: What's Different About P3s this time around?.

|

GlobeSt.com: Do you think the evolution of PS3s isthe standard moving forward or more of a reaction to the currentclimate?

|

Sharpton: It clearly will be a new standard asthe gap between required infrastructure investment and availablepublic funding will continue to grow over the next decade. In fact,according to the American Society of Civil Engineers, based oncurrent investment trends in public infrastructure, the countrywill develop a $1.1 trillion gap between projected infrastructurefunding and expenses by 2020. To make matters worse, this deficitcould widen to $4.7 trillion by 2040.

|

GlobeSt.com: What do you feel are some of the mostexciting infrastructure projects underway in South Floridatoday?

|

Sharpton: These are very interesting andexciting times in South Florida as far as infrastructureinvestment, particularly since there has been a very protracteddelay in making the required investments even before the recessionhit. Additionally, as our region continues its forward trajectoryas a major world-class city, a number of major projects areunderway that will make our aspirational goals a reality.

|

These include everything from transportation improvements suchas the Miami International Airport and Fort Lauderdale Airportexpansions and All Aboard Florida to improvements in our education and healthsystems including Jackson Memorial Hospital and Baptist Hospital.These projects are all a billion dollars and above, which I believesignals an unprecedented level of energy and commitment to ourregional growth.

|

GlobeSt.com: What should real estate developers dobefore they begin assembling funding for aproject?

|

Sharpton: The most critical thing fordevelopers to do is to ensure their development operatingassumptions are reasonable and that they have the appropriate levelof community support. Without these two fundamental elements inplace, they could be facing an arduous and potentially revenuedraining road ahead.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.