photo credit: Plenary Group
| Location | West Lafayette, Indiana |
|---|---|
| Project Sponsor / Borrower | City of West Lafayette, Purdue University |
| Program Areas |
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| Mode | Local Road / Multimodal Redevelopment |
| Description | The City of West Lafayette and Purdue University partnered to deliver the State Street Redevelopment Project, which provided aesthetic and functional improvements to roadways in both the City of West Lafayette and Purdue University. The project includes new gateways into West Lafayette and Purdue University, streetscape and pedestrian amenities to enhance community and campus resident cohesion, and expanded transportation infrastructure to accommodate planned and future growth of West Lafayette and the University. The $123-million project extends along State Street from the Wabash River through downtown West Lafayette and Purdue University's campus to its intersection at U.S. 231. The project shifted through-traffic off of the State Street corridor - a former state highway now under local control - and converted it into a two-way street with wider sidewalks, bicycle facilities, transit stops, street lighting, landscaping, public spaces, and public art. The project also included the conversion of several intersecting one-way streets to two-way facilities and involved milling and resurfacing the existing streets, installing new pavement markings and signage, and converting traffic signals. The project was delivered through a design-build-finance-maintain P3 agreement between the project sponsors and Plenary Roads State Street, a private consortium. Under the terms of the agreement, the private consortium is responsible for financing, designing, and constructing the project, as well as maintaining the pavement for a 22-year period following project completion. The consortium will be compensated with availability payments following project completion. The private consortium will transfer responsibility for the project back to the city after the operations period, with at least 6 years of remaining pavement life. |
| Cost | $122.7 million |
| Funding Sources | Sponsors' financing
Private partner's financing sources
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| Project Delivery / Contract Method | Design-build-finance-maintain availability-payment concession |
| Private Partner | Plenary Roads State Street
|
| Project Advisors / Consultants | KPMG - Financial advisor Parsons - Technical advisor Barnes & Thornburg - Legal advisor |
| Lenders | SMBC - Senior Credit Facility Babson Capital - Senior Notes |
| Duration / Status | Construction began in July 2016 and was completed in November 2018. |
| Financial Status | Financial close occurred in March 2016. |
| Innovations |
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| Related Links / Articles |
State Street Corridor Project Archive Plenary Group: State Street Redevelopment Project Plenary Group: Financial Close on State Street Redevelopment Project |
| Contact |
City of West Lafayette Department of Development Tel: (765) 775-5160 |
