With public sector budgets constantly under pressure, governmental agencies often seek to fund development projects, infrastructure construction and the delivery of governmental services through public-private partnerships (“PPPs”). Goulston & Storrs attorneys have deep expertise in structuring a wide range of PPPs for public and private clients in real estate, transportation, advertising and other sectors. Our lawyers recognize that PPPs are almost always unique; each structure depends on the type of project, the needs and limitations of the governmental agencies, and the business models of the private partners. We understand both the political considerations that public agencies face and the financial imperatives of our clients doing business in this area, and we relish the creative lawyering that is critical to guiding successful projects in this expanding realm.
Our interdisciplinary teams work seamlessly with clients from the inception of an idea for a PPP project, identifying public and private financing sources, and matching them to project delivery schedules and the financial expectations of the private partners and their investors. We have experience structuring the legal and financing arrangements for the delivery of public-private projects, and in drafting requests for proposals and other bidding documents for our public clients. Our lawyers have guided public agencies safely and successfully through complex procurements, and helped private clients secure sophisticated public-private opportunities.
- New York City Economic Development Corporation
- Massachusetts Bay Transportation Authority
- Edward M. Kennedy Institute for the U.S. Senate
Representative Projects and Transactions
- Represented a foreign investor in its $200 million equity investment in a joint venture to develop the $2.6 billion LBJ Express road project in Dallas Texas. The project involved 17 miles of I-635 around Dallas and included the construction of new above- and below-grade TEXpress managed toll lanes pursuant to a concession agreement with the State of Texas.
- Represented numerous PPPs, developers, underwriters and credit enhancers in all aspects of military housing privatization transactions, including real estate, finance, tax, partnership, design-build, construction and government contracts. Since 2001, our military housing lawyers have successfully closed more than twenty military housing transactions, involving more than $4B of debt and equity and more than 40,000 housing units in more than fourteen states across the country. We continue to be actively engaged in assisting PPPs, developers and credit enhancers with pre-closing and post-closing activities relating to military housing projects across the country.
- Assisted Forest City Ratner Companies with the ground lease, condominium formation and space lease for a co-location building to be located on Cornell Tech’s Roosevelt Island Campus, in furtherance of a major city initiative. This will be the first building on the campus, which is anticipated to open in 2017.
- Represented Roca, Inc., a non-profit provider of services to high-risk young men, in securing funding through the Massachusetts Juvenile Justice Pay for Success Initiative, the largest social innovation financing project in the nation. Goulston & Storrs’ representation of Roca, Inc. is pro bono.
- Representation of MHSA in connection with the negotiation and drafting of a Massachusetts “Pay for Success Contract” to reduce chronic homelessness. This program was the first in the nation to use social innovation financing to provide supportive housing for chronically homeless individuals. Goulston & Storrs attorneys helped MHSA structure their social service contracts with measureable benchmarks to help permanently house 500 people who have suffered at least one year of chronic homelessness. MHSA and the Mass Alliance for Supportive Housing collaborated with the United Way of Massachusetts Bay and Merrimack Valley and the Corporation for Supportive Housing to complete this incredible program.
- Represented the MBTA and MassDOT in the acquisition of multiple freight railroads in Massachusetts, providing the Commonwealth with future passenger service operating rights and allowing the rehabilitation of the right of way to benefit freight service and future passenger service. Representation included the negotiation of the contracts as well as the real estate aspects of the acquisition. Our representation included negotiations to coordinate use of the railroads by the commuter rail, Amtrak and freight rail services.
- Represented the Massachusetts Convention Center Authority in a ground lease transaction with, and related construction loan to, the developer (a joint venture of CV Properties and Ares US Real Estate Opportunity Fund VI) of a 330 room Aloft Hotel and 180 room Element Hotel on land owned by the Authority on D Street across from the Boston Convention & Exhibition Center in the Seaport District of Boston.
- Represented a foreign investor in its investment in a joint venture that is developing the North Tarrant Express road project in Fort Worth, Texas. The project involves 10.1 miles of the I-35W corridor in Fort Worth from downtown/I-30 to US 287 and includes rebuilding general purpose lanes, improving frontage lanes, and adding new managed toll lanes. The project is being constructed pursuant to a concession agreement with the State of Texas.
- Represented a foreign investor in connection with its potential investment in the I-77 managed lanes project in Charlotte, North Carolina, which was designated as one of the first P3 projects in North Carolina under an enabling statute enacted in 2013.
- Represented the Edward M. Kennedy Institute for the U.S. Senate in the development of the institute on the University of Massachusetts – Boston campus.
- Represented a foreign investor in the formation of AIA Energy North America LLC, a joint venture sponsored by Argo Infrastructure Partners LLC with capital commitments in excess of $500 million to invest in North America energy infrastructure assets.
- Represented a foreign investor in a joint venture that acquired Cross-Sound Cable Company, which owns and operates a 330 MW bi-directional High Voltage Direct Current transmission system that provides an interconnection between the New England and Long Island power grids via a 24-mile submarine cable under Long Island Sound.
- Represented a foreign investor in a joint venture that acquired a 49.9% interest in Black Hills Colorado IPP, LLC, which owns a 200-megawatt natural gas-fired power plant in Pueblo, Colorado.
- Represented a foreign investor in connection with its potential investment in a 4,500-acre wind farm in Texas.
- Goulston & Storrs attorneys are reviewing and analyzing the title and survey for more than 15 acres of land surrounding Union Station in connection with a transformative redevelopment of the Union Station neighborhood.
- Representation of Corvias Group in connection with its development, operation and management of its military housing portfolios across the United States. As counsel to Corvias, we have negotiated and prepared complex amendments to project documents, facilitated lender approvals, provided advice on asset and project management issues, and negotiated solar power agreements.
- Represented NYEDC in connection with the "Seward Park" development, encompassing nine sites on the lower east side of Manhattan. The nine sites represented the largest group of underdeveloped and undeveloped sites owned by the City of New York in Manhattan south of 96th Street. The project was structured to accomplish a number of public goals, including the development of a large number of affordable housing units and the relocation of the Essex Street Market, an iconic market in the city.
- Represented PPPs in the acquisition and development of solar facilities on federal land.
- Represented a private owner in the acquisition, development and financing of a privately-owned toll road in Virginia.
- Represented the Massachusetts Turnpike Authority in creating the public-private financing and management structure for the Rose Fitzgerald Kennedy Greenway park system, which is owned and was constructed by the state but managed and financed in part by the Rose Fitzgerald Kennedy Greenway Conservancy, Inc., a private non-profit corporation.
- Represented a non-profit economic development corporation on the 42nd Street Development Project, a highly successful multi-year effort to redevelop the area surrounding Times Square in New York City. Our work encompassed the structuring and implementation of creative structures for the acquisition of the affected property and the redevelopment, through public private partnerships involving New York City, New York State and private parties, of the area’s historic theaters.
- Represented a non-profit economic development corporation in the development, by a private party, of a commercial life sciences center on a hospital campus.
- Guided the MBTA through the successful completion of the private procurement of the current $2B contract for operation of its commuter rail system, including the structure of risk-sharing between the MBTA and the private contractor.
- Advised clients on structuring and participating in Business Improvement Districts to provide enhancement to the public realm.
- Represented the developer of the initial “headquarters” hotel at a major Convention and Exhibition Center.
- Represented both private developers and not-profit corporations in connection with publicly sponsored projects, including the development of the public amenities to be provided in connection with such projects.