Infrastructure Investors are Willing to Pound the Pavement
Nossaman Partners Fred Kessler, Christine Ryan, and Patrick Harder are quoted in the Engineering News-Record article, "Infrastructure Investors are Willing to Pound the Pavement." The article discusses the recent wave of public-private partnership (P3) projects that have reached financial close. Of the five P3 transportation infrastructure deals to close, Nossaman has served as legal adviser on four of them, the Florida Department of Transportation Port of Miami Tunnel and I-595 Expressway projects and the Texas Department of Transportation LBJ-635 Express and the North Tarrant Express projects.
In the article, Fred Kessler explains that,"What we're seeing is a new wave of projects." The first wave took place in the mid-1990s, mainly in Virginia, California and Washington, he continues. Virginia, Texas and Florida are riding the current wave, and a third is coming down the pike.
"The credit markets froze around October 2008," recalls Christine Ryan. "The proposals for the North Tarrant Expressway were due in December. A month later, the I-635 proposals came in."
The article closes with comments from Patrick Harder; "It's about the art of the deal—knowing when to push and when to give in."