Public-private partnerships, also known as P3s, are proving to be good vehicles for developing and building multifamily housing communities once the nuances are mastered. “P3s are materially different from traditional private development,” said Charlton Hamer, Senior Vice President of Habitat Affordable Group at The Habitat Company.
Mixed-use projects also lend themselves to P3 configurations. “CAPREIT, along with its joint venture partner, Barron Collier Companies, recently entered a public-private partnership with the City of Bonita Springs, to develop a 120-unit apartment community with 19,000 square feet of commercial space,” said Andrew Kadish, CEO and Chief Investment Officer.
“The entitlement and approval process involved more stakeholders and required alignment not just on financial returns but on community outcomes — things like unit mix, retail activation and how the project fits into the city’s broader vision for the area,” he said. CAPREIT is a Maryland-based owner-operator that works in the market-rate and affordable sectors.
Read Scott Sower’s article in Units Magazine.