United States Department of Transportation
i
Minority Business Participation in Public/Private Partnerships: A Manual on Joint Development
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1986-02-01
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[PDF-14.75 MB]
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Abstract:The promotion of commercial real estate development projects in and adjacent to transit facilities as a means of generating additional revenues to defray part of local transit agency operating costs also known as transit-related real estate development or joint development, provides unique financial benefits for investors and equity owners in both the public and private sectors. These benefits include: the generation of an income stream to supplement financial resources necessary to maintain and operate mass transit systems, the revitalization of the physical environment around the transit station, stimulating neighborhood and urban redevelopment, and the opportunity to integrate commercial real estate development projects into the public transit infrastructure system thereby reducing risks and uncertainty while increasing financial returns over the long term. Disadvantaged business enterprises (DBEs), defined as minority and women owned firms and minority/women entrepreneurs, have not fully participated in equity ownership opportunities offered by joint development projects partly due to a lack of awareness of available equity opportunities, a lack of knowledge of transit-related real estate development processes, and the assumption by public and private sector decision-makers that minorities and women are unable to participate as equity owners due to a lack of knowledge concerning financial and technical aspects of multi-million dollar transit related real estate development projects. The primary purpose of this manual is to promote increased equity ownership participation by DBEs in transit-related real estate development by introducing DBEs to the benefits and risks of commercial real estate development and the specific requirements of joint development projects. Designed as a self-teaching guide, the manual describes the unique characteristics of joint development projects; explains in detail the process underlying joint development focusing on participant
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