This is the final article in a 7-Part Series. Read the previous articles:
- Higher Ed P3 101 – Part 1: Introduction
- Higher Ed P3 101 – Part 2: A Brief History
- Higher Ed P3 101 – Part 3: Pros and Cons
- Higher Ed P3 101 – Part 4: Development Structures
- Higher Ed P3 101 – Part 5: 10 Attributes of a Good
- Higher Ed P3 101 – Part 6: Common Misconceptions
In addition to all the usual reasons a university might turn to an advisor—including the inspiration and empowerment necessary to advance university communities—advisors are especially helpful when evaluating and embarking on a P3.
Here are some things you should expect from an advisor. They will:
- Help the college or university navigate the various P3 deal structures
- Drive the process of the transaction (through ribbon cutting, if wanted!). Even though each P3 is different, an advisor knows what comes next in the process—what to look for, what to do, and what to avoid
- Serve as the “team captain” or “orchestra conductor,” ensuring everyone shows up at the right place at the right time, and works together
- Work alongside the school as it receives legal advice
- Manage the program, budget, and timeline to ensure to ensure a project is delivered on time
Additionally, some advisors offer a higher level of service and all-important impartiality (i.e., they do not also serve as the architect or developer). These advisors can:
- Help define the project and ensure market viability in a way that is consistent with the school’s mission
- Act 100% in the school’s best interest, rather than pushing for a specific outcome; these advisors are agnostic as to whether the building gets built or how it’s funded
- Ensure an honest and fair RFP/RFQ process (e.g., selection of private sector partner) due to impartiality.
- Share relationships with professionals in every aspect of the deal—architects, developers, contractors, etc.—that can be leveraged to best serve the university
- Be higher education specialists, giving them the expertise to enrich the project and fully integrate themselves within the context
If you’re interested in learning more about what B&D can do for you and your possible P3 project, reach out to Doug Kotlove, Vice President for Business Development & Marketing, at (202)-266-3410 or firstname.lastname@example.org.