Indiana State Street redevelopment P3 reaches financial close

On March 23, 2016, The Plenary Roads State Street consortium (Plenary) announced that it achieved financial close on the State Street Redevelopment Project located in West Lafayette, Indiana. The State Street Redevelopment Project is a collaborative effort between the City of West Lafayette, Indiana, and Purdue University, in cooperation with the West Lafayette Redevelopment Commission and Purdue Research Foundation. The project, a total investment of approximately US$120 million, seeks to modify traffic patterns on State Street to downplay the corridor’s historical use as a highway through-route and help establish it as a destination for residents, students and visitors. Under the terms of the public-private agreement, Plenary is responsible for financing, designing and constructing the project, and for maintaining the pavement for a 22-year period following project completion. Fasken Martineau advised Plenary with a team led by Brian Kelsall and including Ella Plotkin, Sean Stevens, Sean Morley, Marc Lefler, Louise Kennedy, Jon Holmstrom and Aine O’Connor.