Utter, Bowes form firm

Marilee Utter has formed a P3 firm with Peter Bowes.

Marilee Utter and Peter D. Bowes, two well-known and respected real estate veterans in Denver, have formed a new company P3 West, which will focus on the formation and implementation of private-public partnerships to create public infrastructure projects designed to meet community needs, foster economic growth and create jobs. Their target markets include city, county and state government agencies in Colorado.

“Well-conceived and professionally managed public-private partnerships are key in helping government meet pressing needs and challenges during this tumultuous economic period,” said Utter, president of Citiventure Associates, a Denver-based real estate consulting firm specializing in transit-oriented and mixed-use developments. “Government and taxpayers shouldn’t have to meet these challenges alone. P3West combines the experience, skills and background to make these partnerships work.”

Bowes is a long-time Denver-based appraiser and consultant. The new company, P3 West, takes its name from its three focus areas – Public,Private,Partnerships, while ‘West” refers to the company’s geographical area of emphasis.

People will soon be hearing more about the P3 concept, predicts Utter.

“Just like TOD was an unknown buzzword 10 years ago, P3 is just coming of age as a term people are quickly learning more about,” Utter tells InsideRealEstateNews. “In Denver, the Eagle P3 team that is building the two FasTracks corridors is one type of example. Similar private sector implementation and financing can be used in many other applications, and long has been in other countries like Britain, Canada and Australia. Now in the US, these deals structures are increasingly essential since government can’t pay for everything that is needed, and taxpayers really don’t need to shoulder the entire burden of infrastructure when there is a user fee involved.”

Everything from soup to nuts

The P3 West team “structures deals and finds developers for infrastructure ranging from toll roads and bridges to water systems, school systems and a wide range of public facilities,” Utter continued. “As you know, TOD has long been a passion of mine, and that arena, we are focusing on doing projects the ‘public sector wants done, and the private sector hasn’t figured out how to do.’ Accordingly, we are particularly interested in publicly-owned land with untapped development potential. In many cases, we are taking community “visions” of the kind of place they want created, and turning them into feasible development projects that vertical developers understand and will undertake.”

P3 West will provide a full range of services including planning, managing and financing.

“In other words we will help government identify infrastructure needs, plan the project and manage the project,” Utter said. “Finally, through our sources, we will get the money to build the project.”

The company will partner with P3Development Co. in providing services across the country. The principals of P3 Development are Lowell R. Clary, Denver J. Stutler, Jr and Toby Prince Brigham.

P3West and P3 Development have extensive experience in the public and private areas of transportation. Utter was the TOD specialist for the Denver Regional Transportation District. Principals of P3West were involved many successful public-private development projects, including:

• A 165 acre TOD in Denver’s Central Platte Valley that transformed an urban rail yard into the region’s premiere commercial, residential and recreational district.

• A 17-acre development for the city of Charlotte, N.C., and the Charlotte transit agency, encompassing mixed-income, mixed-use retail, office, residential, common area spaces.

• Development of the Miami Intermodal Center in partnership with Miami-Dade County, Miami-Dade Expressway Authority, rental car companies, airlines and others.

• Redevelopment of a failed regional mall into an award-winning million-square-foot mixed-use town center and the first TOD in the Denver region.

• A turnkey 900-acre freshwater reservoir in West Palm Beach, Fla., known as the Loxahatchee Reservoir.

• A TOD, mixed-use commercial development, known as Dadeland Station in Miami.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

Share this: