Aug 11, 2020, 10:00 ET
BIDDEFORD, Maine, Aug. 11, 2020 /PRNewswire/ -- Amber Infrastructure Group ('Amber'), the international infrastructure specialist, and it's US parent Hunt Companies Inc. ('Hunt') have achieved financial close of the City of Biddeford, ME ('City') Lincoln Garage and RiverWalk project.
The project involves the design, build, finance, operation and maintenance of a 640 space parking garage along with the construction of sections of the City's pioneering urban RiverWalk. The project, which is part of the City's masterplan to reinvigorate its downtown Mill District, will provide much needed civic amenities to facilitate further development in the area.
The City engaged the Amber and Hunt teams through a Progressive Development Agreement, which provided the City with a guaranteed maximum price for the project. The agreement includes a 26-year lease of the newly constructed parking garage to Amber. Through the Progressive Development Agreement, the City was able to optimize the design and delivery schedule while significantly reducing the procurement risk and expense. Progressive Development is a specialism of the combined Amber and Hunt teams, having recently been successfully used to deliver the San Marcos Public Services Complex and Travis County Courthouse projects.
Construction of the Lincoln Garage will now commence with an expected in-service date of July 2021. PC Construction is undertaking the project construction and Premium Parking will operate parking services at the parking garage.
Tom O'Shaughnessy, Head of Amber Infrastructure US, said: Amber and Hunt are delighted to have been able to accelerate the delivery of the City of Biddeford's critical infrastructure plans. We are pleased to be working with the City of Biddeford and helping to deliver key components of the City's plan for the redevelopment of the Downtown Mill District.
Alan Casavant, Mayor of Biddeford, said: "Biddeford has been riding an exciting wave of economic growth and development in recent years," said Biddeford Mayor Alan Casavant. "A much-needed component of our city's growth has been easily accessible parking downtown to accommodate the many people who are drawn to the reimagined and vibrant mill complexes, as well as to our historic Main Street corridor. We couldn't have asked for better partners in this endeavor."
Amber Infrastructure Group
Amber Infrastructure ('Amber') is an international infrastructure specialist, focused on investment origination, development, asset management and in Europe, fund management. Amber's core business focuses on infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber is headquartered in London with offices in Europe, North America and Australia and employs approximately 135 infrastructure professionals. Amber had a strategic partnership with the Hunt Group of Companies ('Hunt') in the US since 2015. Learn more at www.amberinfrastructure.com.
About Hunt Companies:
Hunt, based in El Paso, Texas, is a diversified, family-owned holding company that invests in operating businesses, real estate assets and infrastructure assets. Since its founding in 1947, Hunt's size and scope have grown substantially while gaining considerable expertise across multiple real asset sectors. Hunt's reputation is built on integrity and performance. Hunt is committed to a culture of transparency for employees, clients, investors, and the communities it serves. Hunt and its affiliates employ over 3,000 employees across the United States and Europe. Learn more at www.huntcompanies.com.
SOURCE Hunt Companies, Inc.
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