Related California, one of the companies that were shortlisted for the design, finance, build, operate and maintain a new Civic Center in the city of Long Beach, California, has dropped out of the tender process.
The city of Long Beach, California, issued a statement that said Related California reviewed the city's request for proposals (RFP) and decided not to submit a bid after taking into account the local real estate market and the city's deadlines.
A fragment of the statement explains:
They were supportive of the concept of the RFP, the process to date, and the quality of the RFP, yet did not feel they could meet the requirements. The city of Long Beach is continuing to move forward with the RFP process with the other two selected proposers. We remain optimistic that the remaining two teams will propose a project that meets our criteria in the RFP.
The city is on track to evaluate and select a winning bid by July. The estimated cost is between US$170 and US$200 million.
The developer would assume construction responsibilities and maintain the finished buildings while the city would pay rent for 40 years. At the end of the term, control of public buildings and land would revert back to the city.
The current structure have issues that would make them vulnerable to serious damage in a major earthquake.