On August 12, 2016, University of California and Plenary Properties Merced (PPM) announced that financial close was reached on the UC Merced 2020 Project, an unprecedented four-year, US$1.338-billion campus development at the University of California, Merced.
The project will nearly double the physical capacity of the campus and will include new teaching facilities, research laboratories, student housing, faculty offices, and athletics, dining and student life amenities. Construction is scheduled to start in October, 2016, with completion expected in 2020; upon completion of the project, the campus will grow to accommodate 10,000 students from its current enrollment of 6,700.
PPM is a consortium of design, engineering, construction, maintenance, operations and financial partners, anchored by lead developer, equity provider and financial arranger Plenary Group. The consortium includes Webcor Builders as lead contractor, Skidmore, Owings & Merrill Inc. as lead planner, and Johnson Controls, Inc., which will operate and maintain the project throughout the 39-year contract term.
Gowling WLG is advising Plenary Group on the creation of certain British Columbia investment vehicles utilized with respect to the project and related financing aspects with a team consisting of Peter Fairey, Matt Mitchell and Garrett Lee and is advising Johnson Controls, Inc. with a team consisting of Darryl Brown, Irene Chang and Kathryn Higgins.