An influx of cities are already reaching out for guidance to implement changes across their real estate portfolios as a result of the $1.2 trillion infrastructure bill recently signed by President Biden, JLL reported.
“The bill includes provisions for local governments to hire experts in areas like charging stations, solar energy and renewable energy,” Brian Oakley, Executive Vice President, Public Infrastructure, JLL, said in a post. “Oakley said in a release, “Recognizing the need for charging stations is a great first step. That kind of deployment is a major infrastructure challenge.”
He suggested watching for clean energy and grid-related investments and incentives for public-private partnerships.
Breakdown of the Bill
What remains in this bill’s iteration will have some direct benefits for state and local entities, according to Oakley. The Infrastructure Investment and Jobs Act includes $7.5 billion in grants for governments to consider public-private partnerships for electric vehicle charging stations, among many other investments.
There are significant dollars to be invested in hard infrastructures like roads, bridges, and tunnels.
The $1.2 trillion bipartisan measure also includes:
- $47 billion in climate resilience measures to protect buildings from the storms and fires that result from climate change
- $65 billion to repair and protect the electric grid, build new transmission lines for renewable power and develop nuclear energy and “green hydrogen” and carbon capture technologies
- $39 billion to continue and expand current public transit programs, including help that allows cities and states to buy zero- or low-emission buses
- $66 billion to fix Amtrak and build out its service along the Northwest Corridor, in addition to building tens of millions for high-speed rail and other commuter rail
- $7.5 billion to build electric vehicle charging stations; $25 billion to repair airports to reduce congestion and emissions, encouraging the use of low-carbon flight technology
When asked to comment on the sale, Caliber’s co-founder & CEO, Chris Loeffler responded, “The infrastructure bill will help make sure that more roads, bridges, and other methods of transportation will be improved to ease entry to areas vital to Caliber’s growth and development.”
Caliber operates in several high-growth markets in the West and that “people’s ability to access our projects, whether housing, medical facilities, schools and other amenities is critical to the success of what we build and develop.
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