With procurement option analyses complete, the Public Infrastructure Advisory Commission endorsed the P3 approach for Phase II of the Presidio Parkway in early 2010, followed by endorsement by the California Transportation Commission-the state body that oversees the allocation of highway funding and advises on transportation policy-in May. Meanwhile, three private teams had responded to a request for qualifications in March-a process that gauged initial interest in the project from the private sector and was designed to identify the most qualified firms to ultimately submit a full proposal. Final proposals from the three teams were submitted in September 2010.
In October 2010, Caltrans announced its selection of Golden Link Concessionaire, LLC (GLC) to implement Phase II of the Presidio Parkway project. In January 2011, Caltrans entered into a P3 agreement with GLC, in cooperation with SFCTA, formally concluding the competitive bidding process. With P3 projects, this milestone is referred to as reaching "commercial close." GLC committed to delivering the $364 million project and operating and maintaining the entire parkway under a 30-year lease.
GLC is a special purpose entity established by Hochtief Presidio Holding, LLC and Meridiam Infrastructure North America II to implement the project. The two firms share equal ownership in the concession company. Based in Germany, Hochtief is a leading international construction services company. Meridiam is a French firm and is one of the largest investors in and developers of public infrastructure facilities in the world. GLC in turn entered into a fixed-price, date-certain construction contract with a joint venture composed of Flatiron West, Inc. (65%) and Kiewit Infrastructure West Co. (35%) to design and build the remaining Presidio Parkway components.