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LOS ANGELES-If you've been through Los Angeles International Airport recently, you will have noticed that it is undergoing a major overhaul. To transform LAX, the sixth-busiest airport in the world, into a leading world-class airport, Los Angeles World Airports launched a multibillion-dollar airport modernization project made possible by an innovative public-private partnership (P3) with shopping center developer Westfield Group.
Traditionally, of course, building airports has been viewed as a governmental function. But for increasingly cash-strapped state and local governments the ability to call on the capabilities of private real estate development companies for these very complex projects has many advantages.
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