DC’s Gramercy District to become a $500m smart city test project
DC’s Gramercy District to become a $500m smart city test project
Global private equity firm 22 Capital Partners has chosen FedBid Inc. to help build its 22 CityLink smart city platform.
FedBid is an online marketplace that facilitates businesses and educational institutes participating in government procurement of goods and services.
The new smart city platform is focused on reducing the total lifecycle costs of smart city projects and creating long-term value for the citizens of these urban environments.
One of the first real estate projects 22 CityLink will focus on Gramercy District worth more than $ 500 million. This project is a ground-up smart city that is being built in the Washington, D.C. area.
The role of the new smart city platform is to improve procurement and ultimate profits when building smart city projects.
“By taking proven, industry-leading supply chain and procurement practices that drive efficiency in purchasing, while also reducing costs and applying them to modern development projects like Gramercy District, it is possible to dramatically increase the return on investment of any real estate development,” said 22 Capital’s managing partner Minh Le.
Creating a replicable process
FedBid will integrate its platform with 22 CityLink’s broader supply chain management and procurement services. This will enable all qualified sellers and buyers to participate in the construction process.
“We are creating a replicable process for effective and efficient procurement, not only in the construction phase, but throughout the development lifetime,” said Le.
Other groups already involved with the Gramercy District project include Microsoft, Avaya and George Washington University.
“FedBid is partnering with 22 CityLink to help them optimize the way goods and services are purchased to build Gramercy District,” said Ted Leonsis, of FedBid investor firm Revolution Growth. “FedBid revolutionized the way the federal government buys goods and services and this partnership will help set the standard for the development of future smart cities.”
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