I’m penning this from our deck overlooking the Teton mountain range in Jackson, Wyoming. You see, wanderlust 2026 continues.
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After busying ourselves with fly fishing on the Snake River, rafting, horseback riding and touring Grand Teton and Yellowstone national parks, there hasn’t been much time for reflection.
But this area is a fascinating case study in what can happen when public purpose and private enterprise work together.
Much has been written about the negative consequences when government and private business join hands on a project. And for good reason. Taxpayers can assume the risk while private interests reap the rewards. Political influence can replace market discipline.
But the Tetons offer another side of that story.
One of the best examples dates to the 1920s.
John D. Rockefeller Jr. visited the area and became concerned that commercial development would permanently alter the landscape surrounding the Teton range. Through the Snake River Land Company, Rockefeller quietly began acquiring ranches and other private holdings with the intention of ultimately preserving the land.
Over time, approximately 35,000 acres were assembled and eventually donated to the federal government, helping form a significant portion of what became the expanded Grand Teton National Park.
Think about that.
Private capital acquired fragmented parcels from willing sellers. Government ultimately became the steward. The public received the lasting benefit.
It wasn’t without controversy. Local ranchers, politicians and others opposed federal control, and the process took years. But more than a century later, the result is difficult to argue with as you stare across this extraordinary landscape.
The same public-private relationship continues today in a different form.
Government protects the resource and establishes the rules. But much of the visitor experience is provided by private enterprise.
Our fly-fishing guide doesn’t work for the federal government. Neither do many of the people taking visitors rafting, horseback riding or sightseeing. Lodges, outfitters, restaurants, retailers and transportation companies provide services to millions of visitors drawn here by a publicly protected resource.
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There are guardrails, however.
Private businesses aren’t free to develop the Tetons however they please. There are permits, environmental protections and restrictions on use.
And perhaps that is the lesson.
Successful public-private partnerships shouldn’t ask government to become a business or business to become government. Each should do what it does best.
Government can protect resources, establish standards, provide infrastructure and take the long view.
Private enterprise can provide capital, innovation, competition, efficiency and customer service.
Commercial real estate offers plenty of parallels. We see public-private cooperation in redevelopment districts, infrastructure improvements, brownfield remediation, transportation projects and adaptive reuse.
Some work beautifully. Others become expensive cautionary tales.
The difference often comes down to structure. Who bears the risk? Who receives the benefit? Are incentives aligned? Is there transparency and accountability? Most importantly, does the public investment create a broader public benefit?
Looking across the Tetons, I’m reminded that public-private partnerships aren’t inherently good or bad.
They’re tools.
Used poorly, they can distort markets and waste taxpayer dollars. Used properly, with clearly defined roles and the right guardrails, they can accomplish something neither side could accomplish alone.
John D. Rockefeller Jr. saw something here worth preserving.
Private capital helped secure it. Public stewardship protected it.
A century later, we’re still enjoying the return on that investment.
Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at [email protected] or 714.564.7104.
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