Urban Strategy Fund : A new Boston Real Estate Fund

Best Practices for Public and Private Partnerships in Connecticut

 

 

 

Hartford, CT

March 29, 2007

 

Successful public/private partnerships can spur economic development, create jobs, and attract new business to areas in need. By marrying financial power, resources, and market knowledge, these partnerships can be a great asset to the community. It is no doubt that that these partnerships can accomplish great things, but satisfying demands from both the public and private sector can be tricky. Managing this important relationship between public entities and private developers was the topic of a recent panel discussion, “Best Practices for Public and Private Partnerships in Connecticut,” hosted jointly by the USA Fund and ULI Boston at the Hartford Marriot.

Moderated by Maureen McAvey, Urban Land Institute Senior Research Fellow, the panel showcased successful partnerships and discussed current problems faced by developers and officials throughout the state of Connecticut. Participants included John Palmieri, Director, City of Hartford, Department of Development Services, Annette Sanderson, Executive Director, Capital City Economic Development Authority, Michael Freimuth, Director, Office of Economic Development, City of Stamford, Andrea Pereira, Senior Program Director, Local Initiatives Support Corporation, Connecticut, Kirk Sykes, President, Urban Strategy America Fund, Bob Kantor, Director of Partnerships, Fannie Mae, Connecticut and Kimberley Parsons-Whitaker, Associate Director, Connecticut Main Street Center.

During the panel, participants presented success stories and discussed the lessons learned from successful public/private partnerships in New England. After the presentation the panel debated the issues and often conflicting responsibilities facing private developers and public officials trying to negotiate a new deal. Government officials emphasized their responsibility of transparency and the need to share information with the press and to win public approval for new projects. Private developers brought up the issue of timing and the need to get permits quickly to make the process less costly.

 

About the USA Fund

The Urban Strategy America ('USA') Fund is a New Boston real estate investment fund that executes on the promise of a triple bottom line- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.


About New Boston Fund

New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.0 billion including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. New Boston Fund: People, Values, Returns.

 

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