What Happened?
Quincy, Massachusetts, has collected nearly $200 million in investments from contributors outside the city limits to support a downtown redevelopment project. The city plans to demolish the Quincy Center, as part of a $1.6 billion project to create 3.5 million square feet of business, retail and residential construction in the next seven years.
So What?
Because the city’s efforts to draw outside support have been so successful, it has been named The Quincy Model and is being studied the Urban Land Institute and Northeastern University as a framework for future redevelopment projects across the country. The Quincy Model is a public-private partnership that combines cooperation from both The Beal Companies and local officials in launching the development project.
Massachusetts is contributing tens of millions of dollars in grants and financing, while Beal/Street-Works will contribute $289 million toward improvements to sidewalks, utilities and parking. The city will then repurchase these amenities through tax revenue. The public-private partnership allows the city to fund such projects without touching its general fund or raising taxes. The Quincy Model offers municipalities with limited resources to overcome recession downturns and rebuild community resources.
Buffalo’s Collaborative Revitalization
The Larkinville neighborhood in Buffalo has regained its economic activity and exuberant atmosphere after experiencing a significant decline more than 50 years ago. Through a compromise of urban and suburban amenities, planning and design, the urban development now features public space, mixed-use initiatives and office space to support economic growth and pedestrian activity.
The Larkinville neighborhood was an iconic industrial area until the 1940s. Many of the older infrastructure abandoned when the area declined was converted to more consumer-friendly public space and streetscape with the help of $1 million in donations and state assistance.
The redevelopment project aimed to combine the best of urban and suburban amenities. The neighborhood wants to host a business-friendly downtown scene as well as free parking and outdoor space often available in the suburbs. By combining the features of both worlds, the developers hope to attract businesses who have transitioned to semi-rural office parks back within city limits through a more appealing structural development. Businesses can enjoy the historic architecture from previous owners without struggling with the same congestion typical to an urban scene.
Detroit’s Challenge
Similarly, the city of Detroit has been hosting its Challenge Detroit to spur innovation and revitalization within the community. The leadership and professional development program invites 30 young entrepreneurs and planners to live in Detroit and launch community-wide projects to impact social, economic and cultural initiatives.
Detroit area nonprofits and public agencies work with the fellows on identifying community challenges and brainstorming solutions. The participants will engage in monthly team challenges to engage the public and make a difference without increasing taxes. The goal of the project is to spur innovative though and development through cost-effective use of resources and community support. It aims to harness the passion and creativity of young entrepreneurs through nurturing support and access to resources that benefits participants and the community.
Other Privatization Projects
Gov1 has followed other partnerships between the public and private sectors that drive cost-efficient developments.