Winter Issue 2022 - 51

OUTLOOK2022
business travel is still not back. There was a
recognition that even some of the minimum
guaranteed payments by concessionaires
were something the market couldn't bear. It
didn't serve the public sector to force their
private-sector partners into bankruptcy. So
a number of them created side agreements
that adjusted the minimum payments based
on traffic count.
How have the pandemic and the
resulting economic challenges affected
opportunities for public/private
partnerships?
CORDES: The pandemic has brought home
that housing is health care. Dr. Megan Sandel,
a pediatrician at Boston Medical Center,
said at the beginning of the pandemic that
housing is a vaccine, and it's true: in 2020,
you protected yourself by staying home.
But so many people couldn't do that. The
data proves that the pandemic overwhelmingly
impacts communities of color. As part
of ULI's Building Healthy Places initiative,
five district councils, including the St. Louis
district council that I chair, are digging into
ways that the real estate industry can impact
health equity outcomes in a positive way.
We're starting to talk to representatives from
the health care community and the public
sector to identify how we can influence
change and increase resilience. The public
health emergency brought a new urgency to
this issue.
BARNEY: The pandemic brought about a new
level of uncertainty. Even if we do get past
the coronavirus, other pandemics are going
to present themselves. Developers are accustomed
to quantifying risk, but uncertainty,
especially now in the form of climate and
pandemics, is at a new level. The uncertainty
we faced in the last couple of years gives us
an opportunity for public/private partnership
2.0-figuring out, together, not only how we
share risk, but also how we share uncertainty.
McELYEA: The pandemic gave rise to an
urgency that led to the streamlining of
bureaucratic barriers to entry that normally
hold projects up. Municipalities are more willing
to explore creative pilot or demonstration
contributing their insights:
Shawn Barney, managing
director, CLB Porter, New
Orleans; member, Public/
Private Partnership Council
(Gold Flight)
Kacey Cordes, vice
president, affordable housing,
U.S. Bancorp Community
Development Corporation;
chair, ULI St. Louis; chair,
Public/Private Partnership
Council (Blue Flight)
Jennifer McElyea, senior
managing partner, Watt
Investment Partners, Santa
Monica, California; member,
Public/Private Partnership
Council (Gold Flight)
Eric Rothman, chief
executive officer, HR&A
Advisors Inc., New York
City; chair, Public/Private
Partnership Council (Gold
Flight)
WINTER 2022
URBAN LAND
49

Winter Issue 2022

Table of Contents for the Digital Edition of Winter Issue 2022

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