Public/private partnerships, or PPPs, can be an incredibly effective way to reenergize a downtown. PPPs are a collaborative process between governments at the local, state or federal level and private sector companies (including non-profit organizations) with the aim of financing, building or operating projects.
A common example of this is a developer working with a town or city to rehabilitate a historic building into a mix of new uses such as housing above first-floor retail. The developer – representing a private company – will work with the local or state government to secure financing, zoning or other permits while contributing their own capital, property management services or tenants for the residential and commercial spaces. In this way, the developer works with local officials, and often other key stakeholders, to create an inviting project that reflects the needs and desires of the community.
The benefits of a public/private partnership are many. It often takes less time to complete the project, can help mitigate community concerns, promotes creativity and collaboration, and can help lessen the impact on public sector budgets.