February 2009
The future of New York City was the issue at hand at the recent Crain's New York Business conference, held February 3rd in the heart of Manhattan and attended by more than 1,000. The interactive conference was designed to look at the forces impacting the city's economy and allow attendees to work together to come up with ideas on how to bolster the economy during this difficult time.
Halcrow's Michael Della Rocca, president, North America was part of a very impressive panel that discussed the city's real estate and infrastructure woes. This group tried to answer the crucial question - whether development in the city can continue despite the financial crisis, and if so, how.
Michael was joined by, panel moderator, Greg David, editorial director, Crain's New York Business, and panellists, Robert Lieber, Deputy Mayor for Economic Development, City of New York, Richard Ravitch, Partner, Ravitch, Rice & Co., and Stephen Ross, Chief Executive, The Related Companies.
The group shared their views to a standing room only crowd. Michael stressed that "in the short-term we need to maintain a system of good repair on the infrastructure that is already in place in and around the city." He acknowledged that the scope of our challenges is extensive but that we need to "go forward and not backward in addressing these challenges."
For the long-term, Michael said, "we need to take into account New York City's place in the world." He added that there is a lack of attention to goods movement. "Commerce trends are shifting. Where will the city fit in? We have to look ahead," he stressed.
Michael also spoke about a need to back regional investments. "Projects like Eastside Access, the 2nd Avenue Subway and Access to the Regions Core are still not fully funded. These projects are vital to New York City's future and require sustained funding," he said.
His final point focused on bringing private funding into public infrastructure projects. "Looking at public private partnerships to fund key infrastructure projects has in other states proven to be a win-win."
Also sponsored by the Partnership for New York City, the conference was attended by high-profile business men and women representing the breadth and depth of New York City. Key speeches were given by The Honorable Michael Bloomberg, Mayor, New York City, and Jamie Dimon, chairman and chief executive, JPMorgan Chase & Co. And adding to the hype, major television, radio and print outlets, like, CNBC, Bloomberg news and The Wall Street Journal were there covering the event.