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Baye Adofo-Wilson as he accepted the Public/Private Partnerships award for the restoration of Paterson’s iconic Hinchliffe Stadium.
“In this project we really had to lean on the ‘public’ aspect of the project,” he said, citing the support of officials at every level of government and the complex layering of tax credits, for a plan that also includes a museum for baseball’s Negro League, structured parking and 75 units of affordable senior housing. Also important, he said, is that residents can participate in the finished product by way of
the newly restored field and other facilities on site.
“This project is fundamentally a public project that the public-school students in Paterson get to use 180 days a year,” said Adofo-Wilson,
the CEO of BAW Development. He added: “It is the essence of what a public-private partnership is, and I think that with these complicated projects we should think about ways to include them more.”
Other honorees echoed calls for cooperation between developers and
policymakers. Dean Marchetto, who received the award for Leadership in Real Estate – Professional Services, said the state’s severe housing shortage is both a crisis and an opportunity for the commercial real estate sector. But with high interest rates, high land costs and other impediments to new construction, he said, local officials must realize “that increased density is the solution to creating more housing” and helping new projects be financially feasible.
“We need to tell our elected officials that density is their currency,” said Marchetto, founding principal of Hoboken-based MHS Architecture. “With density they can produce more housing, more affordable housing and even things like placemaking, parks and playgrounds — and maybe even stabilize taxes as well.
“Every shopping mall on the highway, every office park, all the parking lots in our downtown ... are opportunities to create housing. This is our chance to show leadership. Let’s be leaders.”
Eugene Diaz, principal partner with Prism Capital Partners, speaks during the ULI Northern New Jersey Excellence Awards on April 4.
Those on hand for the April 4 event included a diverse crowd of leaders from real estate and the professional service sectors, as well as government officials and executives in health care and education.
“This year’s Excellence Awards applicants truly exemplified what makes New Jersey so special,” said Anthony Ianuale, chief operating officer and chief financial officer of Dresdner Robin and ULINNJ co-
chair. “We extend thanks to all the remarkable
award winners,
our ULI
NNJ awards committee and all of the ULI NNJ board members
who made the evening possible.” RE
Anthony Ianuale
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