Why The Gap Exists
In the past, both private and public sectors only understood a few steps involved in implementing sustainable development processes. They lacked training and experience to move past identifying the issue and getting funding approval to actually developing and executing their plans to solve the issue. Also, many companies in the private sector have the commercial skills necessary to complete a process but do not know how to interact with their local government. To succeed, both sectors must identify shared values and share their expertise to come up with a collaborative solution. There must be a greater push for them to execute plans as well.
Although such collaboration is nonexistent in most countries today, there is one notable program in Australia that is already using ideas that align with the United National Global Compact. One of their programs lasts two years and focuses on partnerships for project development and building capacity. Private and public sectors learn how to combine their resources as well as their knowledge in the program to produce favorable outcomes. With such a model in place, high-impact valuable projects are completed. Also, new partnerships emerge for future benefits, and governance guidance is developed for partnerships between the public and private sectors. When these points are combined, a truly sustainable solution emerges.
Types Of Projects That Demand Attention
As noted before, the projects that turn into executable plans should be valuable high-impact ones. After diagnosing a problem, a group of partners from both sectors should start a process to pinpoint the most critical issues and the solutions that provide the most benefits for the most people. Although priorities may be diverse among different industries, the overall benefit for community stability and a better environment for the future must top the list. Project styles usually fall into one of the following categories:
- Solutions that address complex local environment, livelihood, social and community issues.
- Solutions that make changes within a city by creating new structures.
- Solutions that support infrastructure through communications, waste, power, water, transport and other vital means.
After problems are identified and solutions are developed, projects must be prioritized. Partners must work together to secure funding from local or federal government resources and private investors. Since most local governments lack the funds for multiple projects, funding is one of the biggest obstacles. The Australian company referenced earlier uses a special training program to help partners learn how to attract investors and how to properly justify projects that incorporate multi-level partnerships.
Inclusive Prosperity Takes Development One Step Further
While partnerships between the public and private sectors related to environmental improvement are powerful, partnerships that include all members of society are the most beneficial. Inclusive prosperity uses the concept that everyone is a contributor and wants to help build a better future. Many people simply do not know how to help but would if they were given some tasks and advice. What is especially good about inclusive prosperity is its goal of reducing the gap between high-income executives and low-income workers. In many large cities such as New York City and Los Angeles, the middle class is disappearing quickly. The solution to economic segregation is usually creating more low-income housing or inclusionary zones. Although both changes help, they only comprise a fraction of what must be done to see real improvement.
One company in the District of Columbia is setting to work to create and inclusive society by making the city’s investment value higher. This means that it looks at projects as developing an interdependent ecosystem rather than constructing a bunch of buildings for various purposes. The plan used ideas from experts in various fields and community members to build a common vision. By giving everyone an important role, the organization helped engage the community and made it a part of writing its own future. Community members needed more jobs and wanted to preserve the area’s historical identity. Investors and planning partners set goals to adhere to the shared visions while still maintaining their financial goals. The bar was set high but yielded a feasible project that brought benefits for everyone.
About Boraie Development
Boraie Development is located in New Brunswick, New Jersey. It is a real estate company that focuses on property management, real estate development, marketing and sales. Omar Boraie founded Boraie Development. He is an Egyptian immigrant who came to the United States four decades ago to complete his doctorate degree in chemistry. He and his two sons who are partners work hard to bring positive change to New Jersey and the New York City metro area. Boraie Development collaborates with architects, contractors and financial institutions to complete projects in the area. The executives and workers of Boraie Development embrace the idea of creating sustainable community ecosystems that incorporate the concept of inclusive prosperity.
The innovative company has maintained a record of success by working with the strongest industry leaders in real estate development and architecture. By bringing top names and powerful ideas on board, the company has built an impressive list of successful construction projects. Omar Boraie and his sons are visionaries, and they enjoy finding underutilized properties to turn into high-impact building projects. The company also uses power-packed strategies for sales, marketing and property management.