New Yorkers grow to like part-pedestrianisation of Times Square; “You can actually look up at the lights of the city without being hit by a car now”

October 6, 2013 7:44 pm

New Yorkers grow to like part-pedestrianisation of Times Square

By Elaine Moore

When New York City announced plans topedestrianise parts of Times Square in 2009 the city’s residents were in uproar. Wouldn’t banning cars mean the end of the frenetic energy that gave Manhattan its edge? But in the four years since Mayor Michael Bloomberg took the decision, New Yorkers have grown increasingly accustomed to taking over parts of Broadway, walking, biking and sitting in plazas across the traffic lanes. The changes have been hailed a success by business owners, residents and tourists. “You can actually look up at the lights of the city without being hit by a car now,” said one visitor.Many of the world’s largest cities are rethinking the way they use their streets as populations rise and space grows more constrained.

In 2012, the mayor of Paris, Bertrand Delanoë, won a battle to break up the motorway that runs along the bank of the Seine, starting with plans to reduce traffic on a 1km stretch of the right bank.

Sydney is spending more than $200m to transform one of its busiest roads, George Street, into a tree-lined pedestrian boulevard bisected by a light rail line.

The influential Danish architect Jan Gehl, who has been commissioned by many cities to rethink street design, said there is a worldwide trend to make cities safer and more pedestrian-friendly.

“The saturation of traffic in cities that happened at the end of the last century is tiring, polluting and stressful,” he said. “You need urban centres where people can walk, cycle, sit and meet.

“None of this would be happening if it was bad for business. The point is that if cities are nicer places to be then more people want to be there – the value of real estate goes up, employment rises and so does investment.”

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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