“P3 is dead.” So declared the first moderator at the Urban Land Institute “Public Private Partnerships” conference in Detroit. There was a gasp from the audience.Had we flown across the country only to attend a wake? Actually, it turns out the so-called “P3” has actually evolved into the “P5” — adding (Non-)Profit, Philanthropy, and People to the mainstay of Public and Private. Later, another panelist joked that it was really a “P27” — which emphasizes the complexity of urban development, and the idea that it takes a village to solidify a deal.

One myth that was debunked at the conference is that the P3 (I’ll refer to it as that for clarity) is not just for buildings. We heard about interesting projects throughout the country that focused on everything from river parks (Atlanta’s Beltline) to alley beautification (Mid-Town Detroit), to blight removal (Detroit and Cincinnati), to Detroit’s new M1 transit line, which began with a $100 million investment from philanthropy. However, it is especially true that public investment in buildings, whether they be theaters, train stations, hotels, or affordable housing units, can play a transformational role in leveraging millions of dollars in private investment.

Here are some interesting takeaways from several project presenters:

Atlanta Beltline: “It’s okay to report failure — it acknowledges that you need help and allows someone else to step forward.”

NYC’s Bryant Park: “The thirst for public space is so great, you don’t need the density of Manhattan to make it work.”

Detroit’s M1 Line: “Go Slow to Go Fast — it’s important to cultivate community buy-in.”

As a final note, there are two additional “P’s” that are relevant — I’m calling them the verb P’s (vs. the nouns) — and those would be Patience and Perseverance. This was reinforced by the final speaker, former U.S. Transportation Secretary Ray LaHood. He lamented the nation’s aging infrastructure, and expressed that the best hope for fixing it is to tap into the vision and leadership happening at the local level.

But this won’t necessarily happen everywhere. “Only when communities come together does this work.” Prophetic words for Fremont as we embark on two large infrastructure projects that will redefine our jobs outlook, community gathering spaces, and civic pride.

You can download the full presentation at http://ppp.uli.org/wp-content/uploads/sites/69/2014/06/Innovation_as_Leadership.pdf