NEW YORK CITY- Donald Monti, president and CEO of Renaissance Downtowns, probably put it best during the Alternative Investment Summit's "The Next Wave of Urban Investment in Suburbia" on Wednesday afternoon in Midtown: future suburban development should be defined as “urban nodes in suburbia." The event, which explored different ways for hedge fund managers and investors to allocate their funds, showcased new urban renewal projects, like Renaissance's work in Hempstead, NY.

The company transformed the onetime “cultural mecca of Long Island” to a new glory using greatfields space. Essentially, a parking lot was transformed to a community encompassing living space And as the US population ages, realizes that public transportation and being close to it all are cost-effective and pleasant ways to live, it seems that these “nodes” will crop up with increasing frequency. At least, that’s the hope.

The aforementioned panel, however, took more of a commercial real estate approach in that it highlighted an emerging market: that of the suburban dweller who can’t afford city life, but needs related amenities nearby. With its Hempstead development, Renaissance has perhaps kickstarted a trend – or at the very least is acting as a leader and model globally, perhaps. (Monti mentioned that they will be presenting their Hempstead project in Dubai in the coming months.)