A remarkable aspect of waterfronts is the change over time of users, and functional and formal features. Scalar dimension, local strategies, process management tools, financing methods and interactions among the various players involved in the transformation of the permeable boundary and the liquid cities: these are some issues of the complex relationship between territories and water. This relationship epitomizes all the contradictions and the problems of contemporary strategies and actions enhancing the built environment. Waterfront has become a topic: it stimulates diverse interests and involves big cities, as well as the small and medium-sized towns, in redevelopment and functional recovery operations exploiting the huge opportunities offered by the water resources. The analysis of past and present experiences shows that the interaction between the city and the water is a continuous and complex process requiring remarkable effort and a multidisciplinary approach, enabling the cooperation among Public Administrations and Local Governments and the involvement of different players. Nowadays, more than ever, cities are experiencing financial difficulties, with limited funds for public works and many bureaucratic limitations in the allocation of public money. Therefore, different ways must be identified by which Public Administrations could collect additional resources to finance a sustainable cities development and the enhancement of built environment. To overcome the difficulties of the Public Administrations, setting public works, more and more effective long-term Public-Private Partnerships (PPP) are needed. The today revolution lies in the interconnection of new technologies and global networks. Innovative tools as Civic Crowdfunding and Green Bond could serve as tools to solve this critical situation and support the public authorities in implementing public projects. Civic Crowdfunding and Green Bond are in their development phase. They are spreading fast and are more often adopted by the local Administrations, thanks to the social and economic benefits. These innovative financial tools are not extensively adopted for the development and enhancement of cities. Their promising future is mainly due to the transparency of the decision-making process in implementing projects of public interest, giving citizens the opportunity to participate in the development t of the territories.

Marzia Morena

Marzia Morena is a researcher with the BEST Department (Building Environment Sciences and Te-chnology) at the Politecnico di Milano, with which she has collaborated since 1996. She does teaching,research and consulting work, specializing in the area of technological innovation and in the relation-ship between the construction process, real estate development and facility management. She cur-rently teaches and coordinates diverse third-tier educational initiatives (Specialising Masters,Post-Graduate Courses and Permanent Education Courses). She is coordinator of the 14th Edition ofthe Postgraduate Master's Degree in Real Estate promoted by Politecnico di Milano. since 2004 shehas been the co-director of the Executive Course "Assets, Property and Facility Management - FPM"at MIP, the Business School of Politecnico di Milano and since 2005 she has been the coordinator of theelective course "Real Estate Development" of the Postgraduate Master's Degree in Real Estate, promotedby MIP Politecnico di Milano and SDA Bocconi and provided by the two schools in joint venture. Since 2010 she is the President of the Italian chapter of the Royal Institution of Chartered Surveyors (RICS). She is a founding member of the AREL board (Associazione Real Estate Ladies), established in 2006. She has authored and co-authored several publications on the topics of real estate and construction management.