The increasing societal cost of vehicle travel in urban networks is causing higher social and environmental impacts on road users and urban residents. The societal cost of travel can be reduced through implementation of more efficient traffic management solutions, deeper integration of connected vehicles in the traffic stream, and increased deployment of vehicle-to-infrastructure (V2I) systems. This work proposes an innovative traffic management solution, based on Urban Connected Intelligent Transport Systems. The solution dynamically manages traffic by controlling for speed and acceleration in connected vehicles through V2I to minimize societal cost in urban networks. This is achieved by minimizing all four components of societal cost of travel, i.e., traffic accidents, fuel consumption, pollutant emissions and travel time. By minimizing societal cost, this research contributes to safer, greener and more sustainable transport in urban networks, while reducing the adverse environmental and economic impact. Experimental and field data as well as data from simulation were used to test the proposed solution at an urban coastal area in Patras, Greece.