Course Description

This class addresses the very beginning of the land and building development process: the search for potential sites. Students weekly select sites and conduct feasibility evaluations which are then discussed extensively in class. Students learn about the wide range of factors (regulatory requirements, community acceptance, ability to finance, infrastructure, market potential and others).

Requirements

Five individual assignments will be required throughout the course of the semester. These will build upon topics covered in class; will focus upon application of key concepts; and will count towards approximately 25% of the final grade. Class participation will be important and will represent approximately 15% of the final grade. A final group presentation will be the focal point of the work product in the class and will be weighted most heavily of all (approximately 40% of the final class grade). In the presentation, each group (consisting of 4 or 5 students) will be asked to identify a viable real estate development opportunity and present a thorough summary of the development proposal, as if the students were seeking investors to fund the project. Students will select a potential site, prepare a conceptual master plan for the site, develop an entitlement strategy, and otherwise effectively “tell the story” of the project and sell their vision to the instructor and the balance of the class as if they were potential investors. A take-home final exam will count towards the remaining 20% of the class grade.

Readings

A variety of readings will be required as part of the class. ULI’s Real Estate Development, Principles and Process 3rd Edition and The Real Estate Game: The Intelligent Guide to Decision-Making and Investment by William J. Poorvu will serve as the base texts. These texts will be supplemented by additional ULI texts and ULI project case studies from various real estate projects throughout the country, as well as selected newspaper articles, trade resources, and work product from plans and documents prepared by The Cox Company, with the blessing of clients.