Real estate Case study

IMPORTANT: The single most important part of this paper are your original ideas,thoughts and evaluation of a project or topic. Make your ideas the heart of the paper.
You have two options for your individual paper:
•    PROJECT CASE STUDY – Write a case study exploring an innovative real estate development project. Detailed instructions for the project case study option are attached. ?
DEADLINE AND INSTRUCTIONS FOR SUBMITTING YOUR PAPER?The paper AND powerpoint slides are due 12 noon, Thursday, October 22nd.

PREPARATION OF YOUR FINAL PAPER
1.    LENGTH: A minimum of 2000-words
2.    PROOFREAD: Proofread your paper and correct all grammatical and spelling errors. This means you need to read through the paper from start to finish. If you turn in a carelessly written paper filled with grammatical problems that make it hard to read it will be poorly received and graded accordingly. If you can proofread each other’s first draft it will greatly improve the final version. Good editing = good writing!
3.    TITLE PAGE: Create a title page with your name, the class number & title, the instructors’ names, and the date.
4.    ILLUSTRATIONS: Illustrate your case or topic with photos, plans, and graphics (not account in page)
5.    SPACING: Set the spacing for the final draft to space-and-a-half (the middle choice for line spacing in Microsoft Word’s alignment and spacing formatting palette).
6.    PAGE NUMBERS: Include page numbers on each page.
PROJECT CASE STUDY INSTRUCTIONS
You have been hired by Urban Land magazine to write a full-length, 2000-word feature article about an innovative real estate development project. This is NOT a long article, which means it must be succinct, well-edited, and focus on the most essential ideas. The purpose of the assignment is to expose you to a variety of innovative walkable, urban mixed-use real estate development projects and inform your own brainstorming when you begin your team assignments for team projects. Your audience includes:
.    1)  people from the real estate industry (developers, brokers, banks, marketing firms) who are interested in the real estate development details of the project;
.    2)  planners, architects and others interested in the planning and design details of the project;
.    3)  average citizens who may be interested in the project as a place to live, work or visit
CHOOSING YOUR PROJECT
MY CHOICE IS: University Park at MIT, Cambridge, MA

RESEARCHING YOUR CASE
I do not expect you to conduct formal interviews with people, but it will help if your project has been previously written about so you can gather basic facts and performance information. Simply searching on the name of your project, its location, and the name of the developer through Google should produce some results. Most of the projects outside of Florida can be found in one of the following books
Bohl, Charles C. Place Making: Developing Town Centers, Main Streets and Urban Villages. Washington, DC: The Urban Land Institute, 2002.
Gupta, PremaKatari, and Kathryn Terzano. Creating Great Town Centers and Urban Villages. Edited by The Urban Land Institute. Washington, DC: The Urban Land Institute, 2008.
Schwanke, Dean, and Frank Spink Patrick L. Phillips, Charles Lockwood, David Versel, Steven Fader, Leslie Holst, Oliver Jerschow, Deborah Myerson. Mixed-Use Development Handbook. Edited by The Urban Land Institute. 2nd ed, Community Builders Handbook Series. Washington, DC: The Urban Land Institute, 2003.
USE OF MATERIAL FROM SECONDARY SOURCES?You can quote from secondary materials just be sure to use standard citations for the sources. Do NOT under any circumstances copy what you find in these sources and repeat it word for word in your report. This is plagiarism and even short passages from web pages will be obvious when we read them.
CONTENT
Your paper should provide a brief overview of the project and mainly consist of your thoughts, insights, evaluation and critique of the project. Below is an overly detailed list of topics and questions for you to explore / answer as you think through your case study. You are not expected to answer all items, this is simply a guide to help you consider the project from a real estate perspective.
At the heart of your case study you should answer the simple question: What is innovative about this urban real estate development project??Do NOT just provide a description. Emphasize your own critical evaluation of
the project: strengths, weaknesses, what could have been done better?

SOME SUGGESTED QUESTIONS/ISSUES TO EXPLORE
Below is an overly detailed outline of topics and questions for you to explore / answer as you think through your review and critique. You are not expected to answer all items, this is simply a guide. I do not expect you to conduct formal interviews people, but it will help if your project has been previously written about so you can gather basic facts and performance information.
Choose one or two good questions for each term (at least focus on more important term). If some terms are important you can explore more question
I. DESIGN
•    Focus on the basics: walkability, mixed-use, public realm/civic character, the handling of automobiles (traffic calming, concealment of parking), and diversity (range of housing types and people attracted to live, work, shop and visit).
•    WHO might this project appeal to as a place to live, work, visit in terms of its design
•    Think about WHERE the project is located and how it relates to its surroundings
•    Ask yourself HOW and WHY the designer did things the way they did.
•    Ask yourself what would have the design of the project better.
•    Ask yourself how this project differs from similar (average) projects in the area. ?A. Site Plan
1.    The context of the site within the region and the community
2.    Special site features and constraints
3.    Street layout (interconnectivity of streets and sidewalks)
4.    Rationale behind the arrangement of land uses, public space, civic sites, building types, ?densities, etc.
•    B. Mix of Uses
1.    Commercial (Retail, Office, Dining, Entertainment, Services)
2.    Residential (provide a breakdown of the different types of residential within the project by ?type)
3.    Civic – Are there any libraries, schools, churches, museums, post offices, courthouses, town ?halls in or near the project? Were prominent sites reserved for existing of future civic uses?
4.    Other (light industrial or other specialized uses)
•    C. Buildings
1.    Building types
2.    Frontages
3.    Architecture
4.    Sales, rental and leasing considerations
5.    Challenges and solutions associated with vertical mixed and live/work units
•    D. Public Gathering Places ?Types and quality of public parks, squares, greens, waterfront areas, and streets. ?E. Streets & Parking
1.    Street types and connectivity
2.    Parking arrangements (on street, surface lots, structured)
5
II. DEVELOPMENT
A. Concept
1.    What is the concept of the project (e.g., traditional neighborhood development, town center, transit village, subdivision, condominium community, office park, urban infill, etc)?
2.    What is the developer’s “program” (density, mix of uses, housing types, etc) for this project?
B. Feasibility
1.    Do you think this is the right type of project, the right types of properties for sale, rent or lease, in the right place at the right time?
2.    Describe the context – what special circumstances were involved with this site and opportunities for developing it?
3.    What is the competition for this project? Are there any “comparable” properties that could be used to gauge the market for similar types of property in this project? Did the project introduce entirely new product types to this market?
4.    Are there unusual aspects of the project that added costs above and beyond other projects in the area? What were they? Are these costs or the overall results viewed as enhancing the value of the project (creating a premium)? If not, how were these added costs justified or offset?
C. Financing
1.    In your judgment do you think this was a difficult project to finance? Why or why not?
2.    Were there any public funds or special tax measures (incentives) involved? Were any special districts created to specifically help fund infrastructure improvements, rehabilitation of older ?structures, land acquisition, etc)? If so, do you think the project could have been done without ?them?
3.    Will the developer sell this project when it is complete? Who will own, maintain and manage ?this project in the future?
D. Development Team
1.    Who is the developer and what is his track record (search the web to see if you can identify other projects they have built);
2.    Was there more than one developer involved in this project?
3.    Who were the key members of the development team?
E. Regulatory
1.    What were some of the key regulatory issues encountered for getting the project approved and permitted? Did the zoning have to be changed? Alleyways closed?
2.    What other code issues hampered the project, e.g., building code issues for mixed uses; transportation issues for narrow streets and shared parking; public works standards for stormwater mitigation measures, parks and recreation standards for the size and maintenance of public spaces, police, fire and insurance issues?
3.    Was there a make or break issue involving codes or regulations that was dealt with?
F. Phasing
1.    Was/is this project being developed in phases or all at once?
2.    If phased, what is the phasing strategy (e.g., is it designed to maximize value of the last ?phases of the project, respond to changes in the market; avoid early outlays of funds for ?infrastructure such as parking decks and roadway improvements)?
3.    Has the phasing strategy gone as planned or did it need to be adjusted?
G. Marketing, Management & Performance
1.    What type of people (households and demographic profiles) do you think represent the target market? Can middle-income households (e.g., teachers, policemen, firemen) afford these prices?
2.    How was/is this project marketed? Is the marketing any different from similar or competing properties?
3.    Are there any special management challenges for this project. For example, maintenance of common areas (public spaces, streets, facilities)? Shared parking arrangements? Easements for public access to parks, trails, amenities?
4.    How well is the project performing – does it appear to be selling/leasing well (i.e., how has the project performed compared with the projected market absorption and capture rates anticipated)?
5.    How have the residential portions of the project performed? Are sales prices and rental rates lower, higher, or about the same as competing properties in this market?
6.    Do you think people are getting good value for their money (in terms of sales prices, lease rates and what they get for their money)?
7.    How does the retail and office appear to be performing? Are sales prices and lease rates lower, higher, or about the same as competing properties in this market?
H. Experience Gained
1.    Any big surprises or big disappointments involved in the real estate development aspects of this project?
2.    What things would you have done differently?
FINAL PARAGRAPH
An individual project can succeed or fail as a real estate development initiative AND/OR in terms of what it contributes to the larger community (as an element of city building). In the last paragraph of your case study summarize your perspectives according to these TWO areas. Treat both perspectives as equally important and valid to your readers.
“After a slow start and substantial upfront investment costs, Orenco Station Town Center now appears to be a profitable real estate venture for the developer, PacTrust, with stores fully leased, lofts and live/work units fully occupied and exhibiting rapid appreciation in recent resale prices. The project introduced new housing types that have proven very popular and proven that mixed-use development can be done profitably in Portland’s suburbs. By building the town center in an early phase of the project sales of single-family homes and apartment rentals in the neighborhoods surrounding the town center were greatly accelerated. From a community building perspective, the project provides residents of Orenco Station and the surrounding communities with shops, restaurants, grocery stores, and public gathering spaces that were lacking in the area. Although the project fails to help address the affordable housing challenges of greater Portland, it succeeds as both a real estate enterprise and by contributing to the quality of life for people living in the area.”

Real estate Case study

IMPORTANT: The single most important part of this paper are your original ideas,thoughts and evaluation of a project or topic. Make your ideas the heart of the paper.
You have two options for your individual paper:
•    PROJECT CASE STUDY – Write a case study exploring an innovative real estate development project. Detailed instructions for the project case study option are attached. ?
DEADLINE AND INSTRUCTIONS FOR SUBMITTING YOUR PAPER?The paper AND powerpoint slides are due 12 noon, Thursday, October 22nd.

PREPARATION OF YOUR FINAL PAPER
1.    LENGTH: A minimum of 2000-words
2.    PROOFREAD: Proofread your paper and correct all grammatical and spelling errors. This means you need to read through the paper from start to finish. If you turn in a carelessly written paper filled with grammatical problems that make it hard to read it will be poorly received and graded accordingly. If you can proofread each other’s first draft it will greatly improve the final version. Good editing = good writing!
3.    TITLE PAGE: Create a title page with your name, the class number & title, the instructors’ names, and the date.
4.    ILLUSTRATIONS: Illustrate your case or topic with photos, plans, and graphics (not account in page)
5.    SPACING: Set the spacing for the final draft to space-and-a-half (the middle choice for line spacing in Microsoft Word’s alignment and spacing formatting palette).
6.    PAGE NUMBERS: Include page numbers on each page.
PROJECT CASE STUDY INSTRUCTIONS
You have been hired by Urban Land magazine to write a full-length, 2000-word feature article about an innovative real estate development project. This is NOT a long article, which means it must be succinct, well-edited, and focus on the most essential ideas. The purpose of the assignment is to expose you to a variety of innovative walkable, urban mixed-use real estate development projects and inform your own brainstorming when you begin your team assignments for team projects. Your audience includes:
.    1)  people from the real estate industry (developers, brokers, banks, marketing firms) who are interested in the real estate development details of the project;
.    2)  planners, architects and others interested in the planning and design details of the project;
.    3)  average citizens who may be interested in the project as a place to live, work or visit
CHOOSING YOUR PROJECT
MY CHOICE IS: University Park at MIT, Cambridge, MA

RESEARCHING YOUR CASE
I do not expect you to conduct formal interviews with people, but it will help if your project has been previously written about so you can gather basic facts and performance information. Simply searching on the name of your project, its location, and the name of the developer through Google should produce some results. Most of the projects outside of Florida can be found in one of the following books
Bohl, Charles C. Place Making: Developing Town Centers, Main Streets and Urban Villages. Washington, DC: The Urban Land Institute, 2002.
Gupta, PremaKatari, and Kathryn Terzano. Creating Great Town Centers and Urban Villages. Edited by The Urban Land Institute. Washington, DC: The Urban Land Institute, 2008.
Schwanke, Dean, and Frank Spink Patrick L. Phillips, Charles Lockwood, David Versel, Steven Fader, Leslie Holst, Oliver Jerschow, Deborah Myerson. Mixed-Use Development Handbook. Edited by The Urban Land Institute. 2nd ed, Community Builders Handbook Series. Washington, DC: The Urban Land Institute, 2003.
USE OF MATERIAL FROM SECONDARY SOURCES?You can quote from secondary materials just be sure to use standard citations for the sources. Do NOT under any circumstances copy what you find in these sources and repeat it word for word in your report. This is plagiarism and even short passages from web pages will be obvious when we read them.
CONTENT
Your paper should provide a brief overview of the project and mainly consist of your thoughts, insights, evaluation and critique of the project. Below is an overly detailed list of topics and questions for you to explore / answer as you think through your case study. You are not expected to answer all items, this is simply a guide to help you consider the project from a real estate perspective.
At the heart of your case study you should answer the simple question: What is innovative about this urban real estate development project??Do NOT just provide a description. Emphasize your own critical evaluation of
the project: strengths, weaknesses, what could have been done better?

SOME SUGGESTED QUESTIONS/ISSUES TO EXPLORE
Below is an overly detailed outline of topics and questions for you to explore / answer as you think through your review and critique. You are not expected to answer all items, this is simply a guide. I do not expect you to conduct formal interviews people, but it will help if your project has been previously written about so you can gather basic facts and performance information.
Choose one or two good questions for each term (at least focus on more important term). If some terms are important you can explore more question
I. DESIGN
•    Focus on the basics: walkability, mixed-use, public realm/civic character, the handling of automobiles (traffic calming, concealment of parking), and diversity (range of housing types and people attracted to live, work, shop and visit).
•    WHO might this project appeal to as a place to live, work, visit in terms of its design
•    Think about WHERE the project is located and how it relates to its surroundings
•    Ask yourself HOW and WHY the designer did things the way they did.
•    Ask yourself what would have the design of the project better.
•    Ask yourself how this project differs from similar (average) projects in the area. ?A. Site Plan
1.    The context of the site within the region and the community
2.    Special site features and constraints
3.    Street layout (interconnectivity of streets and sidewalks)
4.    Rationale behind the arrangement of land uses, public space, civic sites, building types, ?densities, etc.
•    B. Mix of Uses
1.    Commercial (Retail, Office, Dining, Entertainment, Services)
2.    Residential (provide a breakdown of the different types of residential within the project by ?type)
3.    Civic – Are there any libraries, schools, churches, museums, post offices, courthouses, town ?halls in or near the project? Were prominent sites reserved for existing of future civic uses?
4.    Other (light industrial or other specialized uses)
•    C. Buildings
1.    Building types
2.    Frontages
3.    Architecture
4.    Sales, rental and leasing considerations
5.    Challenges and solutions associated with vertical mixed and live/work units
•    D. Public Gathering Places ?Types and quality of public parks, squares, greens, waterfront areas, and streets. ?E. Streets & Parking
1.    Street types and connectivity
2.    Parking arrangements (on street, surface lots, structured)
5
II. DEVELOPMENT
A. Concept
1.    What is the concept of the project (e.g., traditional neighborhood development, town center, transit village, subdivision, condominium community, office park, urban infill, etc)?
2.    What is the developer’s “program” (density, mix of uses, housing types, etc) for this project?
B. Feasibility
1.    Do you think this is the right type of project, the right types of properties for sale, rent or lease, in the right place at the right time?
2.    Describe the context – what special circumstances were involved with this site and opportunities for developing it?
3.    What is the competition for this project? Are there any “comparable” properties that could be used to gauge the market for similar types of property in this project? Did the project introduce entirely new product types to this market?
4.    Are there unusual aspects of the project that added costs above and beyond other projects in the area? What were they? Are these costs or the overall results viewed as enhancing the value of the project (creating a premium)? If not, how were these added costs justified or offset?
C. Financing
1.    In your judgment do you think this was a difficult project to finance? Why or why not?
2.    Were there any public funds or special tax measures (incentives) involved? Were any special districts created to specifically help fund infrastructure improvements, rehabilitation of older ?structures, land acquisition, etc)? If so, do you think the project could have been done without ?them?
3.    Will the developer sell this project when it is complete? Who will own, maintain and manage ?this project in the future?
D. Development Team
1.    Who is the developer and what is his track record (search the web to see if you can identify other projects they have built);
2.    Was there more than one developer involved in this project?
3.    Who were the key members of the development team?
E. Regulatory
1.    What were some of the key regulatory issues encountered for getting the project approved and permitted? Did the zoning have to be changed? Alleyways closed?
2.    What other code issues hampered the project, e.g., building code issues for mixed uses; transportation issues for narrow streets and shared parking; public works standards for stormwater mitigation measures, parks and recreation standards for the size and maintenance of public spaces, police, fire and insurance issues?
3.    Was there a make or break issue involving codes or regulations that was dealt with?
F. Phasing
1.    Was/is this project being developed in phases or all at once?
2.    If phased, what is the phasing strategy (e.g., is it designed to maximize value of the last ?phases of the project, respond to changes in the market; avoid early outlays of funds for ?infrastructure such as parking decks and roadway improvements)?
3.    Has the phasing strategy gone as planned or did it need to be adjusted?
G. Marketing, Management & Performance
1.    What type of people (households and demographic profiles) do you think represent the target market? Can middle-income households (e.g., teachers, policemen, firemen) afford these prices?
2.    How was/is this project marketed? Is the marketing any different from similar or competing properties?
3.    Are there any special management challenges for this project. For example, maintenance of common areas (public spaces, streets, facilities)? Shared parking arrangements? Easements for public access to parks, trails, amenities?
4.    How well is the project performing – does it appear to be selling/leasing well (i.e., how has the project performed compared with the projected market absorption and capture rates anticipated)?
5.    How have the residential portions of the project performed? Are sales prices and rental rates lower, higher, or about the same as competing properties in this market?
6.    Do you think people are getting good value for their money (in terms of sales prices, lease rates and what they get for their money)?
7.    How does the retail and office appear to be performing? Are sales prices and lease rates lower, higher, or about the same as competing properties in this market?
H. Experience Gained
1.    Any big surprises or big disappointments involved in the real estate development aspects of this project?
2.    What things would you have done differently?
FINAL PARAGRAPH
An individual project can succeed or fail as a real estate development initiative AND/OR in terms of what it contributes to the larger community (as an element of city building). In the last paragraph of your case study summarize your perspectives according to these TWO areas. Treat both perspectives as equally important and valid to your readers.
“After a slow start and substantial upfront investment costs, Orenco Station Town Center now appears to be a profitable real estate venture for the developer, PacTrust, with stores fully leased, lofts and live/work units fully occupied and exhibiting rapid appreciation in recent resale prices. The project introduced new housing types that have proven very popular and proven that mixed-use development can be done profitably in Portland’s suburbs. By building the town center in an early phase of the project sales of single-family homes and apartment rentals in the neighborhoods surrounding the town center were greatly accelerated. From a community building perspective, the project provides residents of Orenco Station and the surrounding communities with shops, restaurants, grocery stores, and public gathering spaces that were lacking in the area. Although the project fails to help address the affordable housing challenges of greater Portland, it succeeds as both a real estate enterprise and by contributing to the quality of life for people living in the area.”