Urban Real Estate Development

3 Credits · Level: Graduate

Development adds value to land by increasing income, mainly by increasing the density of revenue-producing units. Developers and capital sources are attracted today to urban mixed-use projects – multifamily, office, hotel, retail - because more value can be created with the same effort and capital than in suburban projects on similar-sized lots. Suburban success in the 1980’s – 90’s has been curbed by environmental concerns, the cost to extend public services, and large lot zoning restrictions. Urban mixed-use projects are studied to see how Developers decide where to locate projects, how equity partners and lenders assess risks, and how a project is designed, financed, leased, and built. Some projects are successful while others struggle. Disruptions and delays in the development sequence can be triggered by the market, government, neighbors, competition, or even the property itself, extending the timeline and increasing cost. Guest speakers will offer insights on how they overcame challenges. Examples include McMillan Park, Poplar Point, Capitol Riverfront, Buzzards Point, Union Market, and Entitlement rezoning battles to increase density are studied through private PUDs, Planned Unit Development, and public RFPs (Request for Proposals).