The Development Process
PLAN6392: Summer 2024
I. Learning Outcomes
This class will provide a basic foundation upon which to build an understanding of the interplay between design, finance, and markets which shapes real estate development around the world. It is intended as an introductory class, to familiarize students with the key components necessary to develop a successful project. Students will become conversant with basic real estate typologies, with the discipline of evaluating sites and neighborhoods, with various approaches to “ideating” what might be built on a site, and with the role of market analysis to evaluate the viability of a potential development program early on – prior to purchasing a site or investing in a project
II. Course Overview
This course is structured as a half-semester lecture course, covering a series of topics. Lectures will be accompanied by required readings and weekly student assignments. While New York will provide a lens for some of the material, students will also be asked to draw on markets and cities with which they are familiar – abroad or in other parts of the U.S. Students are expected to work both individually and in groups as requested.
II. Course Requirements and Grading Criteria
Students will be expected to attend all classes, including lectures, classrooms discussions and presentations, and to participate as appropriate. Absence requests must be submitted by email to the TA for approval by the professor in advance of class.
The class will be assigned readings over the course of the semester. Some are readily available on the internet; others will be posted on Courseworks. Assignments will be posted on Courseworks weekly and are mandatory. Late assignments will receive reduced grades.
Course grading criteria are as follows:
● attendance: 20%
● assignments: 40%
● quizzes/exam: 40%
III. Disability Accommodations and Writing Assistance
Requests for academic accommodations must be made during the first two weeks of the course. Students must register with Office of Disability Services
http://www.health.columbia.edu/docs/services/ods/index.html (or call (212) 854-2388) for disability verification and determination of reasonable academic accommodation. If you are already registered with Columbia Disability Services, please use its online system to notify me ofyour accommodations and discuss your needs as early in the semester as possible.
Students are encouraged to contact the Columbia University Writing Center for writing assistance.
IV. Academic Integrity
Academic integrity is expected of every Columbia University student. Plagiarism is defined as the use of work or concepts developed by other individuals without proper attribution or citation.
Unique ideas or materials taken from another source for either written or oral use must be fully
acknowledged in academic work to be graded. Examples of sources expected to be referenced
include (but are not limited to): text; graphic elements; mathematical or scientific data; or concepts or material derived from the work of another.
The use of generative Artificial Intelligence (AI) or machine learning tools (such as ChatGPT) to complete an assignment, exam or deliverable (in whole or in part) is strictly prohibited unless prior approval is given by the instructor. The unauthorized use of such tools shall be treated similarly to unauthorized assistance and/or plagiarism. Any academic integrity misconduct will be handled per Columbia University’s academic policy.
V. Syllabus Overview
Class 1, May 28: Introducing Development
● course overview and administration
● development forms, scales and locations
● the role of government
● the role of markets
● the development process
Readings for 6/4:
-Long, Charles, Finance for Real Estate Development “The Development Process”, pp. 3-16
-Jacobs, Allan B. “Starting to Look”, Looking at Cities, 1985, pp 1-13.
Assignment for 6/4: TBD
Class 2, June 4: Development Typologies
● standard typologies
● transit-oriented development
● housing: luxury, market-rate and affordable
● skyscrapers: residential and commercial
● large-scale mixed-use development
Readings for 6/11:
Poorvu, William and Cruikshank, Jeffrey, “Development”, The Real Estate Game, pp, 147-164.
Assignment for 6/11: TBD
Class 3, June 11: Assessing a Neighborhood
● mobility
● public and open space
● demographic trends
● community issues
● existing development and trends
Readings for 6/18:.
-“Organizing for Development,” Professional Real Estate Development, pp 14-17. 22-25. 28-9.
Assignment for 6/18: TBD
Class 4, June 18: Assessing a Site
● site history and tenants
● adjacencies and assemblage potential
● zoning, bonuses and incentives
● site assets and deficiencies
● infrastructure and environmental issues
Readings for 6/25:
-Miles, Behrens et al “Ideas,” Real Estate Development: Principles and Process, pp. 233-252
Assignment for 6/25: TBD
Class 5, June 25: Ideation: what might you build here?
● zoning clues and target markets
● precedents and development trends
● government incentives and partnerships
● community/neighborhood needs
● developing your thesis: use, scale, features
Readings for 7/2:
-Miles Behrens et al, “Market Research: a Tool for Generating Ideas,” Real Estate Development:
Principles and Process, pp. 253-268
-Brett and Schmitz, Real Estate Market Analysis, 2 nd Edition, Chapters 1,2, pp. 3-34.
Assignment for 7/2: TBDClass 6, July 2: Testing a Development Program
● market analysis
● construction costs
● preliminary math: HBU and BOE
● as-of-right vs discretionary
● iteration and reiteration
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