REAL 635: The Development Process Master Syllabus
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Course Description
The course outlines the development process and the interrelated activities of the key disciplines involved. Students are introduced to vocabulary and concepts from multiple industry sectors and learn how each respective sector can influence project outcomes. The role of the developer as a leader and coordinator of both the project and development team is stressed. Various product types are considered, including: office, multifamily, retail, and industrial properties. In their final project, students will make portfolio recommendations by analyzing different development scenarios and examining critical decisions at each project stage and the resulting impact on project costs and outcomes.
Learning Objectives
At the end of this course, students will be able to:
- Demonstrate an understanding of vocabulary and concepts from the numerous interrelated disciplines involved in real estate development
- Identify the roles and responsibilities of different members of a development team
- Demonstrate an understanding of how the perspectives and responsibilities of different functional disciplines involved in the development process can influence project outcomes
- Evaluate complex development scenarios and their impact on project costs and timeline
- Analyze different types of development opportunities, including: office, multifamily, retail, and industrial
- Develop teamwork and presentation skills
Approach to Learning
This course involves an interactive, discussion-based lecture format as well as activities organized around group work to encourage collaboration and knowledge-sharing among students. Discussions and questions are highly encouraged. In group projects, each student is responsible for their individual contribution as well as collectively for the overall analysis, presentation, and written assignment.
Topics Covered:
- Phases of development
- Industry sectors / disciplines involved in real estate development
- The developer as a leader and selecting a development team
- Development strategies
- Constraints on development projects
- Due diligence and risk management
- Investment returns and equity partners
- Special considerations for different product types (office, multifamily, retail, industrial)
Representative Text and Learning Materials
The following are examples of the types of books that may be used as required or supplementary material for the class:
- Real Estate Development – Principles and Process, Fifth Edition, Mike Miles, Gayle Berens, Mark J. Eppli and Marc Weiss, (ULI – the Urban Land Institute, Washington, D.C., 2007) ISBN: 978-0-87420-971-6
- Modern Real Estate, Charles H. Wurtzebach and Mike E. Miles, (Fifth Edition, John Wiley & Sons, New York, 1994)
- Skyscraper, The Making of a Building, videotape or book, Karl Sabbagh, (Viking Penguin, New York, 1990) PBS
Student Responsibilities
Students are expected to attend all classes, and are responsible for keeping themselves updated on any changes on the course website. In case of absence, it is the student’s responsibility to catch up with the material covered. Without advance notice and approval, no extensions or options to retake are provided if for any missed quizzes, exams, or assignments due to absence.
Methods of Student Evaluation
Exams, quizzes, class participation, discussion of assigned readings, and group project reports and presentations.
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