REAL 750: MSRED Capstone Master Syllabus
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Course Description
The Capstone Project will be the culmination of the MS in Real Estate Development program, requiring students to apply all concepts learned throughout the program. In this unique class, students work in a team to complete a consulting engagement in which a member of the real estate industry provides a subject site and acts as a client. Other industry professionals also volunteer their time to work with students as subject-matter experts on each project. Students must create a comprehensive development feasibility report and recommendation, including all market assumptions, zoning considerations, site and massing plans, and financial analysis. The class culminates with a formal presentation by the students to their client.
Students are expected to use good judgement in their conduct, represent George Mason University in a positive manner, and respect the confidentiality of their client’s information and interests.
Learning Objectives
At the end of this course, students will be able to:
- Holistically apply all skills learned in the MS in Real Estate Development program
- Identify all relevant factors affecting a subject site, including: physical site conditions, zoning issues, legal concerns, community/social issues, financing options, market conditions, existing structure or demolition constraints
- Demonstrate the ability to evaluate all factors affecting a subject site, the relationships between them, and the implications for the development of the site
- Analyze alternatives and develop a complete development feasibility report and client recommendation
- Allocate task responsibility and practice individual and team accountability
- Develop teamwork and presentation skills
Approach to Learning
This course involves an interactive, term-long consulting simulation with actual industry volunteers contributing services and a subject site. Each student is responsible for their individual contribution as well as collectively for the overall analysis, presentation, and written assignment.
Topics Covered:
- Review and apply all major real estate development topics
- Holistic project analysis and decision making
- Identifying and interpreting client needs
- Market analysis and evaluation of comparable properties and amenity packages
- Meeting with public sector officials
- Working with expert consultants, including: architects, bankers, and engineers
- Pro forma modeling and financial analysis of project returns
- Group dynamics and best practices
- Standards of professional communication, both written and verbal, both internal (within the group) and external (to consultants and clients)
Representative Text and Learning Materials
There is no required textbook. Some documents will be provided to students by the site owner; however, as part of the learning experience, students are expected to source necessary information, such as zoning maps or market reports.
Student Responsibilities
Students must physically walk the subject site and walk or drive the surrounding market, assuming it is safe to do so and the client has given permission and made any necessary arrangements. Students are expected to attend all classes and on-location client or consultant meetings. Due to the unique nature of this class, missing classes or meetings will impact students’ grades, even with advance notice; no extensions for project deliverables or the completion of the project are granted, unless they are initiatiated by a request from the client.
Methods of Student Evaluation
Class participation, individual project contributions, peer evaluations, and final group reports and presentation.
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