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Real estate development: principles and process

Author: Miles, Mike E. ; Berens, Gayle L. ; Eppli, Mark J. ; Weiss, Marc A.Publisher: Urban Land Institute, 2007.Edition: 4th ed.Language: EnglishDescription: 669 p. : Graphs/Ill./Maps/Photos ; 26 cm.ISBN: 9780874209716 ; 9780874202885 (eBook)Type of document: Book Online Access: Click here Note: Doriot: for 2018-2019 coursesBibliography/Index: Includes bibliographical references and index and glossary
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Doriot: for 2018-2019 courses

Includes bibliographical references and index and glossary

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Real Estate Development Principles and Process Contents PART I. INTRODUCTION 3 Chapter 1. The Real Estate Development Process 5 Defining Real Estate Development 5 The Eight-Stage Model of Real Estate Development 8 Characterizing Developers 11 Developers' Reputations 11 The Development Team 12 The Public Sector: Always a Partner 13 Market and Feasibility Studies 15 Design: Never an Afterthought 17 Summary 17 Terms 17 Review Questions 19 Chapter 2. The Raw Material: Land and Demographics in the United States 20 Population Growth 26 Employment Growth and Economic Cycles 32 Land Supply 34 Real Estate, the Gross Domestic Product, Wealth, and Employment 35 Predicting the Future 36 Summary 36 Terms 36 Review Questions 37 Notes 39 Chapter 3. Developers and Their Partners 40 Private Sector Developers 42 Public Sector Developers 44 Public/Private Partnerships 45 Architects 47 Urban Designers 48 Engineers 49 Land Planners 51 Landscape Architects 52 Contractors 53 Environmental Consultants 53 Transportation Consultants 55 Appraisers 56 Attorneys and Accountants 56 Real Estate Leasing Agents and Sales Brokers 57 Financial Players 60 Property Managers 60 Market Researchers 60 Marketing and Public Relations Consultants 61 Regulators 61 Final Users 62 Evolutionary Changes in the Development Process 63 Summary 64 Terms 64 Review Questions 64 Notes PART II. THE HISTORY OF REAL ESTATE DEVELOPMENT IN THE UNITED STATES 67 Chapter 4. The Colonial Period to the Late 1800s 68 Real Estate as an American Tradition 73 Land Subdivision and Residential Development 79 The Role of Railroads and Railroad Barons in Real Estate Development 85 Summary 86 Terms 86 Review Questions 86 Notes 87 Chapter 5. The Late 1800s to World War II 87 Central Business Districts and Commercial Development 93 The Beginning of the Public Sector's Modern Role 95 The Roaring Twenties 102 Finance 104 The Great Depression and World War II 112 Summary 112 Terms 112 Review Questions 112 Notes 115 Chapter 6. Post--World War II to the Present 115 Suburbanization and the Postwar Boom 117 New York City's Postwar Office Developers 118 Urban Renewal 120 The Expansion of Interstate Highways and the Growth of the Suburbs 125 The Urban Crisis: Race, Housing, and Neighborhoods 136 The 1970s through 2007 144 Summary 144 Terms 144 Review Questions 145 Notes PART III. FINANCE 149 Chapter 7. Real Estate Finance: Background 150 The Relationship between Space and Capital Markets 166 The Real Estate Finance Cycle 174 Summary 174 Terms 175 Review Questions 175 Notes 177 Chapter 8. Real Estate Finance: The Logic behind Real Estate Financing Decisions 177 Net Operating Income 180 Estimating Collateral Value from the Lender's Perspective 186 Returns to Equity Investors and the Effects of Leverage 187 The Clackamas Ridge Commercial Real Estate Credit Presentation: A Case Study 200 Summary 200 Terms 200 Review Questions 200 Notes 203 Chapter 9. Discounted Cash Flow: The Equity Perspective in More Detail 203 Investment Value 203 Discounted Cash Flow Analysis 205 Determining a Discount Rate 207 Discounting a Single Cash Flow 208 Discounting Multiple Cash Flows 210 Internal Rate of Return 211 Gateway Business Center Case Study 231 Summary 231 Terms 231 Review Questions 232 Notes PART IV. IDEAS 235 Chapter 10. Stage One: Inception of an Idea 236 Different Motivations behind Ideas 239 The Back-of-the-Envelope Pro Forma 240 Generating Ideas through Strategic Decision Making and Market Research 242 Techniques for Generating Ideas 245 Words of Warning and Signposts 245 Risk Control during Stage One of the Real Estate Development Process 252 Summary 252 Terms 252 Review Questions 252 Notes 253 Chapter 11. Market Research: A Tool for Generating Ideas 254 The Basics of Marketing and Market Research 257 Ten Critical Questions That Market Research Must Answer 262 Analyzing the Data and Drawing Conclusions 264 The Connection between Market Research and Development Ideas 265 Asking the Great "How Come?" 267 Summary 268 Terms 268 Review Questions 268 Note 269 Chapter 12. Stage Two: Refinement of the Idea 269 Objectives of Stage Two 271 A More Detailed Scanning of the Environment: Competitors and Governments 278 Choosing the Site 282 Initial Design Feasibility 284 Negotiating for the Site 286 Discussing the Project with Other Players 289 Segmenting the Market and Differentiating the Product 292 Financial Feasibility 293 Risk Control during Stage Two 294 Summary 295 Terms 295 Review Questions 295 Notes PART V. PLANNING AND ANALYSIS: THE PUBLIC ROLES 299 Chapter 13. The Roles of the Public Sector 300 The Public Sector as Regulator 314 Public/Private Roles in Planning and Financing Infrastructure 320 Summary 321 Terms 321 Review Questions 321 Notes 323 Chapter 14. Meshing Public and Private Roles in the Development Process 327 The Objectives of Public/Private Development 333 The Process of Forming Public/Private Partnerships 346 Practical Problems and Policy Issues 351 Summary 351 Terms 351 Review Questions 352 Notes 353 Chapter 15. Affordable Housing 355 A Definition of Affordable Housing 256 The Working Definition of Low Income 356 Public and Private Sector Roles in Developing Affordable Housing 359 Types of Affordable Housing 384 Summary 385 Terms 385 Review Questions 386 Notes PART VI. PLANNING AND ANALYSIS: THE MARKET PERSPECTIVE 391 Chapter 16. Stage Three: The Feasibility Study 392 The Definition of Feasibility 393 Initiating the Feasibility Study 395 An Overview of the Market Study 396 Preliminary Drawings 404 Initial Construction and Total Cost Estimates 406 Lenders and Investors 407 Building Permits and Other Government Considerations 408 The Value Statement and Formal Estimate of Feasibility 409 The Enterprise Concept 410 The Notion of Venture Capital 411 Level Two Feasibility 411 Techniques of Risk Control during Stage Three 413 Summary 414 Terms 414 Review Questions 414 Notes 415 Chapter 17. Market Analysis: Collecting, Validating, and Understanding Market Data 415 Market Analysis as a Process 418 Data Collection and Validation 423 Defining the Relevant Market 430 Presenting the Research and Conclusions 431 Summary 431 Terms 431 Review Questions 431 Notes 433 Chapter 18. Data Sources Supporting Market Studies 434 Forecasting Models and Methods 436 Primary Sources of Demand Data 439 Primary Sources of Supply Data 444 Summary 445 Terms 445 Review Questions 445 Notes PART VII. MAKING IT HAPPEN 449 Chapter 19. Stages Four and Five: Contract Negotiation and Formal Commitment 450 Stage Four: Contract Negotiation 458 Environmental Issues 465 Decisions about Design and Contractors 477 Decisions about Major Tenants 480 Decisions about Equity 481 The Government as Partner 483 Stage Five: Commitment--Signing Contracts and Initiating Construction 484 Summary 484 Terms 485 Review Questions 485 Notes 487 Chapter 20. Stages Six and Seven: Construction, Completion, and Formal Opening 488 Stage Six: Construction 499 Stage Seven: Completion and Formal Opening 500 Risk Control Techniques during Stages Six and Seven 502 Summary 502 Terms 502 Review Questions PART VIII. MAKING IT WORK 507 Chapter 21. Stage Eight: Property, Asset, and Portfolio Management 508 The Enterprise Concept and Continuing Management of the Developed Asset 510 The Real Estate Management Triad 514 The Fundamentals of Real Estate Management from the Perspective of Development 516 The Transition from Property Development to Property Management 521 Management's Role in Implementing the Strategic Plan 527 The Influence of the Public Sector in the Management of Real Estate Projects 529 Training Property, Asset, and Portfolio Managers 529 The Corporate Real Estate Director 531 Summary 531 Terms 531 Review Questions 532 Notes 533 Chapter 22. The Challenge of Marketing and Sales 533 The Marketing Umbrella 534 The Marketing Plan and Strategic Marketing Process 539 The Promotions Program 546 Sales 553 Summary 553 Terms 554 Review Questions 555 Chapter 23. Some Closing Thoughts and a Note about the Future 556 A Contemporary Perspective on the Past and How Best to Think about the Future 557 A Few Important Trends and Critical Issues to Consider 558 The Financial Markets Aren't Likely to Get Simpler 563 A Final Look at Museum Towers 563 Summary 564 Review Questions 565 Appendix A. Europa Center Case Study 589 Appendix B. Gateway Business Center Offering Memorandum 623 Appendix C. The Real Estate Game: Level One and Level Two 625 Appendix D. Glossary 637 Bibliography 655 Index

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