Real Estate Development: Principles and Process PDF
Preview Real Estate Development: Principles and Process
2 ABOUT THE URBAN LAND INSTITUTE T he mission of the Urban Land Institute is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. ULI is committed to Bringing together leaders from across the fields of real estate and land use policy to exchange best practices and serve community needs; Fostering collaboration within and beyond ULI’s membership through mentoring, dialogue, and problem solving; Exploring issues of urbanization, conservation, regeneration, land use, capital formation, and sustainable development; Advancing land use policies and design practices that respect the uniqueness of both built and natural environments; Sharing knowledge through education, applied research, publishing, and electronic media; and Sustaining a diverse global network of local practice and advisory efforts that address current and future challenges. Established in 1936, the Institute today has more than 34,000 members representing the entire spectrum of the land use and development disciplines. ULI relies heavily on the experience of its members. It is through member involvement and information resources that ULI has been able to set standards of excellence in development practice. The Institute has long been recognized as one of the world’s most respected and widely quoted sources of objective information on urban planning, growth, and development. 3 © 2015 by the Urban Land Institute. Printed in the United States of America. All rights reserved. No part of this book may be reproduced in any form or by any means, electronic or mechanical, including photocopying and recording, or by any information storage and retrieval system, without written permission of the publisher. Library of Congress Control Number: 2015940940 ISBN: 978-0-87420-343-1 4 ABOUT THE AUTHORS Mike E. Miles, PhD, is the PLUS portfolio manager for Guggenheim Real Estate. Before forming Guggenheim Real Estate, Miles served as portfolio manager for the Fidelity Real Estate Asset Manager, a series of institutional investment vehicles combining public securities with direct real estate ownership. Before joining Fidelity, he was executive vice president of the Prudential Realty Group and managing director of Prudential Real Estate Advisors. Miles also served as vice president of finance for Albert Investment Corporation, a real estate development firm. He was Foundation Professor of real estate at the University of North Carolina at Chapel Hill. Miles is a past president of the National Council of Real Estate Investment Fiduciaries and the American Real Estate and Urban Economics Association. He has received two of the real estate investment industry’s most prestigious awards: the Robert Toigo Award for leadership in real estate portfolio management from Institutional Real Estate and the Graaskamp Award for contributions to real estate research from the Pension Real Estate Association. He was also editor of Institutional Investor’s Real Estate Finance for ten years. He is a graduate of Washington & Lee University and holds an MBA from Stanford University and a PhD from the University of Texas. Laurence M. Netherton is a 40-year real estate investment and development veteran based in Newport Beach, California. Since 1981, he has been engaged in the acquisition, entitlement, and development of infill and mixed-use land projects and master-planned communities. In the 1970s, Netherton worked in underwriting, syndication, and asset management for limited partnerships holding tax-sheltered, government-assisted multifamily housing projects, and later in financial restructuring, condominium conversions, and single-family development for a broad portfolio of properties throughout the Midwest and East Coast. Netherton is a graduate of the University of Washington in Seattle, where he received his BA in urban planning, an MA in urban planning, and an MBA. For six years he taught land planning in a certificate program at the University of California, Irvine. He is past chair of ULI Orange County and a member of the Community Development Council, and has served on a variety of ULI national committees. Adrienne Schmitz is senior director of publications at the Urban Land Institute and has written, edited, and served as project manager for many publications. Schmitz was the primary author of Resort Development (2008), Creating Walkable Places (2005), The Residential Development Handbook (2004), The New Shape of Suburbia (2003), Real Estate Market Analysis (2001), and Multifamily Housing Development Handbook (2000). She was coauthor of Real Estate Market Analysis: Methods and Case Studies (2009) and editor of Urban Real Estate Investment: A New Era of Opportunity (2015), Pedestrian- and Transit-Oriented Design (2013), Professional Real Estate Development: The ULI 5 Guide to the Business (2012), Finance for Real Estate Development (2011), and Regenerating Older Suburbs (2007). Before joining ULI, Schmitz was a market analyst, consulting with real estate developers and homebuilders. She holds an MA in urban planning from the University of Virginia. 6 Contributors PREVIOUS EDITION Content from previous editions of this text formed the foundation for the fifth edition. The authors thank previous authors for their significant contributions to this endeavor. Gayle L. Berens Senior Vice President, Education and Advisory Group Urban Land Institute Washington, D.C. Mark J. Eppli Interim Dean of Business Administration Marquette University Milwaukee, Wisconsin Marc A. Weiss Chairman and CEO Global Urban Development Washington, D.C. CONTRIBUTING AUTHORS (FIFTH EDITION) John Brady Guggenheim Real Estate (retired) San Francisco, California Roger S. Pratt Prudential Real Estate (retired) Newark, New Jersey Alison Johnson Program Manager Urban Land Institute Washington, D.C. Tom Heffner, Garrett Jacobs, Tyler Jones, Ed Miles, Robert Speir, and Justin Trowbridge University of North Carolina Chapel Hill, North Carolina REVIEWERS 7 John W. Gibb Managing Director Jones Lang LaSalle Americas Inc. Washington, D.C. David L. Leininger Executive Vice President, CFO DART Dallas, Texas Margaret McFarland Director Colvin Institute of Real Estate Development University of Maryland College Park, Maryland Nelson Migdal Greenburg Traurig LLP Washington, D.C. Ed Paska Managing Partner Eden Development LLC Chantilly, Virginia R. Matthew Shannon Managing Director Urbanus LLC Irvine, California PROJECT STAFF Kathleen B. Carey Executive Vice President/Chief Content Officer Dean Schwanke Senior Vice President, Case Studies and Publications James Mulligan Senior Editor Lise Lingo, Publications Professionals LLC Manuscript Editor Betsy Van Buskirk 8 Creative Director Deanna Pineda, Muse Advertising Design Graphic Designer Craig Chapman Senior Director, Publishing Operations Camille Galdes Senior Research Associate Joan Campbell Manager, Information Center Mark Federman Researcher Project Manager Adrienne Schmitz Senior Director, Publications 9 This book was funded in part by Nancy Voorhees in memory of her father, Alan M. Voorhees, a pioneer in the field of urban transportation planning who recognized the important link between land use and transportation. Mr. Voorhees is profiled in chapter 6 of this text. 10
The list of books you might like
