ࡱ>  "bjbj̵ +dצצnJi 8? KO%4YYY 4 (*******!"!!*$YY?8$$$!DY8Y($!($$~8 h]#xȍX4w M$M$!!! i:   Land Use and The Urban and Suburban Built Environments: An Entrepreneurial View Engineering 1930 S CRN 14820 Fall 2011 Tues 8:55-11:55 DRAFT Updated 4-19-11 Course Overview Through the use of readings, group discussions, student presentations, feasibility analysis and guest lectures, students examine and challenge the analytical and structural frameworks which underlie and support public and private land use and development in the urban and suburban built environments. Students build an understanding and theory of how social, political, governmental and economic forces interact with societys present and future physical space needs. This course is taught from the entrepreneurial perspective providing students with an invaluable set of tools to deepen their ability to think critically and expand their application of a liberal arts education. Educational Objectives 1. To provide the student with an introduction to the development of the urban and suburban landscape in the public and private sector from an entrepreneurial viewpoint. The entrepreneurial approach emphasizes collaborative problem solving by multiple constituencies. Students will learn how to identify the needs of their constituencies and how to use creative thinking to address and resolve those needs. 2. To expose the student to the socio-political and economic forces at work as the private and public sector agent seeks to satisfy population and economic growth through development of the suburban and urban environment. 3. To enable the student to learn how to do in depth quantitative and qualitative feasibility analysis of projects for the built environment, including but not limited to extensive pro forma preparation and analysis and all the requisite components. (Note: Students are expected to have or obtain, in advance, a usable working knowledge of excel and its IRR, FV, PV and NPV functions. What these functions mean and their relevance and use will be taught during the semester). 4. To engage the student in the use of careful analysis and the due diligence processes particular to the field in order to promote the entrepreneurial notions of creativity and opportunity recognition. 5. To enable the student to analyze and understand the dynamics of risk and return as they apply to this field and its role in the overall dynamics of the economy. 6. To gain the ability to communicate ideas effectively to disparate audiences is a crucial educational goal in this course. Students will be expected to synthesize complex material into a coherent form for oral and written presentation. As part of this process, students will learn how to use communication tools, such as Power Point and written reports, effectively. Student Concentration/Career Focus Through the use of readings, group discussions and guest lectures, the course will provide its participants with the opportunity to develop the capability to understand from a broader perspective how a public or private decision maker moves from conceptualization to completion of improvements to the land or modifications to the built environment. It will also address the theory and practice of the development process. While the course borrows central concepts found in urban and regional economic and social texts, it also builds on and broadens fundamentals of decision analysis, forecasting and time value of money analysis. In particular, the entrepreneurial student will recognize themes presented in other university offerings, such as opportunity recognition, strategic planning, marketing, decision making and managing private/public interaction and will be able to use those skills in a different context. Perhaps most importantly, many students say that this course is about elevating and broadening their ability to think broadly and deeply and communicate authentically and effectively. These very important liberal arts goals are achieved using an entrepreneurial approach to a students education. The student who successfully completes this course will gain a solid understanding of the principles and practices of responsible, environmentally and socially sensitive development and redevelopment. The course provides an invaluable dimension for further study in fields of urban studies and planning, architecture, engineering (both structural and civil), green building, affordable housing and other forms of government incentive policies, sociology, economics and the many varied career opportunities in real estate and beyond. Course Requirements and Expectations, Emails As this course meets only once a week for 3 hours, students are expected to read the materials assigned for the first class prior to our first meeting for that class. The material will be posted in PDF form on the My Courses website which is accessible as a guest. For the first two weeks, the text book(s) and current event article readings will be posted on MyCourses in the event you have not purchased the books prior to class (which is recommended you do). It is helpful and important for students to have a usable working knowledge of excel and how to access its IRR, FV, PV and NPV functions. We will teach you what these functions mean and their application. That said, it is important that you understand how to use Excel in general and know how to access these functions. Strength in math is not a requirement but a willingness to engage with and be supported in working through the mathematical aspects of the course is. As a rule, attendance, thorough and timely reading of the materials and participation are totally essential to this course. Only those students who are willing to make that commitment should enroll (barring, of course, unforeseeable and unavoidable absences). The class utilizes the Socratic method, which means that you can expect to be called upon in class, even if you dont raise your hand. As the class is dynamic and contextualized by the environment, please expect several emails a week from Professor Mittlemann that may include: current events or articles relevant to what we are or have studied; clarifications of material covered in class; feedback on your presentations or participation; take home test assignments; categories of materials to be covered on tests; job opportunities and last minute dinner invitations. It is highly recommended to set up a Gmail or other free account with storage capability. In addition, you should make a habit of checking the website daily for new entries. Grading Participation: 30% Participation is graded as follows: students are evaluated on their preparation of the assigned reading and success in orally building on other students remarks and questioning thoughtfully the reading material both in class (20%) and in section (10%). Obviously, being in attendance is a quid pro quo. Provisional participation grades are discussed at mid-term. Each student is expected to send in by email in week 7, a mid term self assessment assessing their class and section participation and what they have contributed to and taken away at this point from the class. Individual PowerPoint presentations: 10% During the first class students will be assigned responsibility to present a short PowerPoint presentation in conjunction with a specific chapter or reading for the respective class. The presentation is to supplement and expound on the reading, not to summarize and present the readings. There will be short interruptions by Professor Mittlemann during the presentations on the chapters themselves. (See Presentation Guideline sheet for specific details). Tests: 30% Depending upon progress in the class, the following test and quiz schedule might be adjusted. There are two in class tests and three take home tests as noted on the syllabus spaced throughout the semester. These count in total for 30% of the grade. The in class test is an open book, mostly true-false with some multiple-choice test of 30-40 questions. The take home test is in a more quantitative analysis format and usually requires the preparation of a proforma as well as answers to questions. Study guidelines indicating the material to be covered is posted on line in advance of the test. Take home tests are due the dates noted unless an extension (as a result of unusual circumstances) of one or two days maximum is requested in writing and granted before the due date. Final Project: 30% The final project is a team presentation (usually 2-4 (maximum) members) that includes a formal presentation and written submission of that presentation, plus individually created and written Teaching notes and takeaways. It makes up 30% of the final grade. (see exhibit A attached hereto for the complete assignment and breakdown of that grading). A one-page outline for the final project is due by Week 10 class. The final project should be the equivalent work of a 2500 to 3000 word final paper. Course Enrollment Procedures and Limitations The course is limited to 24 students with permission of the instructor required. Feel free to come to the first class. If you are on campus prior to September 1st (the first day of class), please email or call to schedule a one on one phone or in person interview with Professor Mittlemann so as to get a better sense of the class before day one. Course, Section and other Hours Course hours are 8:55AM to 11:55 AM Weds. There are 1-2 short one on one meetings with the professor scheduled outside of class hours to discuss your in class presentations. These will be on a Friday, Saturday or Sunday the week before your Wednesday presentation. There will be a once a week required section in which class material and case studies are discussed. Discussion groups are formed from time to time online. There will be an ice-breaker pizza dinner party early September at Professor Mittlemanns house (please make every effort to attend). Many students schedule job interviews during the fall semester. Please plan these far enough in advance so you can arrange times that dont interfere with class attendance. As this is a once a week class, please plan your schedules so as to be at all classes. First day of class is Sept 13th. Last day of class is Dec 6th. We might need to meet on Dec 9th also, depending upon how many final presentations are handled on the 6th. November 22nd No Class (even though classes end at 12 noon on the 23rd) we will reconvene on the Nov 29th. Course Materials The text book is Land use and the Built Environment: An Entrepreneurial View by Josef Mittlemann. This is available by order from Allegra printing. There is also a separate on line (only) Workbook, which is on Mycourses. Cases are in the case pack available from the book store. Readings other than the Mittlemann textbook, workbook, case studies and any posted current event articles are recommended (see list at the end of the syllabus) and are not required or discussed in the normal course of class. Early text chapters of Mittlemann readings are posted on Mycourses until books have been purchased. Students are asked to make their own arrangements if they wish to access the recommended books. Instructor Josef Mittlemann Division of Engineering Offices either at Room 353 Barus and Holley or 107 Prospect Street Phone 401 751 8923 or 401 286 1481  HYPERLINK "mailto:Josef_Mittlemann at Brown.edu" Josef_Mittlemann at Brown.edu; jmittle212 at yahoo.com Teaching Assistants David Saadeh07 dsaade at gmail.com David Chanin 12 Nate Shephard 13 Course Content and Organization TO BE CHANGED Some Key Dates (Please always refer to entire syllabus) DateActivitySept 9th (week of)Section Homework to be handed in: Read and prepare pro forma for Shady Trails Case Study. While not graded, your effort is part of your participation assessment.Sept 25thTake Home Test 1 16 Westminster Street. Due by email Sept 25th at 7pm to Prof M and all tas.Sept 29thTest 1 in ClassOct 6-9Take home Test 2 Pilgrim Assurance Case to be emailed Oct 6th and due Oct 9th at 7pm by email to Prof M and Tas.Oct 20Test 2 in ClassNov 17Test 3 in classNov 17-20Take home test 3 (Final) emailed Nov 17th due by email to Prof M and Tas at 7pm Nov 20th .Dec 1First Groups Presentation of Final ProjectsDec 8Second Groups Presentation of Final Projects Week 1: Introduction and Basic Prerequisites: - SEPT 13Educational Objectives 1,2,3, This week, we explore the methodology of the class and seek to understand the inter-disciplinary nature of land use and categorization of improvements to the land (markets) in the urban and suburban environment. We will also lay the foundation for the semester with regard to the laws, codes and policies governing ownership and development of the built environment, the field and practice (US). Included will be an examination of the various forms of ownership. Professor Mittlemann will also provide an overview of his previous activities. Sections will be assigned. Reading for Class: Introduction Methodology of Textbook, Intentions, Reputation, and Ethics Chapter 1 Introduction to Markets in, J. Mittlemann (2008) Land Use and the Built Environment: An Entrepreneurial View (First Edition). Chapter 2 Laws, Codes and Policies governing ownership in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View Reading for class: see Mycourses.brown.edu for any posted articles Student Facilitators: to be assigned for each week Section Dates and members to be arranged in class. Sections start this week so come prepared to pick a day and time with the TAs. Week 2: Public Assistance and Incentives SEPT 20 Educational Objectives 1,2,3,6 We will discuss different forms of public assistance and incentives with regard to the built environment. For example, Low income Housing Tax Credits, Tax-exempt bond financing, the use of Tax Incremental financing. This discussion builds on week ones understanding of laws and policies as well as the markets served. Student Facilitators Reading for class: Chapter 3 Public Assistance and Incentives for new developments in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View. Reading for Section: Workbook Sections 1 & 2, which include: Present and Future Value; the concept of Return on Investment(ROI); the Discount Rate; Discounted Cash Flow (DCF) Net Present Value (NPV) Internal Rate of Return (IRR), Hurdle Rate, risk free rate and terminal value. Reading for Section: Case Study: Stedman Place Buy or Rent Week 3: The Environment SEPT 27 Educational Objectives 1,2,3,6,7 Reading In this weeks class, we will examine from a variety of views, including that of the environmental advocate, engineer, architect and developer, what are the most important issues for students to be thinking about on an environmental sustainability level as they explore our built and to be built environment? What might be some of the myths in the marketplace, the press and even academia that students and others have grown up with or take as the way it is that can impede progress with regard to a more sensible approach to and implementation of better ideas and solutions for a sustainable, environmental friendly built environment. Student Facilitators: Reading for class: Chapter 4 The Environment in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View). Guest Lecturers: The guests for this week and next are former Brown students from the last 8 years in various aspects of land use careers. The line up for this week and next might change according to their availabilities. David Saadeh Reading for Section & Homework to be handed in: Week of September 9th: Read and prepare pro forma for Shady Trails Case Study. While not graded, your effort is part of your participation assessment. Reading for Section: Workbooks Sections 3 Part A and B which include proformas and what they are comprised of including Due Diligence and the income and expense statement. Week 4: Markets, Activities and Players (US, Europe, Asia) OCT 4 Educational Objectives 4,5,6 In this weeks reading and discussion within the larger Textbook section called: Markets, Activities and Players, we will be looking at the world of financing and the different forms it takes. As well, we will look at exit strategies and its drivers or decision points. As part of our discussion on exit strategies, we look at the concept of tax free exchanges and the purpose they serve. Exit strategies are often lacking in any governmental or nonprofit work. Student Facilitators: Reading for Class: Case Study: International Place (A): Boston Real Estate Playoff case number 206088 Reading for class: Chapter 5 Financing, Exit Strategies and the Use of Pro Formas in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View). Reading for section: Review Shady Trees Pro forma and open issues from class. Reading for section: Workbook section 4 Depreciation including a discussion of amortization and loan limits. Guest Lecturers:, Whitney Krueger Jeff Margulies, Britton Derkac and David Grossman Take Home Test 16 Westminster Street. Due by email Sept 25th, at 7pm to Prof M and all tas. Week 5: Marketing and Brokerage; Demographics OCT 11Educational Objectives 4,6 A brief summary of the American financial systems, which include the lending institutions and organizations that finance urban and suburban development, is presented. Lender under-writing criteria and the creation of a secondary mortgage/mezzanine market will also be discussed as well as the role of leverage and its relationship to the lending concept. Last a discussion of demographics and its role in the field is conducted. Student Facilitators: Reading for class: Chapter 6: Marketing, Brokerage, Demographics and analysis in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View. Reading for Section: Review Westminster Pro forma and Concepts. Guest Lecturer: Bob Gilbane, President Gilbane Development 9 A.M. In class Test (Sept 29th) Week 6: Managing and Operating; Lease Terms OCT 18 Educational Objectives 3,5,6 This week, we will deal with some of the responsibilities of management and operations. We will then get into some specific lease terms to create a framework within which to better understand the applications of management and operations and the interrelationships with tenants. We also look at and explain the process, decisions, and the players in a typical lease negotiation as well as examining the most serious issues between landlord and tenants that fall within the legal and business domains and how market conditions might be determinants of how negotiations proceed. Student Facilitators: Reading for class: Chapter 7 Managing and Operating including Leasing: in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View. Reading for class: Case Study: Waltz on the Danube 804-201 Reading for class: Article: Sale of Budapest Mall Reading for Section: Workbook section 5, the development pro forma. Take home Test Pilgrim Assurance Case to be emailed to you after class on Oct 6th and due Oct 9th at 7pm by email to Prof M and Tas. Week 7: Appraising and Valuation OCT 25 Educational Objectives 3,4,5,6 In this section, we will look at the role appraisals play in real estate as well as the rules and regulations, qualifications surrounded those people making appraisals. We will examine what methodologies are used to determine value and where and or from whom an appraiser gets their information? We will also look at what factors can reduce value and increase value. As well, what are the macro economic issues that need to be considered and what factors doing appraisals and if so which and how do you apply them make real estate hard to value? Student Facilitators: Students to turn in by email to Prof Mittlemann mid-term assessments of their work and participation no later than Oct 20th, 9pm. Reading for class: Chapter 8 Appraising and Valuation in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View. Reading for class: Case Study: Astor Park Hotel Reading for section: Case Study: Bourland Companies Week 8: Planning NOV 1Educational Objectives 1,2,5,6 This week we explore what might be considered the basic elements of good city planning, the main objectives in city planning and what is the planners relationship to private developers and other constituents. As well, some of the pitfalls and challenges that city planners experience as they make zoning and other planning changes. From a budget perspective, to what extent does a citys budget drive its planning and a citys point of view with regard to the income it derives from real estate taxes. What would be considered a healthy percentage of city tax revenue coming from real estate tax payments? In looking at issues of sprawl, zoning and responsible environmental stewardship what is the state of the art thinking about these issues and smart growth? Student Facilitators: Guest Panel: Scott Wolf, Exec Director GrowSmart Rhode Island; Jeanne Boyle City Planner, City of East Providence  HYPERLINK "mailto:JBoyle@cityofeastprov.com" JBoyle@cityofeastprov.com; Rebecca Barnes, former City Planner of Boston, VP for strategic development, Brown University. Test in Class (20th), no take home Test Reading for class: Chapter 9: Planning in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View. Reading for section: Case Study: Green Building: A Tale of Two Cities Week 9: Development, Construction and The Owner NOV 8 Educational Objectives 4,5,6 We examine the role of the Developer and the development team and consultants including but not limited to the Architects, Engineers, Designers, City Planners, security and environmental consultants as well as lawyers, title companies. We also examine questions such as Why develop versus buying already built? Where are the greatest opportunities: Domestic or foreign What are the skill sets of the developer and the role of the analyst, research. How does one limit the risks and what can go wrong? Student Facilitators: Reading for section: Review from week 5 Workbook: section 5 the development pro forma Reading for class: Chapter 10 Development: From Vision to reality in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View. Guest Lecturer: Kent Swig, Principal, Swig Equities. President of Brown Harris Stevens. Group Formations: please try to form teams prior to class. We will also work to form teams in class. Week 10: Players and interrelationships NOV 15 Educational Objectives 1,2,6 We examine multiple aspects of and interrelationships between the different major players in the domain, including private owner/investors, REITs, Private Equity players, Pension Funds and Sovereign funds. Student Facilitators: Reading for class: Chapter 11 Players and Interrelationships in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View. Guest Speaker: Barry Sholem, President MSD Capital (Michael S. Dell investments vehicle) NO CLASS NOV 22 THANKSGIVING BREAK. Even though classes end at 12 noon on the 24th, no sense in fighting the Thanksgiving Tide. We will officially reconvene on NOV 29. There will be a need to be a class on Dec 8th as make up for the missed time so there is a class for students to present their final projects. Week 11: International November 29 Educational Objectives 1,4,6. Year in year out, large US funds are either commencing or increasing their investments in emerging and developed nations abroad. Taking these phenomena into account in context of macro economic trends we examine what are the most important and relevant questions and trends to explore. Student Facilitators: Reading for class: Case study in class: Soho China (1) Reading for class: Chapter 12 International and Chapter 13 Conclusion in, J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View Set UP Additional Class Date as needed for Nov 22 Week 12: International Continued, Quiz DEC 6 Educational Objectives 1,2,3,4,5,6,7 Term projects will be discussed in the first thirty minutes of the class. This will be followed by a discussion of Soho China. In the second half of class we will have a special industry guest. Quiz in class Nov 17th and Take home (Final) due Nov 20th at 9pm Guest Lecturer: John Hynes of the Gale Companies Reading for class: Case Study in class: New Songdo City South Korea and The Afterword in J. Mittlemann (2009) Land Use and the Built Environment: An Entrepreneurial View. Week 13: Final Class: Term Project Presentations December 8th Educational Objectives 1,2,3,4,5,6,7 Students will present their projects and findings to the class today. Class might need to run later to accommodate all teams Suggested Reading List: This list has been compiled to complement the work we do in the different classes during the semester and as a reference guide for you going forward. You are not required to read these books nor will we be going over them in class or referencing them in any tests. You may incorporate them into your projects and presentations as you may see fit. Week 1: Jacobs, Jane. The Death and Life of Great American Cities. New York: Random House, 1961. Carmona, Matthew and Steven Tiesdell, Tim Heath, Taner Oc. Public Places Urban Spaces. Architectural Press, 2003 Week 2: Logan, Carolyn J.. Winning The Land-Use Game. New York: Praeger Publishers, 1982 Mele, Christopher. Selling the Lower East Side: Culture, Real Estate, and Resistance in New York City. University of Minnesota Press, 2000 Week 3: Reading: Logan, Carolyn J.. Winning The Land-Use Game. New York: Praeger Publishers, 1982. Week 4: Thrall, Grant I. Business Geography and New Real Estate Market Analysis. New York: Oxford University Press, 2002. Week 8: Stein, Debra. Winning Community Support for Land Use Projects. Washington, D.C.: Urban Land Institute, 1992. Green Development: Integrating Ecology and Real Estate. Rocky Mountain Institute, Alex Wilson, Jennifer L. Uncapher. John Wiley & Sons, 1998 Week 9: Staley, Samuel. Holcombe, Randall. Smarter Growth: Market-Based Strategies for Land-Use Planning in the 21st Century. Westport: Greenwood Press, 2001. Week 10: Duany, Andres. et al. Suburban Nation: The Rise of Sprawl and the Decline of the American Dream. New York: North Point Press, 2000. Staley, Samuel. Holecombe, Randall. Smarter Growth: Market-Based Strategies for Land-Use Planning in the 21st Century. Westport: Greenwood Press, 2001. Week 11: Blair, Grenda. The Trumps: Three Generations That Built an Empire. New York: Simon & Schuster, 2000. Week 13: Schachtman, Tom. Skyscraper Dreams: The Great Real Estate Dynasties of New York. Little Brown & Company, 1991 EXHIBIT A LAND USE AND THE SUBURBAN AND URBAN ENVIRONMENT: AN ENTREPRENEURIAL VIEW; PROFESSOR Josef Mittlemann The Final Project Pure logical thinking cannot yield us any knowledge of the empirical world, all knowledge of reality starts in experience and ends in it. Propositions arrived at by purely logical means are completely empty of reality. It would be possible to describe everything scientifically, but it would make no sense. It would be a description without meaning, as if you describe a Beethoven symphony as a variation of wave pressure. - Albert Einstein There is, it seems to us, at best only a limited value in the knowledge derived from experience. The knowledge imposes a pattern and falsifies, for the pattern is new in every moment and every moment is a new and shocking valuation of all we have been. - T.S. Elliot The Assignment Using a combination of any prior knowledge and experience, relevant case studies, readings, pro forma assignments, guest lectures and discussion from class, create or produce a group final project with a maximum of four students in total and a minimum of two, which project will serve to help understand or create a solution to a land use related problem or opportunity in a given environment. In other words, the final project will examine a critical issue or set of issues that the group has chosen to address and will set forth the choices examined in search of the best solution given the circumstances. Best team size is 3 people. See below for details. Submit, individually, your teaching notes as described below. Submit, individually, your takeaways from the project as described below. In the creation of their final projects, students also engage with outside experts and others, such as: zoning officials; sales, mortgage and rental brokers; land and building owners; hoteliers; agents; contractors and construction managers; architects and engineers; lawyers and bankers, etc. When doing so, please be sensitive to these professionals time and thank them appropriately in writing. You might also consider sending them a copy of your final product, which may also include your takeaways as detailed below. Suggestions: The following are meant to stimulate thinking and are by no means meant to limit what you can do. You are also not limited to any geographical location or any country. You might, as your project, take a vacant parcel of land and determine the highest and best use of such a parcel. Your analysis would include demographic information, appraisal of your options, a hard and soft cost budget and projected return on investment given certain costs and thresholds. Highest and best uses can include but are not limited to: rental housing; for sale housing; subsidized housing; offices; industrial uses; hotels; resorts; senior citizen housing; nursing homes; retail centers of different varieties; marinas etc. You could also, as your project, analyze existing zoning policies of a jurisdiction, and using a parcel for development, redevelopment or repositioning, prove that the policies are valid and working or show that they need to be amended. To prove your point, you would need to include an analysis of what could be constructed, cost schedules, development pro ormas and comparison to reasonable and acceptable returns on equity of potential users. You can look at a jurisdictions low income or moderate income housing incentives and using a prospective property for purchase determine whether or not the incentives allow you to produce housing for the targeted population. You could analyze a corporations real estate holdings and determine whether or not they should sell and lease back the properties and on what terms with what kind of financing or not. You can find a piece of property improved with a building or not, which is for sale in the current market and do an analysis of that project to determine whether or not it is worth purchasing. You could undertake a Brownfields clean up project and do a cost benefit analysis including any tax credits of the development following clean up including the clean up costs. A quick analysis would have to be done first to see if it is economically feasible and therefore okay to do as a project. You can do your project in the form of a case study such as those you have read this semester. You will still need to do a PowerPoint but that can be drawn from your case study. If doing a case study, see Professor Mittlemann for guidelines for writing a cases study that he has written. First Submission: Upon choosing a project and team (but no later than the 9th class), your team needs to submit by email to Professor Mittlemann and all the tas, a one page description and outline of the project indicating what you will include as part of your presentation. For example; a demographic study, an income and expense pro forma (required as a submission-see below), a cash flow pro forma, a hard and soft cost budget, an analysis of the competition and market, etc. An appointment should be made with Professor Mittlemann to discuss your proposed project early on for his okay and perhaps also as you advance. Sometimes, once into a project, the team desires to change their ideas. Starting early avoids tensions resulting from switching. Actual Presentation of Assignment: Your group will present the PowerPoint. Each person should be familiar with the entire presentation. However, it is best if each person has responsibility for a different section. The sections should be seamless in their flow and should have references to what was presented by the team members who just finished talking. In the past, students have utilized words, pictures, video clips, graphs and or charts. Make sure the audience can read these. Color schemes, which enhance your presentation, should be used. All teams will need to submit a pro forma. The pro formas should be sent out to all students and posted on the website at least 2-3 days prior to your presentation date to give people time to look at them. Only present key data in your presentation day slide show, perhaps summaries of Irrs or NPVs for different scenarios. Please refer to the public speaking notes for guidelines on your presentations. Presentations should not be less than hour nor more than hour including audience questions.Important: Leave 5 minutes at the end so your group can informally share what you went through to produce the project. Feel free to share some of your takeaways too. The Teaching Notes: In addition to the PowerPoint, which is group produced, you are expected to hand in your own individually written teaching note of approximately 500-700 words. When creating this note it is important to think of the project as a case study. The note is for a prospective teacher who will be using this presentation or case in the classroom and you are providing a template of sorts for them to follow. Your note should: Include a short (75-100 word) case summary or synopsis; Include a statement of learning objectives (i.e. what the students can get out of this project); Suggest assignment questions (for student preparation of the case) and responses; Suggest discussion questions (for in the class to help get at more deeply embedded ideas) and responses. Include your analysis of the situation. (This is separate from what you recommend the protagonist should do). Note alternate analyses if any. Note your recommendations based on your analysis. End with any particular teaching methodologies such as board use, role-playing; teams set up, exercises, etc. that you think should be employed. Important the learning objectives should align with how you suggest the case be taught and the questions you create should also serve to lead the student in the direction you want them to go. Teaching notes are a good way to review your project near its end to make sure your audience can take away as much as you have from producing the project. Takeaways: Last, you are expected to hand in, individually, your takeaways. Takeaways (250-500 words) are what you have learned from doing this project. Below are a few points that might help you think about that: By building your own case, you have placed yourself in the shoes of students, teachers, protagonists and everyone else. What has that been like? Report on surprises or findings that have enabled you to think outside the paradigm you came in with. Did you limit your thinking when you first read the assignment and if so, how might you have you broken through that. What distinctions have you noticed between being a consumer of cases versus a producer of one? Are there opportunities you hadnt seen before? Grading: This final project or case study represents 30% of your final grade. It has three components: the actual oral PowerPoint presentation (17.5 points see below) and the handed in PowerPoint with notes (2.5 points see below), teaching notes (7.5 points based on the above outline points) and the final takeaways (2.5 points based on the depth of your reflection). In the event you submit an actual case study in addition to the above items, your case study will be considered for use in the class the next time it is taught. Your PowerPoint is a group grade with each person getting the same grade. Your teaching notes and final takeaways are graded individually. The PowerPoint presentation grades will be based on the quality of the project as follows:  ADVANCE \r12  Clear presentation of critical issue(s) and the decision process facing the group for this project5 pointsClear presentation of methods for analysis (graphs, pro formas, appraisals, etc.) including sending out technical information (pro formas etc) in sufficient time for students to review5 pointsCohesiveness and ability to convey relevant information to and engage the audience. Good stage presence.5 pointsOverall high quality slide show and any relevant speaking notes2.5 points Annotated Bibliography Blair, Grenda. The Trumps: Three Generations That Built an Empire. New York: Simon & Schuster, 2000. The book provides an evolution of American real estate development over the course of the 20th century, as bare-knuckled individual entrepreneurship gave way to business in partnership with government, which was in turn replaced by high-stakes financial manipulation using image to shape reality. Carmona, Matthew and Steven Tiesdell, Tim Heath, Taner Oc. Public Places Urban Spaces. Architectural Press, 2003 Public Places - Urban Spaces is a holistic guide to the many complex and interacting dimensions of urban design. The discussion moves systematically through ideas, theories, research and the practice of urban design from an unrivalled range of sources. It aids the reader by gradually building the concepts one upon the other towards a total view of the subject. The author explains the catalysts of change and renewal, and explores the global and local contexts and processes within which urban design operates. The book presents six key dimensions of urban design theory and practice: the social, visual, functional, temporal, morphological and perceptual - allowing it to be dipped into for specific information, or read from cover to cover. This is a clear and accessible text that provides a comprehensive discussion of this complex subject. Duany, Andres. et al. Suburban Nation: The Rise of Sprawl and the Decline of the American Dream. New York: North Point Press, 2000. The publication of Suburban Nation gave voice to a growing movement in North America to put an end to suburban sprawl and to replace the automobile-based settlement patterns of the past fifty years with a return to more traditional planning principles. Founders of the Congress for the New Urbanism, Andres Duany and Elizabeth Plater-Zyberk are at the forefront of this movement. The book received an enormous amount of attention and even its critics recognized, as Fred Barnes did in The Weekly Standard, that "Suburban Nation is likely to become the movement's bible." A lively lament about the failures of postwar planning, this is also a book that offers solutions. Jacobs, Jane. The Death and Life of Great American Cities. New York: Random House, 1961. A classic since its publication in 1961, this book is the definitive statement on American cities: what makes them safe, how they function, and why all too many official attempts at saving them have failed. Jane Jacobs work leads us to think about each element of a city-sidewalks, parks, neighborhoods, government, and economy-as a synergistic unit both encompassing structure and going beyond it to the functioning dynamics of our habitats. On a revealing journey through the problems of modern urban centers, artificially engineered to meet political and economic agendas, we arrive at a greater understanding of the intrinsic nature of our cities-as they should be. Linneman, Peter. Real Estate Finance & Investments: Risks and Opportunities: Second Edition (If using the first edition, the pagination will be different in the weekly lessons. You will also need to read the missing sections) Linneman Associates, 2004 Logan, Carolyn J.. Winning The Land-Use Game. New York: Praeger Publishers, 1982. Developers and residents can arm themselves with an overview of the issues in zoning. Part 1 provides an overview of private property rights. Part 2 provides developers strategies for success against protesters. Part 3 involves the government and politics of real estate. Mele, Christopher. Selling the Lower East Side: Culture, Real Estate, and Resistance in New York City. University of Minnesota Press, 2000 Mele (sociology, SUNY at Buffalo) examines a century of changes in the Lower East Side neighborhoods of New York City, drawing on the research of the new urban sociology school to demonstrate how cultural perceptions of this distinctive area are essential to the confluence of political/economic land usage and the resistance of residents against neighborhood transformation. He demonstrates how redevelopers symbolically include the ambiance of the bohemian, avant-garde, and dangerous aspects of the Lower East Side while working toward their displacement. Mele provides a comprehensive analysis of the neighborhood's transformation, complete with useful maps, photographs, and an extensive bibliography. The material is directed toward an educated reader well versed in urban affairs. Mittlemann, Josef. Land Use and the Built Environment: An Entrepreneurial View. Rhode Island, Allegra, 2008-9. The creation of this book has grown out of the need to address land use from an entrepreneurial perspective in a nonprofessional, introductory, but sufficiently detailed way for a stand-alone course in a liberal arts undergraduate curriculum. In this age of the triple bottom line- monetary, social and environmental- the book provides a framework for its readers to engage fully and meaningfully with the built environment. While the book is mostly U.S.-centric, it also provides a global development perspective and will appeal to foreign and domestic students alike. There are many textbooks on urban and suburban land use, real estate in general, real estate development, and real estate finance in particular. This book is not meant to compete with or supplant the value they provide to the real estate professional or business school student. Rather, this textbook and its accompanying online interactive workbook add a missing dimension an entrepreneurial dimension to traditional undergraduate concentrations in urban studies, architectural studies, economics, environmental science, or even engineering. For other students whose academic focus does not fall within these areas, it provides a holistic introduction to all necessary aspects of the built environment and its players from an entrepreneurial view. The book is ahead of its predecessors in that it is designed such that students will google or bing along side the text as they progress through it. At its core, the book is a conversation with many experts in the field integrated into a meaningful whole. Its tone keeps it personal. It is constructed so as not to overwhelm the student as many handbook type texts do, with far too many well-meaning examples, questions, highlights, study methods, case studies, problem sets, and the like. Instead, it is designed to present a sufficient basis XE "basis"  for the reader to think creatively about the subject matter and to allow time and space for them to inquire into current events and connect the material with other areas of interest. As noted above, the text is to be googled i.e. binged with. In fact, there are many undefined terms and phrases, which require the student to search for their meanings and find current event examples. Schachtman, Tom. Skyscraper Dreams: The Great Real Estate Dynasties of New York. Little Brown & Company, 1991 Shachtman, coauthor of The Gilded Leaf , contends that skyscraper mania--the compulsion to alter and claim part of the New York City skyline and increasingly costly square feet of property--animates successors to the Astors and Rockefellers, represented by descendants of immigrant builders (Urises, Tishmans, Zeckendorfs et al.). While such people may assuage their oversize ambitions with well-publicized contributions to civic causes, many demonstrate a near-total disregard for the city's structural and social health--and, charges the author, for its real housing needs especially. Though a plethora of character sketches and anecdotes swells the narrative, history buffs and concerned citizens--and scandal- and gossip-lovers--should relish the stories of these dynasties. Despite the present financial crisis, the author predicts, they and New York City will survive. Staley, Samuel. Holecombe, Randall. Smarter Growth: Market-Based Strategies for Land-Use Planning in the 21st Century. Westport: Greenwood Press, 2001. At the transition from the 20th to the 21st Century, land use planning and growth management have become two of the most controversial issues in state and local government policy. Primarily the province of local government until the 1970s, state governments have become increasingly involved in land use planning. Critically examining government land use policies and arguments supporting them, the contributors explore market alternatives to government land use planning. Stein, Debra. Winning Community Support for Land Use Projects. Washington, D.C.: Urban Land Institute, 1992. Pragmatic look at community relations strategies that developers can use in the real world of land use and development. This book is addressed to developers, but the community relations tenants presented can be applied equally by any public or private entity seeking community support for its activity, be it a developer, project sponsor, anchor tenant, landowner, or builder. Thrall, Grant I.. Business Geography and New Real Estate Market Analysis. New York: Oxford University Press, 2002. Part 1 of the book provides an overview of land use and urban form, its theory, and descriptive analysis, as well as an explanation of market forces and their consequences. Part 2 is based on housing, retail, office and industrial, hospitality, and mixed use. Wilson, Alex and Jenifer L. Uncapher. Green Development: Integrating Ecology and Real Estate. Rocky Mountain Institute, John Wiley & Sons, 1998. "Green Development is good for business. Tenants, owners, purchasers, and brokers are all becoming more sophisticated and are realizing the financial and social benefits of green product." Gerald Hines, Chairman of Hines. Environmentally responsible real estate development makes dollars and sense. Green Development describes an exciting new field in which environmental considerations are viewed as opportunities to create fundamentally better buildings and communities--more comfortable, more efficient, more appealing, and ultimately more profitable. If you're a developer, architect, planner, contractor, lender, or city official, this book speaks your language. Every stage of the development process is examined in detail: market research, site planning, design, approvals, financing, construction, marketing, and occupancy. Also included are lists of project statistics and contacts, books and other information sources, and development strategies. Based on 80 case studies drawn from Rocky Mountain Institute's extensive worldwide research and consulting work, Green Development distills proven procedures and practical lessons that work in the real world. Wurtzebach, Charles H. and Mike E. Miles. Modern Real Estate. John Wiley & Sons; 5th edition (October 1994) The book is for individuals beginning their study of real estate at the college or university level. It also provides useful background reading for those entering careers in real estate education. The book concentrates on the unique features of real estate with a focus on action and decision making. It provides sufficient depth and breadth to allow the reader to claim a general understanding of modern real estate. PBS Documentary "Flag Wars" Directed By Linda Goode Bryant. Aired June 17th 2003 "Shot over four years, "Flag Wars" is a poignant 90-minute account of economic competition between two historically oppressed groups, seen through the politics and pain of gentrification. The setting could be any city with a once stable working and middle class black community, now aging and economically depressed, in danger of losing control of their neighborhoods as wealthier home buyers gentrify block by block. In this case, the neighborhood is in Columbus, Ohio and the home buyers are largely white and gay. The resulting conflicts are a case study of differences in perception. Where realtors and buyers see run-down homes, black residents see evidence of institutional racism that steered resources away from this community. What newer residents see as a beneficial effort to renovate and restore value, veteran residents see as an assault on their heritage and a threat to their ability to hold on to their homes. The events in "Flag Wars" unfold against a backdrop of racism, homophobia, and tensions between privilege and poverty. Mix in government zoning boards, the court system, lending institutions, and civic leaders, and you've got a film that literally hits people "where they live." "Flag Wars" explores the complexity of gentrification and the contradictions between intention and result, belief and action. It goes beyond merely assigning blame or labeling people as "good guys" or "bad guys" to examine the relationship between housing, heritage, and public policy." Harvard Business School Cases: 1. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=205085"Buckingham Park 9-205-085 by Arthur I. Segel , Joshua A. Katzin 2. Case Study: International Place (A): Boston Real Estate Playoff case number 206088 3. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=703011"SOHO China Product#: 9-703-011 by Yasheng Huang , Jean Yang 4. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=207063"Stedman Place: Buy or Rent? Product#: 9-207-063 by Andre Perold , David Scharfstein 5. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=206019"New Songdo City Product#: 9-206-019 By Arthur I. Segel, Brandon Blaser, Gerardo Garza, Albert Kim, John Richard, Andrew M. Murphy 6. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=395151"Bourland Companies Product#: 9-395-151 By William J. Poorvu, John H. Vogel Jr. Michael Bourland, the president of the Bourland Companies, needs to refinance two properties, an office building in Southern New Hampshire and a retail property in Massachusetts. He is considering three alternatives: a renewal of a bank mini-perm, a 15-year mortgage from an insurance company, and a new securitized loan offered by the Bank of Boston. The case focuses on issues related to mortgage securitization and how it stacks up against other products in the market. Also raises issues about family real estate businesses. Teaching Purpose: Mortgage securitization is a growing and important part of the real estate industry. This case provides a basis for learning about securitization and discussing the implications for the real estate industry. 7. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=800194"Astor Park Hotel Product#: 9-800-194 By William J. Poorvu, Arthur I. Segel, Matthew C. Lieb Starwood Hotels, the world's largest REIT, is interested in acquiring an underperforming hotel in the Pacific Northwest. Steve Goldman, Starwood's VP of acquisitions and development, is wondering how much to pay for the property and how to reposition it. Subjects covered: Acquisitions, Bankruptcy, Debt management, Financial management, Hotels & motels, Investments, Mergers & acquisitions, Real estate, Real estate developments, Real estate investment, Service industry. 8. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=804021"Waltz on the Danube Product#: 9-804-021 By Arthur I. Segel, Vincent Dessain, Anais Loizillon Describes the intricate parts of an early real estate deal from the standpoint of the developer: feasibility analysis, choosing a market, acquisition of land, project development, design and construction issues, investment returns, and equity financing issues. Thirty-two year-old Dr. Philipp von Wilmowsky is director of Hungarian operations for ECE Projektmanagement, a German real estate development conglomerate. He has been working for two years on the development of a 30,300 square meter (m2), 75 million Eurodollar shopping project located in the city of Gyor, Hungary. The case allows students to analyze the viability and attractiveness of the project and perform calculations on project returns (including co-investor returns), cost analysis, sensitivity analysis, composition of leasing revenues, and loan structuring. Teaching Purpose: To look at the role of the real estate developer or project manager, characteristics of retail properties, and the structuring of joint ventures in the real estate industry. 9. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=206078"The Pilgrim Assurance Building Product#: 9-206-078 By Robin Greenwood, David Scharfstein, Arthur Segel 10. HYPERLINK "https://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=899143"Shady Trail Product#: 9-899-143 By Arthur I. Segel     Land Use and The Urban and Suburban Built Environments: An Entrepreneurial View Josef Mittlemann Fall 2011 PAGE  PAGE 22 Copyright 2006-11 Josef Mittlemann, Brown University. Permission is required for use in any syllabus or publication.  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