Residential Development
This course explores the residential development process from site acquisition to the delivery of the finished product. Each class embarks on a semester-long project is conducted in student teams on an actual site.
In 2011, a family trust needed to decide on disposition options for hundreds of acres of undeveloped property. Cornell real estate students evaluated idea for development options for one of the sites—an infill site in a desirable close-in suburban community.
The mission for the first-year graduate students was to evaluate the parcel—approximately 100 acres proximate to desirable community facilities, school and retail opportunities. Challenges included an adjacent to a historic canal and the fact that the property was equally divided between two municipalities and surrounded by existing low-density residential neighborhoods. In addition, there was a significant wetland area on the site.
The students’ comprehensive study included a market analysis, environmental analysis physical development plan (including site plans with defined lots and product allocation, a land use and regulatory approval strategy, financial analysis, and financing strategy as well as sales and marketing plans all folded into a comprehensive project schedule. The ultimate question: what value could the family trust expect to obtain from a builder/developer who would develop the site.
When the student project teams presented their final analysis and reports, the trust representatives and asset managers asked questions and offered comments. They expressed sincere appreciation for the team efforts and commented that they had gained significant opportunity on both the opportunity and challenges presented by the site.