REAL 4830 Lecture Notes - Lecture 1: John Hancock Tower, Smart Growth, New Urbanism
12 Apr 2018
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Characteristics of development industry: structure, diversified, decentralized, constantly changing, nature, high risk, opportunity oriented, entrepreneurial, financially levered, cyclical, developer, creater, promoter, negotiator, manager, leader. Invester: long term goals, wealth creation, corporate survival. Development industry characteristics: opportunity and project orientation in an environment of high uncertainty, high financial leverage, cyclical, barriers to entry (depending on size of development) Idea: search for land, analyze market, location, and site, (cid:455)(cid:374)thesis of site a(cid:374)d de(cid:448)eloper"s o(cid:271)je(cid:272)ti(cid:448)es, analyze information into concept plan; evaluation of project. If viable, implementation: planning approval, financing, tendering and construction, marketing and sales. Sensitivity of development process: continua adjustments to concept based on consumer demand, competitor strategies, public policy, citizen concerns, trends in local, national, global economy, successful developer must remain vigilant and aware of activities in market, timing matters. The development framework (what developers deal with: the project (issues, physical. Service providers lawyers, accountants, engineers, architects, brokers, property managers, appraisers, marker analysts: issues with the players:
