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Lecture 3

REAL 4830 Lecture 3: Lecture #3- The Idea

by OneClass2350806 , Spring 2018
3 Pages
56 Views
Spring 2018

Department
Real Estate and Housing
Course Code
REAL 4830
Professor
Unknown
Lecture
3

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Lecture #3: The Idea
Treds: What isioary looks like, ad ho it does’t alays iediately
succeed
Step 1: The Idea
Bad Ideas
o Pruitt Igoe public housing project in St. Louis
o Reget’s Pak i Tooto: oept as iheetly flaed
Good Ideas
o Cluster housing instead of sprawl
o Ex// Portland: investing in a riverfront park, a light rail system and pedestrian-
friendly streets
o Ude Oego la, eah of the state’s ities ad etopolita aeas has eated
a ua goth ouday aoud it’s peiete a land use planning line to
control urban expansion onto farm and forest lands (every city must have these
boundaries)
Motives to Develop: Can be encouraged by cities and developers
1. Money Looking for a Product
2. Uses Looking for a Site
3. Sites Looking for a Use
Money Looking for a Product
Quality investment of funds REITs (typically do not do their own development),
Institutional investors, real estate funds
Schemes to use real estate ownership to shelter taxable income
o Tax syndications US (1980s)
o MURBs (Municipal Unit Residential Buildings) in Canada (1974-82)
Coseuee: payig oe tha the eal estate’s udelyig alue
Uses Looking for a Site
Developer knows what type of development to pursue
o Feasibility depends on site location, demand and competition
o Example// grocer waiting to build a store in CBD to satisfy demand of residents
buying new condos
o Condo developer downtown Toronto
Sites Looking for a Use
Land in control of developer what to do with it??
How to generate land use ideas and design concepts
o Think about the mega trends that could impact how users use and demand
space in the different land use categories
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Description
Lecture 3: The Idea Trends: What visionary looks like, and how it doesnt always immediately succeed Step 1: The Idea Bad Ideas o Pruitt Igoe public housing project in St. Louis o Regents Park in Toronto: concept was inherently flawed Good Ideas o Cluster housing instead of sprawl o Ex Portland: investing in a riverfront park, a light rail system and pedestrian friendly streets o Under Oregon law, each of the states cities and metropolitan areas has created an urban growth boundary around its perimeter a land use planning line to control urban expansion onto farm and forest lands (every city must have these boundaries) Motives to Develop: Can be encouraged by cities and developers 1. Money Looking for a Product 2. Uses Looking for a Site 3. Sites Looking for a Use Money Looking for a Product Quality investment of funds REITs (typically do not do their own development), Institutional investors, real estate funds Schemes to use real estate ownership to shelter taxable income o Tax syndications US (1980s) o MURBs (Municipal Unit Residential Buildings) in Canada (197482) Consequence: paying more than the real estates underlying value Uses Looking for a Site Developer knows what type of development to pursue o Feasibility depends on site location, demand and competition o Example grocer waiting to build a store in CBD to satisfy demand of residents buying new condos o Condo developer downtown Toronto Sites Looking for a Use Land in control of developer what to do with it?? How to generate land use ideas and design concepts o Think about the mega trends that could impact how users use and demand space in the different land use categories
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