Real Estate Development Process and Major Players

Land Use Development, Planning, Real Estate Development

“[…] developers must understand the users and their needs. Without users, buildings – no matter how aesthetically pleasing or how theoretically functional – have no value.”

  • What is Real Estate Development/Land Development?

Real estate development is the continual reconfiguration of the built environment to meet society’s needs.

  • The 8 Stages Non-linear Process of Real Estate Development

Inception of an Idea: market research, problem solving, creating
Refinement of the Idea: site selection, project design
Feasibility: public and private review
Contract Negotiation: contractors, tenants, regulators
Formal Commitment: contracts and entitlements
Construction: building
Completion and Formal Opening: marketing , sales
Property, Asset, and Portfolio Management” tenants and technology

  • Alternative Development Models

Equilibrium Model: focus on market process
Agency Models: focus on actors
Structure Models: focus on political or economic forces

  • The 4 Key Constituencies

The public, capital markets, development team, and space users.

  • What Are Principles?

Standards of practice that promote success, good city design, and ethical behavior.

  • Major players in the development process

Private sector developers
Public sector developers
Public/private partnerships
Architects
Urban designers
Engineers
– Structural engineers
– Mechanical engineers
– Electrical engineers
– Civil engineers
– Environmental engineers
Land planners
Landscape architects
Contractors
Environmental consultants
Transportation consultants
Appraisers
Attorneys and accountants
Real estate leasing agents and sales brokers
Financial players
Property managers
Marketing and public relations consultants
Regulators
Final users

  • Why Their Projects Involve Both the Public and Private Sectors?

Real estate development is a highly regulated process. Property law, public infrastructure, financial market rules, zoning, building permits, and impact fees are all part of the public sector’s realm.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s