Real Estate Development Process
Collapse Best Practices in Multifamily Marketing and Leasing
This new ULI webinar will give you practical insight into making the most of your multifamily marketing dollars and functional tools for improving the performance of your onsite leasing staff.  Developed over years of firsthand experience, data collection, and analyses, this program will offer concrete tools and actions to demonstrate where you should and should not be putting your resources. You will learn best practices that will not only attract, but, equally important, retain your residents. Performance metrics and management practices will help you field your most effective leasing staff and keep them on board as well.


Program highlights

  • Media investment
  • Top 10 sources of applications
  • Marketing expenditure analysis
  • Appropriate ad messaging
  • Retention statistics and the marketing plan
  • Performance metrics of leasing professionals
  • Aligning to the owner’s objectives
  • Onboarding, training, and career planning

Formats Available: Streaming
Original Program Date: February 04, 2015
On-Demand Release Date: Available Now
MORE INFOMORE INFO Best Practices in Multifamily Marketing and Leasing
Collapse Best Practices in Site Selection and Land Acquisition

Selecting and acquiring land for development is a highly specialized endeavor due to the unique challenges presented by each site. Identifying and acquiring the best possible site for a development is a multi-faceted endeavor that includes extensive research and examination, due diligence and risk assessment, land valuation, and negotiation. A firm understanding of the several components of this process can be the crucial first step in a successful development deal.


This new ULI webinar will introduce you to the tips, techniques, and best practices in identifying and acquiring land for development. You will be introduced to the members of the due diligence team and what you can expect to pay for their services. The webinar will also instruct you in the importance of determining the value of the land early in the process and how to calculate that price based on your proposed project. You will also learn tips for negotiating the best price and the essential components of a land purchase agreement.


Program highlights include:

  • Accommodating your development to the site
  • Six steps to successful site selection and acquisition
  • Considerations in urban and suburban site selection
  • Calculating residual land value - what is the land worth for your project?
  • Understanding and managing the due diligence process
  • Due diligence checklist
  • "Bar napkin" facts and stats
  • Tying up the property - letters of intent
  • The components of the purchase agreement
  • Tips for negotiating the best purchase price
  • Case study

Formats Available: Streaming
Original Program Date: October 27, 2015
On-Demand Release Date: Available Now
MORE INFOMORE INFO Best Practices in Site Selection and Land Acquisition
Collapse Comparative Real Estate Deal Analysis

Most small development companies are very constrained in their resources and cannot afford time or capital to pursue multiple deals. This new ULI online program will identify the practical considerations, financial hurdles, and other relevant analytics that a residential developer may use to evaluate multiple opportunities when confronted with scarce resources. Using the tools developed by in this program a real estate company may determine the most appropriate opportunity to pursue given their company’s resources such as capital availability, timing, risk appetite, debt, etc). Later in the program, new considerations will be introduced that will be used to compare either engaging in another project, or two more projects which would require taking on a financial partner. Resource allocation becomes a science and analyzed in a new way to maximize returns while managing risk.

 

Session 1 Highlights: Understanding the considerations 

  • General review of project considerations

               - Risk
               - Profitability
               - Capital Need
               - Debt Need
               - Development/ Management Fees
               - Timing of project
               - Sensitivities
               - "Free looks"

 

 

  • Development risks (Entitlement, Finance, Construction, and Sales)
  • Introduction and review of financial hurdles (Internal Rate of Return, Profit Margin, Return on Investment, and unlevered return)
  • Review pros and cons of each hurdle individual  [i.e. a 80% IRR may not mean you have a great project]
  • Review of  sample projects which excel in some hurdles but not others 

 

 

Session 2 Highlights: Choosing the first project

  • Introduction of the Weighted Average Hurdle Score (WAHS) – assigns a value or a score to each hurdle which is then assigned a weight – the result is a weighted average score that allows two projects to be compared, quickly and simply.  
  • Maximizing the capital stack - identifying low cost of capital sources (i.e.  buyer deposits, structured acquisitions, seller mortgages, etc)
  • Apply WAHS to  sample projects

 

 

Session 3 Highlights: Analysis of a second project

  • New considerations to apply when choosing a second project 

               - Avoiding interference with pre-allocated capital
               - Debt ceiling
               - Timing
               - Exposure if market softens
               - Other

  • Reviewing a company cash flow model, incorporating two project cash flows into one (includes income tax review)

 

Session 4 Highlights: Is a part of many better than all of one?

  • Review of partnership structures 

              - Who puts up capital?
              - Who guarantees debt?
              - Fees earned and timeliness of payment
              - Other investor structure terms

  • Comparison of multiple partnership projects vs single project as reviewed in Session 3

 

Instructor

Daniel Whitehurst 

Managing Partner

Ten Oaks Realty

Falston, MD

Formats Available: Streaming
Original Program Date: April 05, 2016
On-Demand Release Date: Available Now
MORE INFOMORE INFO Comparative Real Estate Deal Analysis
Collapse Construction Contracting and Management for the Developer

Contracting for and managing the the design and construction process is among the most important facets of real estate development. But managing risks and relationships in this multifaceted endeavor is often not well-understood by real estate professionals. The half-day primer will provide you with a brief, but solid introduction to the process from the viewpoint of the real estate developer. You will acquire a better understanding of construction contracts, contract pricing, and considerations in hiring construction professionals. Learn the various players in the process and what you should and should not expect from them in their roles, including the public sector. And gain insight into how best to manage change within this complex and at times unpredictable process.


Program Highlights

  • Overview of the complex, multidisciplinary construction process
  • Introduction to the wide range of players and their roles
  • Contract types and their components
  • Construction management vs. general contracting
  • How projects are organized and bought out by construction professionals
  • Matching the timing and type of construction procurement and contracting with your project
  • How to price and structure the best construction contract to protect your interests
  • What to expect in terms of who actually does the work
  • Managing change and risk in the construction process

Formats Available: Streaming
Original Program Date: February 23, 2016
On-Demand Release Date: Available Now
MORE INFOMORE INFO Construction Contracting and Management for the Developer
Collapse Creating an Effective Investment Proposal Template
Originally held over two sessions, this program will focus on the general structure of an investment proposal for seeking equity capital. The program will use a sample case study project to illustrate the components of an effective equity investment proposal.
Formats Available: Streaming
Original Program Date: November 12, 2013
On-Demand Release Date: Available Now
MORE INFOMORE INFO Creating an Effective Investment Proposal Template
Collapse Data Centers: A Foundational Primer
The advent of Big Data has more sharply focused attention on the development of Data Centers. Data centers are perhaps the most complex and sophisticated buildings being constructed today, requiring redundancies and resiliency well beyond other property types. Yet to many the precise function, components, users, and business models of data centers are not well known or understood. Held over two sessions, this new ULI online workshop will provide a functional introduction to the history, infrastructure, economics, and building technology that make up the modern Data Center. 
Formats Available: Streaming
Original Program Date: February 25, 2014
On-Demand Release Date: Available Now
MORE INFOMORE INFO Data Centers: A Foundational Primer
Collapse Determining Project Viability: Residual Land Valuation and Predevelopment Task Management
How does a developer know whether a particular piece of land is affordable for a specific project? What specific areas of information should a developer investigate after site control is achieved? How does a developer manage risk by addressing project uncertainties before they become expensive problems? 

The business terms (price and timing of payment) for acquiring land for a development project are the most important decision that a developer makes because it is the only decision in the development process that the developer has complete discretion over making; if the project cannot financially support the terms, then the developer does not acquire. Determining whether a project can support the terms of acquisition requires a systematic approach to gathering information and anticipating project implementation issues. After achieving site control, the developer focuses on areas of project risk, continually evaluating whether the chances of success warrant proceeding further and how to implement the project most cost-effectively. If the risks are too high or future implementation measures are shown to be too expensive, the developer needs to abandon the project and treat expenditures up to that point as a loss.

Attendee Takeaways
  • Understand how to evaluate the economic viability of a real estate project using a hurdle rate that reflects the construction period and absorption characteristics of the project. 
  • Understand how the development plan for a piece of land and the costs of development determine residual land value and why acquiring at no higher than residual land value is critical for project success. 
  • Understand what “due diligence” areas of information need to be investigated after site control is achieved and how information in these areas will determine whether to proceed with, renegotiate, or abandon the site acquisition. 
  • Understand how to create a management plan with tasks and budgets that anticipates implementation early in the project planning before they become expensive. 

This webinar provides fundamental information about how to evaluate and manage the economic viability of a real estate project to developers as well as planners, designers, architects, lenders, builders, attorneys, accountants, marketers, engineers, public officials, and environmentalists.
Formats Available: Streaming
Original Program Date: June 13, 2013
On-Demand Release Date: Available Now
MORE INFOMORE INFO Determining Project Viability: Residual Land Valuation and Predevelopment Task Management
Collapse Development Incentives: A Toolkit for Deals that Won

This new webinar is intended to provide participants with an overview of the types of public incentive programs that exist to support real estate development projects in need of financial assistance.  The session will begin with a qualitative overview of several types of public incentive programs. The program will then move to a quantitative focus and demonstrate models to analyze these programs during front-end financial feasibility diligence.  Recognizing that many of these programs are fragmented with respect to location, market, product type and governmental jurisdictions, this workshop is intended to help real estate professionals understand the applicability and basic valuation techniques of these programs to facilitate efficient investment decisions.

 

Program Highlights

  • Overview of the types of development incentive programs that exist for financially challenged projects, including tax abatements, tax credits, grants, tax increment financing, etc.
     
  • General understanding of the mechanics associated with the various incentive programs (i.e. when they apply, structural issues, timing, legislative hurdles, etc.)
     
  • General understanding of a back-of-the-envelope approach to valuing each type of program, including how to avoid common modeling pitfalls
     
  • Excel model valuation tool
Formats Available: Streaming
Original Program Date: August 26, 2015
On-Demand Release Date: Available Now
MORE INFOMORE INFO Development Incentives: A Toolkit for Deals that Won
Collapse Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics
Evaluating the financial viability of a real estate development project requires an understanding of the metrics used by capital sources. Most sources will assess the project's internal rate of return to see if it meets their "hurdle" for viability. But, a project's internal rate of return depends on a detailed cash flow analysis both during construction and after close-out to show both return of and return on equity. How can a developer evaluate a project in its early stages without having accurate information on detailed cash flow? What metrics will capital sources see as legitimate means for evaluating project viability until more information becomes available? How are the metrics used early in a project consistent with a full internal rate of return analysis? This webinar discusses how to evaluate a project’s economic viability using a variety of metrics leading to a full internal rate of return analysis.

Who Should Attend:

  • Managers of acquisitions
  • Development managers
  • Project managers
  • Entitlement managers
Formats Available: Streaming
Original Program Date: August 16, 2011
On-Demand Release Date: Available Now
MORE INFOMORE INFO Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics
Collapse Health Amenities and Real Estate Premiums: Project Examples and Case Studies

The nexus between physical design and human physical and mental well-being is increasingly being recognized and quantified. Social and community programming in real estate projects can demonstrate similar effects. Healthier, more active communities and improved opportunities for both urban and suburban residents are increasingly being pursued by the private sector as health amenities become a growing trend in both residential and commercial spaces.


Less well documented are the specific amenities and programs being incorporated into real estate projects and how these can impact, feasibility, marketing, construction, operational efficiency, and regulatory approvals. Using examples from real-world projects, this new ULI webinar will explore the complexity, potential conflicts, costs, and not least of all the premiums these amenities can generate. Don’t miss this unique opportunity to learn first-hand how health can pay real estate dividends.


Program Highlights

  • Overview of current state of health and the built environment
  • Understanding the cost and complexity of incorporating healthy amenities
  • How healthy amenities can affect project underwriting
  • Marketability of health-related amenities to buyers
  • Cost versus value – the return premium of health-related amenities
  • Partnerships important to success
  • Case studies

Formats Available: Streaming
Original Program Date: July 23, 2015
On-Demand Release Date: Available Now
MORE INFOMORE INFO Health Amenities and Real Estate Premiums: Project Examples and Case Studies
Collapse How Developers Can Use Census and Local Government Data to Determine Housing Demand

Before embarking on any real estate project a developer must first determine if demand exists for their product. Developers routinely engage professionals to conduct market studies to validate demand for their project. However, US Census data, along with other local data sources, can offer excellent preliminary insight into housing demand in a particular market. For those that know how to search, analyze, and interpret the data, it can be a valuable indicator that can help a smart developer determine which markets have demand for additional housing units.


Data from the Census is often perceived as stale, cumbersome, or difficult to navigate. This new ULI webinar will dispel these perceptions, demonstrating step-by-step where to find the data you need, and will demonstrate step-by-step basic techniques to help you analyze the supply and demand balance of an area. 


Program highlights

  • What data is available and where to find it
  • Analyzing the data relevant to developers
  • The correlation between population forecasts and capital investments
  • Latent demand indicators
  • Sources of demand indicators and data
  • Step-by-step techniques for forecasting demand for additional housing units
  • Avoiding incorrect conclusions

Formats Available: Recording
Original Program Date: March 29, 2016
On-Demand Release Date: Available Now
MORE INFOMORE INFO How Developers Can Use Census and Local Government Data to Determine Housing Demand
Collapse Introduction to Real Estate Finance and Investment (April 2018)

Developed for non-finance professionals, this new ULI online program will provide a broad and solid introduction to the basics of real estate finance and investment. Held over four sessions, the course will begin with a general overview of real estate property types and capital sources. From there the program will progress discussing basic analytical tools and performance measures. The workshop will acquaint students with fundamental real estate finance terms and concepts including: time value of money, capital stack, risk-return tradeoff, and financial leverage. Using examples and Excel spreadsheet, it will demonstrate important calculations in real estate finance and investment, such as internal rate of return (IRR), mortgage payment and loan balance, and property valuation. This course is recommended for non-finance real estate professionals who wish to gain a basic understanding of real estate finance that also will help them get more out of their professional interactions.

 

Program Highlights

Session 1.

Introduction

Overview of real estate markets

Capital sources: debt vs. equity

Key financial concepts

                  Time value of money (TVM)

                  Risk and return

Basic TVM calculations

                  Compounding and Discounting

                  Compounding Frequency

 

Session 2.

Financial Leverage: Implications and Examples

Commercial and Residential Mortgages

                  Similarities and differences

                  Main underwriting criteria

Mortgage Calculation

                  Monthly payment

                  Annual Percentage Rate (APR)

Mezzanine Debt vs. Second Mortgage

 

Module 3.

Basics of Real Estate Investment

Performance Measures

                  Internal Rate of Return (IRR)

Cash on Cash

                  Equity Multiple

Real Estate Valuation

                  Direct Capitalization Approach

                  Discounted Cash Flow (DCF) Approach

How Net Operating Income (NOI) is Derived

The Real Estate Pro Forma Defined

 

Module 4.

Basics of Real Estate Development Finance

Construction Financing vs. Permanent Financing

Financial Analysis of a Development Project

                  Internal Rate of Return (IRR)

                  Equity Multiple

                  Residual Land Value

Investment Return Waterfalls

Course wrap up

 


Burnham-Moores Center for Real Estate
University of San Diego
San Diego, California


Tu is the Daniel F. Mulvihill Professor of Commercial Real Estate at the Burnham-Moores Center for Real Estate at the University of San Diego (USD). Tu joined the USD faculty in 2004 and was appointed the academic director of the Master of Science in Real Estate (MSRE) program in 2010. He is also responsible for the curriculum of the undergraduate real estate major.

Tu's research covers a wide range of topics, including housing valuation, smart growth and the new urbanism, sustainable and green buildings, commercial mortgage-backed securities (CMBS), real estate investment trusts (REITs), multifamily housing, retail shopping centers, and real estate education. He has published in many academic journals and for professional organizations such as the Urban Land Institute (ULI) and the Mortgage Bankers Association (MBA). Tu was a primary investigator of research projects sponsored by government agencies, including the U.S. Department of Energy, the U.S. Environmental Protection Agency, the California Energy Commission, and the District of Columbia Government. He currently serves on the editorial board of the Journal of Sustainable Real Estate.

Tu earned his PhD in business administration from the George Washington University (GWU) in 1999. He received the Chartered Financial Analyst (CFA) designation in 2000 and became a LEED Accredited Professional in 2009. He is ARGUS Software Certified (ASC) for ARGUS Valuation-DCF, ARGUS Enterprise and ARGUS Developer. Before joining USD, Tu taught real estate and finance courses at GWU and California State University and Fullerton.

Formats Available: Streaming
Original Program Date: April 26, 2018
On-Demand Release Date: Available Now

Approved Credit:
  • ULI: 8.00 hours Attendance

  • MORE INFOMORE INFO Introduction to Real Estate Finance and Investment (April 2018)
    Collapse Introduction to the Real Estate Development Process (August 2018 On Demand)

     Introduction to the Real Estate Development Process

    Real estate development is a complex and iterative process that relies on the skills, efforts, and knowledge, of multiple professional disciplines to be successful. This new ULI program presents the basic elements of the real estate development process in a convenient online format. Delivered over six sessions, this program is designed to introduce to public and private sector professionals, the fundamental steps and analyses that developers and other professionals engage in during the real estate development process.  The objective of the series is to provide a broad understanding of the development process from building a project budget to valuing raw land before purchase, to finance concepts used by lenders. 

    Each session is recorded and will be available for registrants to review for 60 days

     

    August 6, 8, 13, 15, 20, and 22, 2018

    Live online

    1:00 p.m. – 3:00 p.m. Eastern

     

    Session One

    Introduction
    -Outline of items/topics covered
    -Risk
    -Demand
    -Finance
    -Types of developers and projects

    Budgeting

    -Feasibility

    -Bar napkin from finance

     

    The Market Study
    -Purpose of document
    -Ways to quantify demand

    -Project location and proximity to similar projects
    -Absorption
    -Key risks


    Session Two

    Project Valuation Methods

    -Understanding NOI

    -Appraisal

    -Time value of money
    -Defining and using cap rates

    Residual land value

    -Building on project valuation (to determine land value)

    -Utility of Land Use

    -Impacts of rising construction costs on land value

     

    Site Selection
    -Best practices
    -Why this site and not that one
    -Site limitations (zoning, geometry, environmental etc)

     

    Session Three

    Due Diligence
    -Confirm assumptions in site selection
    -Sample DD budget
    -Project economics
    -Entitlement risks/PERT

    Real estate deal structures
    -How projects get financed
    -Lender requirements of developers
    -Lenders triangle
    -Partnership structures (and why)
    -Profit split example with investor

    Session Four

    Entitlements
    -Timelines and budget/project risks
    -Review local, regional, state and federal permits
    -Rezones/land use changes
    -Reactionary zoning

     

    Session Five

    Introduction to Finance Tools
    -Review terminology
    -Review concepts of TVM (time value of money)
    -Calculate Loan amount
    -Calculate loan payoff amount
    -Calculate project ROI and annual ROI (return on investment)

    -Introduction to net present value (NPV)

    -Introduction to discounted cashflow (DCF)

     

    Session Six

    Construction
    -How to bid a project
    -How to review bids
    -Working with your contractor
    -Risks and how to mitigate them
    - Course Wrap up

     

    Program highlights include:

    •Building project budgets

    •Market studies and their purpose

    •Project valuation methods

    •Residual land value

    •Project site selection

    •Due diligence

    •Aspects of deal structuring

    •Entitlements and permitting issues

    •Introductory financial analysis

    •Bidding and reviewing project construction bids

     

    Instructor

    David H. Farmer

    Principal
    Keystone Development Advisors
    Naples, Florida

     

    David H. Farmer is a developer, licensed real estate Broker, certified planner, civil engineer, state certified general contractor and Department of Environmental Protection qualified stormwater management inspector.

    Dave Farmer began his career in the development industry in 1989 with an engineering firm designing commercial and residential projects for private clients. A professional engineer, Farmer left the engineering field in 2000 to work fulltime for Keystone Communities overseeing the entitlement, design and construction of residential communities, resort facilities, and commercial projects. In 2002, after earning his Certified General Contractors license, he also became responsible for the permitting and construction of custom homes.

    Following a large sale of entitled and developed residential lots in 2003, the company’s focus shifted from development to entitlement and infrastructure development. At this time Farmer took on the additional responsibility of site selection and acquisition for the company. In 2005, he was made a principal of the company and participated in both the rewards and costs of acquisition, entitlement, and development.

    Farmer’s development experience includes both very successful projects and less successful projects. In the tradition of ULI, he feels it’s important to focus more on mistakes made and lessons learned when teaching the real estate development process. One learns quickly what not to do when you are spending your own money on development projects.

    In 2008, Farmer and his development partner dissolved the original company and each went their own way. Today he works in Florida with a new partner on identifying development sites and helping investors develop property. Farmer has brokered more than $70 million in real estate transactions and entitled thousands of homes and millions of square feet of commercial property. His favorite quote is “Begin with the end in mind.”

     

    Registration

    ULI Members: $395
    Nonmembers: $525
    Govt./nonprofit ULI member: $350
    Govt./nonprofit nonmember: $465

     

    Formats Available: Streaming
    Original Program Date: August 22, 2018
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Introduction to the Real Estate Development Process (August 2018 On Demand)
    Collapse Introduction to the Real Estate Development Process: On Demand
     Introduction to the Real Estate Development Process

    Real estate development is a complex and iterative process that relies on the skills, efforts, and knowledge, of multiple professional disciplines to be successful. This new ULI program presents the basic elements of the real estate development process in a convenient online format. Delivered over six sessions, this program is designed to introduce to public and private sector professionals, the fundamental steps and analyses that developers and other professionals engage in during the real estate development process.  The objective of the series is to provide a broad understanding of the development process from building a project budget to valuing raw land before purchase, to finance concepts used by lenders. 

    Each session is recorded and will be available for registrants to review for 60 days

     

    February 12, 14, 19, 21, 26, and 28, 2018

    Live online

    1:00 p.m. – 3:00 p.m. Eastern

     

    Session One

    Introduction
    -Outline of items/topics covered

    -Risk
    -Demand
    -Finance
    -Types of developers and projects

    Budgeting

    -Feasibility

    -Bar napkin from finance

     

    The Market Study
    -Purpose of document
    -Ways to quantify demand
    -Project location and proximity to similar projects
    -Absorption
    -Key risks


    Session Two

    Project Valuation Methods

    -Understanding NOI

    -Appraisal

    -Time value of money
    -Defining and using cap rates

    Residual land value

    -Building on project valuation (to determine land value)

    -Utility of Land Use

    -Impacts of rising construction costs on land value

     

    Site Selection
    -Best practices
    -Why this site and not that one
    -Site limitations (zoning, geometry, environmental etc)

     

    Session Three

    Due Diligence
    -Confirm assumptions in site selection
    -Sample DD budget
    -Project economics
    -Entitlement risks/PERT

    Real estate deal structures
    -How projects get financed
    -Lender requirements of developers
    -Lenders triangle
    -Partnership structures (and why)
    -Profit split example with investor

    Session Four

    Entitlements
    -Timelines and budget/project risks
    -Review local, regional, state and federal permits
    -Rezones/land use changes
    -Reactionary zoning

     

    Session Five

    Introduction to Finance Tools
    -Review terminology
    -Review concepts of TVM (time value of money)
    -Calculate Loan amount
    -Calculate loan payoff amount
    -Calculate project ROI and annual ROI (return on investment)

    -Introduction to net present value (NPV)

    -Introduction to discounted cashflow (DCF)

     

    Session Six

    Construction
    -How to bid a project
    -How to review bids
    -Working with your contractor
    -Risks and how to mitigate them
    - Course Wrap up

     

    Program highlights include:

    •Building project budgets

    •Market studies and their purpose

    •Project valuation methods

    •Residual land value

    •Project site selection

    •Due diligence

    •Aspects of deal structuring

    •Entitlements and permitting issues

    •Introductory financial analysis

    •Bidding and reviewing project construction bids

     

    Instructor

    David H. Farmer

    Principal
    Keystone Development Advisors
    Naples, Florida

     

    David H. Farmer is a developer, licensed real estate Broker, certified planner, civil engineer, state certified general contractor and Department of Environmental Protection qualified stormwater management inspector.

    Dave Farmer began his career in the development industry in 1989 with an engineering firm designing commercial and residential projects for private clients. A professional engineer, Farmer left the engineering field in 2000 to work fulltime for Keystone Communities overseeing the entitlement, design and construction of residential communities, resort facilities, and commercial projects. In 2002, after earning his Certified General Contractors license, he also became responsible for the permitting and construction of custom homes.

    Following a large sale of entitled and developed residential lots in 2003, the company’s focus shifted from development to entitlement and infrastructure development. At this time Farmer took on the additional responsibility of site selection and acquisition for the company. In 2005, he was made a principal of the company and participated in both the rewards and costs of acquisition, entitlement, and development.

    Farmer’s development experience includes both very successful projects and less successful projects. In the tradition of ULI, he feels it’s important to focus more on mistakes made and lessons learned when teaching the real estate development process. One learns quickly what not to do when you are spending your own money on development projects.

    In 2008, Farmer and his development partner dissolved the original company and each went their own way. Today he works in Florida with a new partner on identifying development sites and helping investors develop property. Farmer has brokered more than $70 million in real estate transactions and entitled thousands of homes and millions of square feet of commercial property. His favorite quote is “Begin with the end in mind.”

     

    Registration

    ULI Members: $395
    Nonmembers: $525
    Govt./nonprofit ULI member: $350
    Govt./nonprofit nonmember: $465

     

    Formats Available: Streaming
    Original Program Date: February 12, 2018
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Introduction to the Real Estate Development Process: On Demand
    Collapse Managing Successful Entitlements: Building Community and Political Support for Land Use Projects
    Great plans and projects often collapse in the face of NIMBY opposition and the reluctance of public officials to make controversial or unpopular decisions. Gain practical how-to knowledge to put together your own outreach and lobbying plans. Participants learn how to assess politicians' decision-making styles and communications biases; avoid or manage hostile audiences; minimize community resistance; and turn pro-project attitudes into pro-project action.

    Who Should Order:

  • This webinar provides fundamental information about winning entitlements for developers, builders, lenders, planners, public relations professionals, land use attorneys, architects, engineers, and public officials.

  • *Please Note: Hard copies of the presentation are not available with this recording.
    Formats Available: Streaming
    Original Program Date: December 16, 2008
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Managing Successful Entitlements: Building Community and Political Support for Land Use Projects
    Collapse Managing the Land Development Process for a Small Scale Development
    This new ULI webinar will offer a unique primer on the developer’s role in managing the site development process, also known as horizontal development. The program will provide an informative overview of this process, including experience-based best practices in engaging with the numerous consultants, contractors, designers, and utilities that are involved.

    The program will include guidelines into preparing bid requests, as well as best way to compare and evaluate bids. Managing and working with public utilities will be addressed in detail, as well the developer’s interactions with lending sources, property owners associations, and project marketing. Concepts will be illustrated through real-world examples.

    Program Highlights
    • Identifying the scope work
    • Letters of interest and why you should use them
    • Steps to bidding the project – accurately documenting the RFP
    • Managing consultants (engineers, architects, attorneys)
    • Finding and managing different types of contractors simultaneously
    • Managing the required entitlements
    • Coordinating with utility providers (gas, electric, phone, cable, etc.)
    • Monitoring the schedule
    • Handling pay requests
    • Turn-over of facilities
    Formats Available: Streaming
    Original Program Date: September 13, 2016
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Managing the Land Development Process for a Small Scale Development
    Collapse Retail and Mixed-Use Development:  A Primer
    HTML Editor - Full Version

    Retail and Mixed-Use Development:  A Primer

    July 24, 2018

    2:30 – 4:30 p.m. eastern time

    Developers can sometimes find themselves under pressure from public officials, residents, and neighborhood groups to see more mixed-use development featuring ground-floor retail. However, successful execution of a retail-oriented mixed-use development begins with a solid understanding of how retailers approach site selection, trade areas, traffic flow, and building design. A successful project must feature both favorable retail market attributes, along with a thoughtfully designed facility.

    Led by a 30-year veteran of corporate real estate and retail development, this new ULI webinar will begin with a solid overview of retailer economics and will shed light on where retail uses will and won’t work as part of a mixed-use development. Beyond satisfying fundamental trade-area economics and demographics criteria, a successful mixed-use development must also feature a design that accommodates the business and operational needs of retailers.

    Don’t miss this opportunity to better understand where and when retail makes sense in a mixed-use project.

    Program Highlights

    •Commodity and specialty retail

    •Active/non-active retail

    •Retail economics 101: How retailers make go-ahead decisions

    •Definition – types of MXD

    •Demographics

    •Traffic patterns

    •Market share

    •Site attributes

    •Role of design

    •Store layout considerations

    •Mixed use and urban design

    •Best practices – Facades, corners, sidewalks

    •Best practices – layout, back of house

    •Best practices – Separation/compatibility of uses

    •Best practices – Access and parking

    •Best practices – Utilities and building systems

    •Best practices – lighting and signage

    •Issues that separate cities and property owners

    •Understanding where retail doesn’t work and why

    Instructor

    David Greensfelder

    Managing Principal

    Greensfelder Real Estate Strategy

     

    David Greensfelder is the founder and managing principal of Bay Area-based Greensfelder Commercial Real Estate LLC which provides strategic planning, market research/analysis, and real estate development services to communities, financial institutions and investors, and develops for its own account as well as for other property owners and partners.  As a developer, consultant, and an experienced corporate real estate executive, David has driven more than 325 projects spanning 6.5 million square feet with an aggregate acquisition and construction value exceeding $750 million (finish market value estimated at well over $1.25 billion). 

    David’s expertise ranges from market analytics and location intelligence to real estate economics, overseeing due diligence, acquisition, land-use and entitlements, mixed-use project implementation, project management (design, leasing, and construction oversight), and asset management (including administration of existing portfolios).  Significant assignments include developing comprehensive retail and economic development strategies for cities, providing fee development services to technology companies in pre-IPO fundraising rounds, managing national retail store development programs for Fortune 25 companies such as CVS/health, developing market strategies for retailers and institutional owners, and specialized expertise repositioning “dead” malls.

    Prior to forming his own firm, David was Director/VP and Principal of LandMark/NewMark's Northern California office and managed corporate real estate programs for publicly traded Fortune 500 companies.  David frequently speaks at national and regional conferences, and lectures at UC Berkeley’s Fisher Center for Real Estate and Urban Economics and Haas Graduate School of Business, USC’s Lusk Center for Real Estate Development, and ULI and ICSC education programs. He serves on Bay Area-based Satellite Affordable Housing Associates’ Board of Directors and CCLR’s Board of Directors, is an active member of the ULI (Urban Revitalization Product Council, Advisory Services, and UrbanPlan steering committee) and ICSC’s P3 National Steering Committee.  David graduated from Pitzer College (The Claremont Colleges) with a degree in Business Economics.

     

    Registration

    Public Member: $100.00

    Member: $125.00

    Public Nonmember: $135.00

    Full Price: $165.00

    Formats Available: Streaming, Live Webcast + Streaming
    Original Program Date: July 24, 2018
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Retail and Mixed-Use Development:  A Primer
    Collapse Retail and Mixed-Use Development:  A Primer
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    Retail and Mixed-Use Development:  A Primer

    December 19, 2018

    1:00-3:00 p.m. eastern time

    Developers can sometimes find themselves under pressure from public officials, residents, and neighborhood groups to see more mixed-use development featuring ground-floor retail. However, successful execution of a retail-oriented mixed-use development begins with a solid understanding of how retailers approach site selection, trade areas, traffic flow, and building design. A successful project must feature both favorable retail market attributes, along with a thoughtfully designed facility.

    Led by a 30-year veteran of corporate real estate and retail development, this new ULI webinar will begin with a solid overview of retailer economics and will shed light on where retail uses will and won’t work as part of a mixed-use development. Beyond satisfying fundamental trade-area economics and demographics criteria, a successful mixed-use development must also feature a design that accommodates the business and operational needs of retailers.

    Don’t miss this opportunity to better understand where and when retail makes sense in a mixed-use project.

    Program Highlights

    •Commodity and specialty retail

    •Active/non-active retail

    •Retail economics 101: How retailers make go-ahead decisions

    •Definition – types of MXD

    •Demographics

    •Traffic patterns

    •Market share

    •Site attributes

    •Role of design

    •Store layout considerations

    •Mixed use and urban design

    •Best practices – Facades, corners, sidewalks

    •Best practices – layout, back of house

    •Best practices – Separation/compatibility of uses

    •Best practices – Access and parking

    •Best practices – Utilities and building systems

    •Best practices – lighting and signage

    •Issues that separate cities and property owners

    •Understanding where retail doesn’t work and why

    Instructor

    David Greensfelder

    Managing Principal

    Greensfelder Real Estate Strategy

     

    David Greensfelder is the founder and managing principal of Bay Area-based Greensfelder Commercial Real Estate LLC which provides strategic planning, market research/analysis, and real estate development services to communities, financial institutions and investors, and develops for its own account as well as for other property owners and partners.  As a developer, consultant, and an experienced corporate real estate executive, David has driven more than 325 projects spanning 6.5 million square feet with an aggregate acquisition and construction value exceeding $750 million (finish market value estimated at well over $1.25 billion). 

    David’s expertise ranges from market analytics and location intelligence to real estate economics, overseeing due diligence, acquisition, land-use and entitlements, mixed-use project implementation, project management (design, leasing, and construction oversight), and asset management (including administration of existing portfolios).  Significant assignments include developing comprehensive retail and economic development strategies for cities, providing fee development services to technology companies in pre-IPO fundraising rounds, managing national retail store development programs for Fortune 25 companies such as CVS/health, developing market strategies for retailers and institutional owners, and specialized expertise repositioning “dead” malls.

    Prior to forming his own firm, David was Director/VP and Principal of LandMark/NewMark's Northern California office and managed corporate real estate programs for publicly traded Fortune 500 companies.  David frequently speaks at national and regional conferences, and lectures at UC Berkeley’s Fisher Center for Real Estate and Urban Economics and Haas Graduate School of Business, USC’s Lusk Center for Real Estate Development, and ULI and ICSC education programs. He serves on Bay Area-based Satellite Affordable Housing Associates’ Board of Directors and CCLR’s Board of Directors, is an active member of the ULI (Urban Revitalization Product Council, Advisory Services, and UrbanPlan steering committee) and ICSC’s P3 National Steering Committee.  David graduated from Pitzer College (The Claremont Colleges) with a degree in Business Economics.

     

    Registration

    Public Member: $100.00

    Member: $125.00

    Public Nonmember: $135.00

    Full Price: $165.00

    Formats Available: Live Webcast + Streaming
    Original Program Date: December 19, 2018
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Retail and Mixed-Use Development:  A Primer
    Collapse Structuring the Deal to be Profitable
    Ensuring that the capital structure of your development project is appropriately matched to current strategic objectives and risks, is crucial for the project's success, and the developer's financial return. In this program, participants will review the fundamental mechanisms of development financing by looking at typical financing structures and how they impact developer profitability. The course allows for the practical application of these concepts by helping participants understand how to best finance development projects and identify and review different capital sources and structures. Special focus is given to the real-world demands of real estate development. Various project examples will be used to demonstrate that structuring a profitable deal is about much more than just the lowest cost of capital. 
     
    Attendee Takeaways: 
    • Overview of Developing Financing
    • Review Basic Financing Mechanisms
      • Senior Debt
      • Institutional Equity
      • Mezzanine Debt
    • Groundwork for Financing a Successful Project
    • Understanding how the structure of the capital stack affects project returns

    Who Should Attend:
    • Development Project Managers
    • Acquisitions Directors
    • Analysts
    • Architects and Builders who work with Developers

    Formats Available: Streaming
    Original Program Date: November 25, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Structuring the Deal to be Profitable
    Collapse The ABCs of Land Development

    Land development is a complex endeavor requiring careful analysis of the site and a thorough understanding of the market, finance, and regulatory environment. It can also require a skilled and often creative negotiator, and a careful documentation of the transaction. This new ULI webinar will introduce students to the basic components of a successful land development project. Using real-world resources, the webinar will focus on small-scale land development (<200 acres).

     
    Program Highlights:
    • Identifying the Site(s)
    • Determining Residual Land Value
    • Negotiating the Acquisition(s)
      • ​Strategy
      • Tactics
    • ​Structuring the Transaction(s)
      • ​Letters of Intent
      • Options
      • Leases
      • Contracts
    • ​Due Diligence
      • ​Checklist
      • Budget


    Attendee Takeaways:

    • Due Diligence Checklist
    • Form of LOI
    • Form of Option
    • Purchase Contract Checklist
    • Due Diligence Budget


    Who Should Attend:

    • Developers
    • Planners
    • Engineers
    • Attorneys
    • Landscape Architects
    • Land Brokers & Salespersons
    • Lenders
    • Investors
    Formats Available: Streaming
    Original Program Date: November 29, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO The ABCs of Land Development
    Collapse Understanding and Using Real Estate Cap Rates
     

    Understanding and Using Real Estate Cap Rates

    November 28, 2018

    1:30 – 3:30 p.m. eastern time

    Many real estate professionals regularly engage in conversation about real estate capitalization rates ("cap rates"). But how well do they understand where they come from, what they signify, and how they can be applied to understand real estate valuation across markets, over time and through the development process?  Part of the difficulty is that the cap rate reflects so many different components of a real estate project’s valuation.  It is, in effect, an "all in" index incorporating conditions in capital markets, investor perceptions of regional and sector differences, expectations on the stability or potential growth of cash flows, and projections about future market conditions.  There is a lot of information in one number.


    This webinar explores the multiple inputs that determine a cap rate and explains how a developer, investor, lender, or broker can apply that understanding to making better, more informed decisions in the real estate market.  It also illustrates how to use the projected cap rate of a development project as a "hurdle" for determining the project's economic viability for attracting capital investment.

    Program Highlights

    A comprehensive understanding of how existing and anticipated capital and real estate market conditions, property characteristics and regional and sector differences determine a particular real estate capitalization rate. 

    • How real cap rates determine property value in investment decisions over a time horizon. 
    • How to evaluate the viability of a real estate development project by comparing its "development cap" to the current market cap rate. 
    • How to analyze and portray investment and development opportunities based on existing (“going in”) and projections of future (“terminal”) cap rates.

     

    Instructor

    Charles A. Long
    > Principal, Charles A. Long Properties, LLC
    Principal, Junction Properties, LLC
    Oakland, CA

    Charles A. Long is a developer specializing in mixed-use infill projects, including acquisition, entitlement and public private partnerships.  He is currently developing two multi-family projects in Oakland, CA, one at 78 units, the other at 97 units. 

    He served for eight years as city manager in Fairfield, California.  Since 1996, he has worked as a consultant to public and private clients on development and management.  He has held interim positions for several cities in finance, redevelopment and management, including Interim Town Manager of Mammoth Lakes and Interim City Manager of Pinole and Hercules, California.   His assignments have been diverse including negotiating development agreements, writing redevelopment plans, pro-forma analyses, strategic planning, economic development, organizational development, capital and financial planning, budget reform, base reuse and alternative energy development. He has overseen over $600 million of public financing in his career.

    Mr. Long is a full member of the Urban Land Institute and, within ULI, a member of the Public Private Partnership Council. He is a faculty member of the ULI Real Estate School, teaching both in the US and internationally.  He has served on eighteen ULI Advisory Panels, chairing panels in Salem, OR, Boise, ID, Dallas, TX, Buffalo, NY Pasco County, FL and San Bernardino, CA.  He received the 2012 Robert M. O’Donnell Award for distinguished service in the advisory program.  He is the former co-chair of the Sustainability Committee for the San Francisco District Council and, in that capacity, initiated several reports including recommendations for streamlining California’s environmental review process, a directory of financing sources for building efficiency and a survey of resiliency best practices in the Bay Area.   He is the author of the book, Finance for Real Estate Development, published by ULI in April 2011 and winner of the 2012 National Association of Real Estate Editors Silver Award.

    Mr. Long has a BA in economics from Brown University and a Masters of Public Policy from U. C. Berkeley.  He served in the U.S. Army as an infantry platoon sergeant.

     

    Registration

    Public Member: $100.00
    Member: $125.00
    Public Nonmember: $135.00
    Full Price: $165.00

     

     

     

     

    Formats Available: Webinar + Archive
    Original Program Date: November 28, 2018
    MORE INFOMORE INFO Understanding and Using Real Estate Cap Rates
    Collapse Understanding the Real Estate Development Process
    Real estate development is a complex, iterative, and interdisciplinary endeavor. To effectively develop, finance, or supervise a project, a fundamental understanding of the process and its many facets is necessary. Many real estate entrepreneurs enter the development business from a tangential discipline. This introductory course is designed for entry- to intermediate-level professionals from all disciplines, both public and private. The course objective is to provide attendees with a basic understanding of real estate development and finance concepts and a comprehensive overview of the development process.
    The program begins with a review of the development process and quickly takes participants through several stages of real estate development, demonstrating the interdisciplinary nature of the process, and its inherent complexity. Lectures and case studies provide instruction in the fundamentals of successful design and development of real estate. Instruction in financial analysis provides a fundamental understanding of pro forma modeling basics. The program provides participants with practical approaches to real estate development. 

    • Overview of the development process
    • Market analysis and real estate economics
    • Financial analysis of real estate
    • Site selection and due diligence
    • Negotiating and structuring the deal
    • Real estate finance basics
    • Fundamental financial analysis
    • Financing the project
    • Managing the entitlement process
    • Managing the design and construction process
    • Strategic marketing
    • Case studies 

    Formats Available: Streaming
    MORE INFOMORE INFO Understanding the Real Estate Development Process
    Collapse Vacant Spaces to Vibrant Places

    Economically vibrant and resilient communities often share a common set of traits that enhance residents' connection to the place they live. A recent study by the Knight Foundation found “connection to place” to be the leading indicator of the prosperity of a community. The higher levels of civic engagement promoted by this sense of connection can result in measurable increases in community wealth.

    Research by groups including Preservation Green Lab are beginning to identify and quantify these community traits. Smaller buildings and historic districts play important roles in supporting more livable, socially diverse, and economically resilient communities. In addition to their unique character, these neighborhoods with more diverse building stock can also be more attractive due to their generally greater walkability.

    Several key measures of vitality, diversity, and economic performance are significantly associated with the presence of smaller buildings and with diversity of building age. The measurably higher economic performance and livability of areas with this type of urban fabric argue for their preservation where they exist, and their enhancement through infill and redevelopment opportunities. Often, however, adaptive reuse policies at the city level can act in opposition to economic development goals. The result can be the destruction of vintage-modern buildings and a stifling of business development.

    This ULI webinar will outline the economic development benefits of locally-funded, smaller-scale, infill neighborhood development. The program will also provide examples of how city-level policies can unwittingly work at cross-purposes and will suggest solutions for building comprehensive, cooperative real estate and economic development policies.


    Program Highlights

    • Quantifying the impact of local economy work and preservation
    • The link between preservation, infill development, and economic development
    • Spatial characteristics and economic development and resilience
    • Aligning real estate and economic development policies for job creation and talent retention
    • The business case for adaptive reuse of buildings
    • The importance of community banks in financing unique urban spaces

    Formats Available: Streaming
    Original Program Date: March 03, 2016
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Vacant Spaces to Vibrant Places