Professional real estate development : the ULI guide to the business / [Richard B. Peiser with Anne B. Frej].

Format:

Book

Author/Creator:

Peiser, Richard B.

Contributor:

Frej, Ann Baggerman.

Urban Land Institute.

Class of 1924 Book Fund.

Language:

English

Subjects (All):

Real estate development.

Physical Description:

x, 397 pages : illustrations ; 29 cm

Edition:

Second edition.

Place of Publication:

[Washington, D.C.] : ULI--the Urban Land Institute, [2003]

Summary:

Thoroughly updated, the second edition of Professional Real Estate Development explains the nuts and bolts of the real estate development industry. Ideal for anyone wishing to learn more about the industry or preparing to embark on a real estate development project, the book explains how to develop and manage five major real estate products: land, residential, office, industrial, and retail. Focusing on small-scale projects, the authors show you practical methods for developing real estate, including feasibility analysis, design and construction, financing, marketing, and management. Photos, site plans, diagrams, and case studies provide examples of actual projects and how the process works. Information is specific and detailed, with costs, rents, and financing information included by product type.

Contents:

What Is a Developer? 3

Requirements for Success 5

Paths for Entering the Development Field 6

Finding the First Deal 7

A Use Looking for a Site 7

A Site Looking for a Use 7

Improving the Chances of Successful Development 11

Managing the Development Process 12

Real Estate Cycles 13

Stages of Development 18

2. Organizing for Development 26

The Firm's Organization and Management 27

Forming Partnerships 27

Organizational Life Cycles 29

Organizational Structure 30

Compensation 30

Strategic Planning 33

Choosing Consultants and Contractors 34

Locating a Consultant 35

Selecting a Consultant 35

Rates 36

Working with Consultants 37

The Design/Construction Team 37

Architects 37

Landscape Architects 38

Land Planners 40

Engineers 40

Soils Engineers 41

Environmental Consultants 41

Surveyors 42

Parking Consultants 43

Asbestos Abatement Professionals 43

Construction Contractors 44

Real Estate Service Firms 46

Market Consultants 46

Appraisers 46

Attorneys 47

Title Companies 47

Surety Companies 48

Brokers/Leasing Agents 49

Public Relations/Advertising Agencies 50

Property Management 50

Lenders 52

Working with Lenders 52

Sources of Financing for Real Estate Projects 53

3. Land Development 58

Subdividing Land 59

Land Development versus Building Development 61

Project Feasibility 62

Market Analysis before Site Selection 62

Site Selection and Acquisition 64

Market Analysis after Site Selection 69

Regulatory Process 71

Financial Feasibility Analysis 81

Design and Site Planning 94

Evolution of Subdivision Design 94

Sensitivity to Design Issues 96

Cluster Development, New Urbanist Plans, and PUDs 97

Site Planning Process 97

Site Information 98

Streets and Street Hierarchy 100

Site Engineering 101

Platting 103

Higher Densities 104

Financing 106

Obtaining Financing 107

Joint Ventures 109

Construction 111

Marketing 112

Marketing to Homebuilders 113

Marketing Larger Parcels 115

Direct Marketing to the Public 115

Merchandising and Advertising 116

Internet and Interstate Marketing 116

Development Maintenance after Completion 116

Protective Covenants 116

Community and Condominium Associations 119

General Advice 120

4. Multifamily Residential Development 128

History 129

Product Types 130

Project Feasibility 132

Market Analysis 133

Site Selection 140

Financial Feasibility Analysis 147

Design 171

Unit Mix 171

Site Design 172

Exterior Design 176

Interior Design 177

Design Issues 178

Design Process 179

Financing 182

Construction Loans 182

Permanent Financing 184

Financing Issues 187

Government Programs and Working with Nonprofit Organizations 193

Construction 195

Managing and Scheduling the Job 195

Inspections 196

Subcontractors and Draws 196

Insurance 196

Marketing 197

Developing a Market Strategy 197

Public Relations 198

Advertising 199

Operations and Management 202

Hiring Staff 203

Turnover 203

Selling the Property 208

5. Office Development 212

Categorizing Office Development 213

Trends in Office Building Development 216

Project Feasibility 217

Market Analysis 217

Site Selection 222

Regulatory Issues 223

Financial Feasibility 225

Design and Construction 225

Site Planning 227

Exterior Design 228

Interior Design 230

Tenant Leaschold Improvements 236

Pitfalls and Suggestions 238

Financing 238

Construction Loans 239

Permanent Loans 239

Lease Requirements 240

Mortgage Options 241

Standby and Forward Commitments 241

Equity 241

Marketing and Leasing 242

Marketing Strategy 242

Brokers 243

Types of Leases 244

Lease Rates and Terms 245

Operations and Management 250

Budgeting and Accounting 250

Keeping Tenants Satisfied 250

Selling the Completed Project 251

6. Industrial Development 254

Product Types 256

Building Categories 256

Categories of Business Parks 259

Rehabilitation and Adaptive Use 259

Project Feasibility 260

Market Analysis before Site Selection 260

Site Selection 264

Market Analysis after Site Selection 267

Regulatory Issues 269

Financial Feasibility 271

Design and Construction 272

Site Design 272

Building Design and Construction 275

General Advice 279

Financing 280

Construction and Permanent Loans 280

Equity Structure 281

Dealing with Institutional Investors 282

Joint Venture Deal Points 282

Negotiating Risk 283

Marketing 286

Marketing Strategy 287

Marketing Materials 287

Brokers 288

Leasing 288

Property Management 289

Stage 1 Development 289

Stage 2 Lease-Up 296

Stage 3 Stabilized Operations 296

Selling the Project 297

7. Retail Development 300

Standard Shopping Center Categories 302

Specialty Centers 304

Project Feasibility 305

Market Analysis 305

Site Selection 312

Regulatory Issues 316

Financial Feasibility 318

Design and Construction 318

Site Plan and Building Configuration 323

Parking, Circulation, and Access 326

Site Engineering and Landscaping 327

Outparcel Development 329

Building Structure and Shell 330

Interior Design 333

Construction 334

Financing 336

Marketing 337

Leasing 337

The Lease 341

Organizing the Leasing Program 344

Postconstruction Marketing and Promotion 344

Operations and Management 346

Management Approaches 346

Security 346

Financial Records and Control 347

Maintenance and Housekeeping 352

8. Trends and Issues 356

Looking at the Past and to the Future 357

Changing Market Factors 357

Industry Restructuring 358

The Demise of Small Developers? 358

Financing 359

Paying for Infrastructure 360

The Erosion of Development Rights 360

The Technological Revolution 361

Trends 361

New Demographics 361

Changing Lifestyles 362

Cities versus Suburbs 363

Development Issues 363

Smart Growth 363

Place Making 364

Environmental Concerns 365

The Need for Open Space 366

Transportation and Congestion 366

Social Responsibility 367

The Developer's Public Image 367

Differing Social Objectives 368

Gaining Community Support 369

Personal Integrity 370.

Notes:

Includes bibliographical references and index.

"ULI catalog number: P38"--T.p. verso.

Local Notes:

Acquired for the Penn Libraries with assistance from the Class of 1924 Book Fund.

ISBN:

0874208947

OCLC:

51556087