Real Estate Development and Investment: A Comprehensive Approach

by S. P. Peca

• ISBN13: 9780470480250
• ISBN10: 0470480254
• Format: eBook
• Copyright: 2009-04-01
• Publisher: Wiley

Summary

Advanced Real Estate Development and Investment skillfully outlines the various phases of the real estate development process and addresses some of the most important issues associated with this discipline. Using numerous illustrations and anecdotes, this book takes readers through the development process, from historical considerations to idea formulation to financial feasibility to asset disposition and covers the entire cycle of real estate development for various property types. Filled with in-depth insights and practical advice, this reliable resource will help readers gain an appreciation of the functional skills necessary to be successful in this field, and enable readers to gain a firm grip of several often-overlooked (but equally important) aspects of commercial real estate development.Stephen P. Peca (New York, NY) is a Managing Director of Concourse Realty Group, LLC and is an Adjunct Assistant Professor in the Real Estate Institute of New York University.

Table of Contents

Preface

Acknowledgments

Overview of the Development Process

Economic Perspective

Relevancy of Universal Knowledge

Ground-Up Development versus Re-Development

The Six Phases of Development

Business Ethics

Relevancy to the Real Estate Industry

Legislated Ethics

Project and Development Teams

Types of Developers

Functional Disciplines in the Development Process

Factors to Consider When Forming a Development Team

Historical Perspective Of Real Estate Development

The Beginnings of Real Estate Development

Major Events Causing Change in the U.S

Market Research

Inception of the "Idea"

Markets, Market Research and Marketing (Analysis of Development Potential)

Concepts That Define Marketing (And Markets)

Using Market Studies and Preparing for Marketability Studies

Sources of and Methods for Gathering Information

Flaws of a Study

Validate the Data and the Importance of Revisions and Updates

Marketability Studies

Showing that Your Development Concept Could and Should be Built

Importance of Marketability Studies Revisited

Idea Refinement and the Application of the Marketability Study

The Process of Idea Refinement

Land Acquisition and Control

Non-Spatial and Spatial Markets

Elements of Design

Target Markets and Market Share

Site Control and Acquisition

Public and Private Restrictions on Land Use

Land Planning and "Siting"

Value Creation

Project Programming and Design

Elements of Design - Again

Talking to End Users

Tenant Mix and Marketability

A Brief Word About Architectural Drawings

Entitlement Process and Public/Private Partnerships

Typical Community Approval Process

Public/Private Partnerships

Budgeting, Financial Analysis And Capital Structure

Preparing for the Financial Analysis and Proforma

The Development Budget

The Operating Proforma

Review of Common Analytical Measurements

Financing and the Capital Markets

Short- and Long-Term Financing

Financing Cycle - Anticipating Requirements

Elements of a Feasibility Study or Deal Book

Guarantees

Contractors, Consultants and Construction Contracts

Budgeting and Scheduling

Contractors and Construction Contracts

Risk Management During Construction

Preparing for Construction - Bid Proposals and Review

Construction Documents and Construction Agreements

Risk Management - Part 2

Scheduling

Bonding and Insurance

Construction Monitoring: Draw Meetings; Managing Change Orders

Tenant Improvements and Coordination

Construction Close-Out

Leases and How They Are Used

Value Creation

What is a Lease?

Common Lease Structures

Lease Management and Analysis

Marketing Focus of Development

Know Your Target Audience

Your Essential Vision

The Importance of Branding

Image, Identity and Communication

Components of Marketing Centers

Investment Management

Function and Goal of Property Management

Function and Goal of Asset Management

Function and Goal of Portfolio Management

Property Life Cycle

The Future

Recent History - Where We Left Off

Apparent Future Trends

Green Development and Smart Growth

Social Responsibility and Ethics

Glossary

Index

Table of Contents provided by Publisher. All Rights Reserved.