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BK

Fifth edition

Washington : Urban Land Institute, [2015]

xx, 390 stran : ilustrace, plány ; 27 cm

ISBN 978-0-87420-343-1 (vázáno)

Terminologický slovník

Obsahuje bibliografii na stranách 363-375, bibliografické odkazy a rejstřík

001450833

Contents // PART 1. INTRODUCTION // Chapter 1: Introduction to the Real Estate Development Process // Defining Real Estate Development // The Eight-Stage Model of Real Estate Development. // Characterizing Developers // Reputation of the Industry // The Development Team // The Public Sector: Always a Partner.. // Market and Feasibility Studies // Design: Never an Afterthought // Evolutionary Changes in the Development Process.. // Availability of Data // Technology and Social Media // Sustainability // A Much Longer Venture Capital Period // Feasibility from Another Perspective. // Wall Street (and Related Avenues) // Increased Pressure on the Public Sector // Summary // Terms // Review Questions // Notes // Chapter 2: The Raw Material: Land and Demographics // In the United States...is // Population Growth...15 // National Demographic Trends...16 // Finding Demographic Data...21 // Employment Growth and Economic Cycles...21 // Regional and Metropolitan Shifts...22 // Finding Employment Data...25 // Land Supply...25 // Who Owns the Land? How Is It Used?...26 // Foreign Ownership of Real Estate in the United States...27 // Real Estate, Gross Domestic Product, Wealth, and Employment...27 // Summary...27 // Terms...28 // Review Questions...28 // Notes...28 // Chapter 3: Developers and Their Partners...29 // The Major Players...29 // Private Sector Developers // Public/Private Partnerships...32 // Architects...32 // Engineers // Landscape Architects...34 // Land Planners...35 // Urban Designers...36 // Building Contractors...37 // Site Development and Grading Contractors ...37 // Environmental Consultants...38 // Traffic and Transportation Consultants...38 // Biology Consultants...39 // Geotechnical and Soils Consultants...39 // Hazardous Substance Consultants...39 // Air Quality Consultants...39 // Greenhouse Gas Consultants...39 // Noise Consultants...39 //

Market Research Analysts...39 // Lenders...40 // Joint Venture Partners...40 // Appraisers...40 // Public Finance Consultants...40 // Attorneys ...40 // Accountants ...41 // Leasing Agents and Sales Brokers...41 // Marketing and Public Relations Consultants...41 // Property Managers...4i // Regulators...42 // End Users . ...42 // Property Types... 43 // Residential ...43 // Retail ...43 // Office ...44 // Industrial... 44 // Hotel and Resort...44 // Mixed Use...44 // Summary...44 // Terms...44 // Review Questions...45 // PART 2: THE HISTORY OF REAL ESTATE DEVELOPMENT IN THE UNITED STATES...47 // Chapter 4: The Colonial Period to the Late 1800s...49 // Real Estate as an American Tradition...49 // Early Land Transactions...50 // Fee Simple Real Estate Transactions...50 // Developing the District of Columbia...51 // Ground Leases ...52 // The Holland Land Company...53 // John Jacob Astor...54 // Capital Improvement Projects ...54 // Land Subdivision and the Growth of Cities ...55 // The Growth of Inner-City Slums...56 // Company Towns, Utopian Communities, and Garden Cities...57 // Transportation Advances and the Rise of Suburban Development...58 // Llewellyn Park, New Jersey, and Riverside, Illinois...58 // Samuel E. Gross...60 // The Role of Railroads in Real Estate Development...61 // The Effect of Railroads on Industrial Development...63 // Railroad Barons as Real Estate Developers ...63 // Flagler and the Growth of Southern Florida ...63 // Huntington, the Southern Pacific, and Southern California’s First Boom ...65 // Summary... 66 // Terms...66 // Review Questions...66 // Notes ...66 // Chapter 5: The Late 1800s to World War II ...67 // Civic Leadership, Reform, and the Public Sector ...67 // Centralization...69 // Central Business Districts and Commercial Development...69 // The Growth of the Skyscraper...70 // Downtown Hotels and Department Stores...72 //

Office Building in the Roaring Twenties...74 // Rockefeller Center: Mixed-Use Innovation...76 // Urban Apartment Buildings ...76 // Decentralization...77 // The Streetcar Suburbs...78 // The Emergence of the Garden City...79 // Examples of Early Planned Communities...79 // Radburn...so // Shaker Heights...so // The Evolution of Real Estate Finance...81 // The Great Depression and World War II...83 // Bailing Out the Financial Institutions...85 // The Federal Housing Administration...86 // Housing after the Great Depression...88 // The Professionalization of Real Estate Development... 90 // Summary...91 // Terms...91 // Review Questions...91 // Notes...92 // Chapter 6: The Modern Era: World War El to the Present...93 // Suburbanization and the Postwar Boom...94 // Production...94 // Transportation: The Expansion of Interstate Highways and the Growth of the Suburbs...95 // Financing...96 // Employment: The Growth of Suburban Office and Industrial Parks...97 // The Growth of Suburban Shopping Centers...97 // The Growth of the Lodging Sector...99 // The Urban Crisis: Race, Housing, and Neighborhoods ...101 // Urban Renewal... 101 // The Federal Government’s Response to the Urban Crisis...104 // Development Movements in Inner-City Neighborhoods...105 // Downtown Revivals...107 // The Evolution of Planned Communities... 110 // Edge Cities...113 // The Cyclical Nature of Real Estate...114 // Boom and Bust... 114 // The Great Recession // Planning Movements...117 // Public Interests...117 // Smart Growth...118 // Summary... 119 // Terms...119 // Review Questions...119 // Notes...119 // PART 3: THE PUBLIC INTEREST...121 // Chapter 7: The Roie of the Regulatory Sector...123 // The Allocation of Power... .123 // Property Rights and Entitlements...124 // Local and State-Mandated Regulation...126 // General (Comprehensive) Plans...127 //

// Specific Plans and Planned Unit Developments...129 // Conditions of Approval...129 // Zoning... 130 // Subdivision Maps...130 // Infrastructure... 130 // Exactions...132 // State Environmental Regulation...133 // Other State and Local Agencies...134 // Councils of Governments...134 // Special Taxing Districts...134 // Coastal and Special Focused Commissions...135 // Other Site-Specific Development Control Mechanisms...135 // Development Agreements...135 // Transferable Development Rights...135 // Form-Based Zoning...136 // Transect Zoning...136 // Growth Boundaries...136 // Ballot Box Planning...136 // Federal Regulation...137 // The Clean Water Act...137 // The Endangered Species Act...139 // The Clean Air Act...140 // The Superfund Act...140 // Asbestos...142 // Americans with Disabilities Act...142 // Packaging the Entitlements ...143 // The Process...143 // The Risk Profile... 144 // Dependence on Others and Management of the Entitlement Process...144 // The Importance of Negotiation...145 // Summary...145 // Terms...145 // Review Questions...146 // Notes...146 // Chapter 8: Decision Makers and Stakeholders...147 // Managing Change...148 // The Nature of Change...148 // Accommodating Stakeholders... 149 // The Participants... 149 // The Developer’s Team...149 // Public Outreach and Public Affairs Professionals...150 // The Land Use Attorney...150 // The Public Sector’s Team...151 // The Board...151 // The Planning Commission and Other Commissions...151 // The Planning Staff...151 // Stakeholders...151 // Individual Stakeholders...151 // Ad Hoc Groups...152 // Formal and Semiformal Groups...152 // Issue-Based Groups...152 // Supporters ...152 // Public Outreach...153 // Information Gathering ...153 // Charrettes... 154 // Disseminating Information...154 // Building Support...154 // The Public Hearing...155 // The Intersection of Planning Theory and Elightements ...158 //

Advocacy Planning ...158 // Public/Private Partnerships...158 // Private versus Public Sector Resources...I60 // Organizations and the Public/Private Process...lei // Principles of Public/Private Partnerships...162 // The Objectives of Public/Private Development...163 // Formation of Public/Private Partnerships...164 // Strategic Decisions in the Implementation of Public/Private Projects...164 // Selecting a Developer...164 // Terms of the Deal...165 // Negotiating the Deal...tee // Practical Problems and Policy Issues...167 // Sports Facilities...I68 // Summary...170 // Terms...171 // Review Questions...171 // Notes...171 // PART 4: IDEAS...173 // Chapter 9: Stage One of the Development Process: Idea Inception...175 // Motivations Behind Ideas...176 // The Back-of-the-Envelope Pro Forma... 178 // Idea Inception in the Corporate Context...isi // Techniques for Generating Ideas...182 // Risk Control during Stage One of the Real Estate Development Process...184 // Summary...I86 // Terms...186 // Review Questions...I86 // Notes...186 // PART 5: FINANCING THE PROJECT ...187 // Chapter 10: Real Estate Finance: Background . ...189 // The Big Picture...189 // The Relationship between the Space Market and the Capital Markets...190 // Expected Rate of Return: A Fundamental Underpinning of Capital Markets...191 // Inflation and Time...191 // Risk Premium...192 // Capital Market Segments...193 // Private Sources of Real Estate Debt...193 // Public Sources of Real Estate Debt...193 // Private Sources of Equity...195 // Public Sources of Equity...196 // Real Estate Cycles...197 // The Real Estate Finance Process...197 // Financing Predevelopment Activities...198 // Land Acquisition Financing...198 // Landowner Financing ...198 // Ground Lease...199 // Construction Financing...199 // Permanent Financing...200 // Interim and Mezzanine Financing...203 //

Regulatory Changes Resulting from the Great Recession...203 // Summary...203 // Terms...204 // Review Questions...204 // Notes...204 // Chapter 11: Real Estate Finance: The Basic Tools...205 // The Components of Net Operating Income...206 // Potential Gross Income...206 // Vacancy, Collection Loss, and Rent Concessions...208 // Miscellaneous Income // Operating Expenses // Calculating Net Operating Income // Property Cash Flow // Estimating Value Using Cap Rates // Direct Capitalization // Discounted Cash Flow and Internal Rate of Return // Capital Structure // Loan Underwriting Process // Lender’s Calculations // Debt Service Coverage Ratio // Loan-to-Value Ratio // Benefits and Costs of Using Debt Financing // Adding Income Tax Considerations // Industry Tools for Project Underwriting // Summary // Terms // Review Questions // PART 6: PROVING THE CONCEPT // 223 // Chapter 12: Stage Two: Idea Refinement // Objectives of Stage Two // Creating a Plan // Controlling the Site // A More Detailed Scan of the Environment: Governments and Competitors // Urban Growth Models // Choosing the Site // Types of Buyers // Types of Sellers // The Deal // Information Sources // The Site’s Physical Characteristics // Usable Area // Geology // Hazardous Materials // Cultural Resources // Infrastructure // The Site’s Development Rights // Initial Feasibility // Negotiating for the Site // Stage Two Participants // Contractors // End Users // Property Managers // Lenders...241 // Investors...242 // The Public...242 // Segmenting the Market and Differentiating the Product...242 // Financial Feasibility...243 // Risk Control during Stage Two...244 // Summary...245 // Terms...245 // Review Questions...245 // Notes...245 // Chapter 13: Stage Three: The Feasibility Study...247 // The Definition of Feasibility...248 // Initiating the Feasibility Study...248 //

Components of the Feasibility Study...251 // The Market Study...251 // Preliminary Drawings...253 // Construction and Total Cost Estimates...254 // The Value Statement and Formal Estimate of Feasibility ...256 // The Enterprise Concept...258 // Bringing It All Together...258 // Investors and Lenders...259 // Investors...259 // Lenders...26O // Entitlements and Other Government Considerations...261 // Feasibility: The Project and the Participants ...261 // Risk Control Techniques during Stage Three...261 // Summary...263 // Terms...263 // Review Questions...263 // Notes...263 // PART 7: MAKING IT HAPPEN... 265 // Chapter 14: Stages Four and Five: Contract Negotiation // and Formal Commitment...267 // Stage Four: Contract Negotiation...268 // Decisions about Financing...268 // Finding a Permanent Lender and Securing a Loan Commitment...270 // Finding a Construction Lender and Securing a Loan Commitment ...271 // Using Mezzanine Financing to Complete the Financing Package...272 // Entitlements and Financing...273 // The Common Thread in All Forms of Financing...274 // Working Environmental Reviews into Contract Negotiations...275 // Hazardous Wastes: Everyone’s Concern...275 // Asbestos...27? // Wetlands...276 // Sustainable Development...278 // Decisions about Design and Contractors...278 // Architects’ Contract...279 // Construction Contract...:...280 // Bidding versus Negotiations:

Fixed Price versus Cost Plus...284 // Fast-Track Construction...285 // Bonding...286 // Construction Supervision...286 // Decisions about Major Tenants...286 // Stage Five: Commitment—Signing Contracts and Initiating Construction...288 // Summary...289 // Terms...289 // Review Questions...290 // Notes...290 // Chapter 15: Stage Six: Construction...291 // Starting Construction...291 // The Major Players during Construction...292 // Project Manager...292 // Marketing Manager...293 // Financial Officer...293 // Property Manager...293 // Building the Structure...294 // Meetings and Scheduling...294 // Drawing Down the Construction Loan...295 // Leasing and Building Out Tenant Space...296 // Landscaping and Exterior Construction...297 // Potential Problems...298 // Risk Control Techniques during Construction...301 // Summary...302 // Terms...302 // Review Questions...302 // Chapter 16: Marketing, Sales, and Leasing // The Promotional (Soft) Side of Marketing...305 // Strategy and Planning: SWOT Analysis...305 // Strengths // Weaknesses // Opportunities // Threats // The Marketing Vision // Risk Control Techniques during Marketing...308 // The Marketing Budget...308 // xviii // Promotions // Image, Identity, and Naming // Marketing Environments // Targeted Advertising // Public Relations...312 // Events...312 // Sales and Leasing...312 // The Marketing and Sales Staff...312 // Building the Sale...313 // The Contractual (Hard) Side of Marketing...314 //

The Leasing Transaction ...314 // Targeting the Tenant...315 // Determining the Operating Expenses // Investment Property Sales Transactions...317 // For-Sale Property Transactions // Stage Seven: Completion and Formal Opening...319 // Summary...319 // Terms // Review Questions...320 // Note...320 // Chapter 17: Stage Eight: Property, Asset, and Portfolio Management 321 // The Enterprise Concept and Continuing Management of the Developed Asset...322 // The Real Estate Management Triad...322 // The Property Manager...322 // The Asset Manager...324 // The Portfolio Manager...325 // Fundamentals of Real Estate Management from the Development Perspective...326 // Transitioning from Development to Operations...327 // Developing an Initial Strategic Plan for the Property...329 // Implementing the Strategic Plan // On-Site Staffing // Home Office Staffing // Marketing and Leasing // Operating Budget...331 // Capital Program...332 // Ongoing Planning // Property Management Contracts // The Corporate Real Estate Director...334 // The Influence of the Public Sector on Management of Real Estate...335 // Globalization and Real Estate Portfolio Management...336 // Summary...337 // Terms...337 // Review Questions // Notes