The course will examine the development process and review practical applications of site acquisition, design, construction and financing. This will be accomplished through a combination of outside speakers and project presentations (including site visits) as well as through the use of case studies and decision briefs. Specific attention will be paid to covering substantially all of the major use types found in the built environment and produced primarily by developers but also users. This broad survey of development will include:
1. Urban commercial projects
2. Urban residential projects
3. Suburban commercial projects
Through a combination of outside speakers as well as my colleagues from Hines, a Global Real Estate firm, which has been active in the New York area for the last 30 years, we will also examine each of the major functional areas and disciplines which are an inherent part of the development process. We will examine zoning and urban planning as drivers of physical form as well as interior programs and work place considerations as drivers of physical form. The course will also examine the economic factors which drive project decisions and criteria including marketing and leasing considerations, capital structures, transaction types and risk considerations. We will also examine construction delivery methods, with a view toward innovation.
We will review the following specific projects: (i) 31 West 52nd Street and 745 Seventh Avenue in New York City (urban commercial), (ii) One Jackson Square in New York City (urban residential), and (iii) as well as 3 suburban projects: 225 High Ridge Road (suburban campus) and the Swiss Bank and RBS projects (suburban core) all in Stamford Connecticut. Finally, we will consider 2 projects outside the region including a mixed-use project in Milan, Porta Nuova and the development strategy behind the creation of a retail factory village outlet program in Europe.
Thomas Craig was a Columbia Business School faculty member from 2010 to 2016.