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By Andrew Kim ’16
For the fourth year in a row, Columbia Business School placed in the top three at the invitation-only UNC Real Estate Development Challenge. Dennis Giuliano ’15, Andrew Kim ’16, Ashley McDonald ’15, and Rob Nitkin ’15 of team “Equity Multipliers” finished third at the competition held on February 20-21 in Chapel Hill, North Carolina.
The case, “Waterfront Development in Hamilton, Bermuda,” sought the highest and best use for a multi-acre site in the resort town of Hamilton, Bermuda. Using a combination of developer equity and additional equity raised from high net worth investors from Bermuda, the team’s development plan recommended a phased, mixed-use approach beginning with the a new public plaza, a low-rise retail and residential building, a multistory retail and parking garage, and an office tower all located along the waterfront. The team was focused on revitalizing the waterfront area into a thriving pedestrian district that would showcase Hamilton as an exciting destination for both visitors and locals. The second phase of the project included additional residential units, street level retail, a second office tower and a luxury hotel development.
“One big challenge of this case was thinking about how to phase the waterfront redevelopment in time for the 2017 America’s Cup Race while also meeting the needs of the local community in Bermuda,” commented Nitkin. “Our team sought a low density program for the waterfront that was visually consistent with the existing architecture along Front Street in Hamilton and incorporated several mixed-use properties as well as a continuous pedestrian walkway along the waterfront. Our team’s diverse backgrounds in construction, development and finance allowed us to construct a unique proposal that would create excitement around Hamilton and its redeveloped waterfront.”
The School’s team was selected last fall through auditions held by the Real Estate Association, and the Paul Milstein Center for Real Estate supported the students’ travel to the competition. Fifteen judges from prominent U.S. real estate companies as well as three judges who live and work in Bermuda determined the placements. The team was awarded $2,500 for its third place finish.
Hosted by the Leonard W. Wood Center for Real Estate Development at Kenan-Flagler Business School, the UNC Real Estate Development Challenge invites 16 teams from the United States and Europe’s top-20 MBA programs to compete. This annual event is the first business school case competition to focus solely on real estate development and this year marked the tenth-anniversary of the competition.
View the presentation by team "Equity Multipliers."
Andrew Kim ’16 is an AVP of Alumni and Mentorship for the Real Estate Association. Prior to Columbia Business School, Andrew worked in acquisitions and asset management for a real estate private equity firm based in Los Angeles, California. He earned a Bachelor of Arts in Architectural History and Theory from Columbia University and enjoys playing golf.