By Katherine Vila ’16

Students in this year’s Real Estate Project Class taught by Adjunct Associate Professor Andrew C. Jacobs ’96 worked diligently all semester in preparation for the Alexander Bodini Competition held at Columbia Business School on December 9, 2015. This year the competition was stiff; out of a total of six project teams, four teams were selected to proceed to the final competition. Prestigious real estate firms with a strong presence in today’s market sponsored the teams.  Each sponsoring firm assisted its team in gathering the necessary data to complete its analysis. The teams completed a thorough analysis of the proposed project and made a final recommendation for the investment strategy.

MBA students Nikhil Chaudhri ’16, Taylor Ott ’16 and Aradhna Taneja ’16 won first place in the Alexander Bodini Foundation Prize Competition. The winning team worked on behalf of the project sponsor, Olshan Properties, a privately owned real estate firm that has specialized in the development, acquisition and management of commercial real estate for more than 55 years. Under consideration was the Zona Rosa Town Center, a multi-phase 1.3 million square foot mixed-use retail center located in northern Kansas City, Missouri. The property value is significantly below the original construction cost and the loan on the property matures in September 2016. Significant capital must be spent on the property in order to increase occupancy and drive sales. The team proposed an in-depth analysis of what would be needed to revive this property. Their proposed business strategy involved revamping the leasing strategy, improving the tenant mix, securing a grocery anchor tenant and building additional high-end residential units.

Second place was awarded to Grey Baker ’16, Charles Griffith ’16, and Alexander Jugant ’16 for their creative approach to repositioning the Landmark Mall in the City of Alexandria. On behalf of sponsor Seritage Growth Properties, a real estate investment management firm, the team was asked to analyze the highest and best use of the Sears property. Given a large new development by Howard Hughes immediately adjacent to the Sears building, the team presented a creative solution to capture some of the upside of this new development while maintaining the risk profile of its investors.

Lorenzo Bakewell-Stone ’16, Evan Hollander ’16, Teresa Lee ’16 and Disha Shah ’16 took third place on behalf of their sponsor, the Lightstone Group, a diversified private real estate firm. The team was tasked with finding the highest and best use on an assembled development site in the Financial District in downtown Manhattan. The team recommended an aggressive mixed use development of mid to upper level residential condos and ground floor retail.

In fourth place were Samar Estephan ’16, Cheryl Kong ’16, Janera Soerel ’04 and Katherine Vila ’16. Sponsored by a real estate private equity firm focused on Latin America, this team focused on a 59-acre property located 20 kilometers outside of Arequipa, Peru. The team was responsible for evaluating two projects, the development of the land and the potential to create a financing company that would allow the people of Arequipa to finance the purchase of land and self-construct their home. Despite the historical trend in Peru for families to self-construct their own homes, the team made a compelling argument for the development of a single-family housing community. 

This year’s competition was judged by Edward Gormbley ’08 of Workforce Partners, Joseph Smith ’99 of 1754 Properties, and Robert Stern ’88 of Castle Hill Investors. The judges challenged each team with difficult and thought-provoking questions. The students found the judges questions and feedback very valuable and appreciated the real-world experience they brought to the table.

After the presentations, the students and the judges along with Professor Jacobs, Professor Sagalyn, and the competition sponsor Daniele Bodini continued their discussions over dinner. After dinner, Professor Jacobs presented the awards to each team. Professor Sagalyn commended all of the students for excellent project presentations and encouraged them to continue their hard work.  

The Columbia Business School faculty, staff, and students extends our sincerest gratitude to Daniele D. Bodini ’72 for graciously supporting the Alexander Bodini Foundation. Through the support of Mr. Bodini and the Foundation, this year’s competition marked the eighteenth edition of the competition, a signature offering of the Paul Milstein Center for Real Estate.

 

2015-2016 Alexander Bodini Foundation Prize Winners – Real Estate Project Class Final presentations, December 9, 2015.

1st place: Zona Rosa Town Center - Nikhil Chaudhri ’16, Taylor Ott ’16, Aradhna Taneja ’16

2nd place: Landmark - Grey Baker ’16, Charles Griffith ’16, Alexander Jugant ’16

3rd place: 130 William  - Lorenzo Bakewell-Stone ’16, Evan Hollander ’16, Teresa Lee ’16, Disha Shah ’16

4th place:  Samar Estephan ’16, Cheryl Kong ’16, Janera Soerel ’04,  Katherine Vila ’16

 

View the Photo Slideshow

 

First Place ($3600)

Team members: Nikhil Chaudhri ’16, Taylor Ott ’16, Aradhna Taneja ’16

Project: Zona Rosa Town Center

View the Presentation Video

 

Second Place ($2700)

Team members: Grey Baker ’16, Charles Griffith ’16, Alexander Jugant ’16

Project: Landmark

View the Presentation Video

 

Third Place ($1800)

Team members: Lorenzo Bakewell-Stone ’16, Evan Hollander ’16, Teresa Lee ’16, Disha Shah ’16

Project: 130 William

View the Presentation Video

 

Fourth Place ($900)

Team members: Samar Estephan ’16, Cheryl Kong ’16, Janera Soerel ’04, Katherine Vila ’16

View the Presentation Video

 

Katherine Vila graduated from Georgia Tech with a BS in civil engineering.  As a project manager at Kimley-Horn and Associates, she led a team of civil engineers through the design and construction of a variety of commercial, residential, and mixed use developments in South Florida.  In her spare time, Katherine uses her engineering skillset to foster community by constructing bridges and aqueducts in the Dominican Republic, bringing necessary infrastructure to a developing country.

Katherine came to Columbia Business School to pursue a career in real estate finance with a long term interest in pursuing development in emerging markets.  At Columbia, Katherine is a board member in the Real Estate Association, Hispanic Business Association, and the Healthy Living Club as well as a teaching assistant for the Real Estate Projects and Real Estate Entrepreneurship classes. After gaining valuable real estate experience last summer working at Fifteen Group Capital, a Miami-based real estate investment firm, Katherine plans on pursuing a full-time career in real estate investment and development.

 

Alexander Bodini Foundation Prize Winners