There will be an informational meeting for all students interested learning more about and possibly applying to participate in the Fall 2013 Seminar in Community Development.
This will be a three-credit elective open to Masters students at the Wagner School of Public Policy and the Schack Institute of Real Estate. The class will be held Wednesdays, 4:00-6:10 PM at the NYU Midtown Center. One or two additional informational sessions will be held at the Schack Institute in June and perhaps July. Enrollment in the course may be limited to 10 students so interested students are urged to attend one of these informational sessions.
This course offers the most exposure to top-level real estate industry professionals of any elective course offered by the Wagner School and the Schack Institute as well as perhaps the most intensive, hands-on project development experience. It will be taught by two prestigious faculty members: D. Kenneth Patton (firstname.lastname@example.org) and H. Claude Shostal (email@example.com), both of whom have played significant roles in both the pubic and private sectors in the region. Mr. Patton is the former Dean of the Schack Institute, served as Deputy Mayor for Economic Development in the Lindsay administration and later as President of the Real Estate Board of New York and held senior positions in real estate development and management organizations. Mr. Shostal served in top-level posts in the administrations of Governor Nelson Rockefeller and Mayor Abraham Beame, was a development officer for several major real estate firms and was the prior President of Regional Plan Association.
This seminar is held in a workshop environment and provides an intense, real-world, multi-disciplinary, real estate project experience and is structured as a competition between teams which will consist of 4-5 students each. The teams will be comprised of students with a broad spectrum of interests and skills. In addition to appropriate skills, the willingness and desire to work in a team, problem-solving environment will be an important element in the selection process.
Real estate development project opportunities will be selected that involve significant public investments and/or important planning, design or economic development objectives. The scale of these projects will generally be in the range of $75-200 million. Project proposals must achieve the public policy objectives involved while providing feasible and attractive returns to a private developer. Each team will have the opportunity of working with a leading architectural firm in the development of design solutions and code compliance strategies that work in the real world and that will form the basis of defensible cost estimates
Working with private real estate interests, architects, nonprofit partners, faculty advisors, community representatives, public agencies and civic and political leaders, each team will develop a final report akin to a development financing proposal and submit a written project report to an independent panel of industry experts followed by an oral presentation to the panel. Several panel members will meet with students during the semester to provide practical criticism and guidance in the completion of their proposals.
The proposals must include: market and feasibility analysis; zoning and entitlement issues; schematic design solutions; development budgets and pro formas; construction cost estimating; detailed financial structuring; and actual documentation of political and civic support. Producing the final reports in the compressed time frame available results in a very demanding workload for students. Only those students have the schedule flexibility and are willing to devote a significant amount of time to this course should apply.
Students who decide to apply will be asked to participate in subsequent individual personal interviews. The formal application will consist of a one-page statement of interest indicating the reasons the student wishes to participate and the strengths he or she can bring to the team. Prior to preparing the statement, students should review the last three years’ project reports, which are on reserve in the Brause Library on the 5th Floor of the Midtown Center.
Prerequisites: Second-year Wagner students who have taken some real estate finance courses will be preferred. Schack students must be matriculated in the M.S. program and must have completed their Tier I courses and the first 3 courses of Tier II and should have completed the Development Process course.
When: Tuesday, April 30th from 5-6pm
Where: Mulberry Conference Room, Puck