Residential land development Process
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Real estate development is a complex and continually evolving business. To effectively develop, finance, or supervise a project, a person needs a fundamental understanding of the process and its many facets. To be successful, a developer must manage not only their own performance, but also the collaboration of numerous professionals representing multiple disciplines. Throughout this process, the developer also must continually identify and mitigate inherent risks that can threaten the viability of the project.
Designed for both public and private sector participants, this newly updated course follows the principal stages of the process chronologically and addresses how each team member’s actions and performance can affect the success and profitability of the project. Emphasizing the iterative and interactive nature of the real estate development process, the course combines a lecture and case study approach. Top industry professionals, drawn from ULI’s membership, serve as course leaders and guest speakers, sharing their insights, experience, and expertise with participants.
The course is broadly structured in three parts: 1) preliminary considerations, market analysis, financial analysis, and strategic marketing; 2) site selection and due diligence, land acquisition and deal structure, and entitlements and permitting; and 3) planning and design, construction management, and operations and property management. Short group exercises give students an appreciation for the interpersonal aspect of the development process. Hands-on instruction in financial analysis provides students with a fundamental understanding of pro forma modeling basics. In addition to collaboration on cases in the workshop, the program includes lunches, breaks, and a reception that give participants opportunities to network and compare notes outside the classroom environment.
Alan Razak is Principal of AthenianRazak LLC, a Philadelphia-based real estate services company that consults on, creates, and manages real property. Alan has more than 35 years of commercial real estate experience, encompassing development and project management, finance, architectural design, and consulting. His diverse real estate background includes managing the development process, both as owner and on a consulting basis as owner’s representative, and project types including residential, office and commercial, as well as specialized expertise in data centers and other highly technical facilities.
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