Essentials of the Development Process

The Essentials of the Development Process is designed as an introductory-level course for the professional seeking a fundamental understanding of the complete commercial real estate development process. This course presents a foundation for the study of the "eight stages of development" that are essential to delivering financially successful projects. It is based on the NAIOP core competencies of applied skills and established industry practices. The course examines commercial development from the investment decision to finding opportunities, testing feasibility, negotiating contracts, making formal commitments, construction, completion, opening and asset management. Course material will emphasize the various complex and interactive relationships between development team members, as well as the need to constantly re-negotiate and problem solve throughout the development project. Class exercises are utilized to sharpen the analytical assessment skills that are critical to project development.

Learning Objectives

• Define and understand the eight stage model of real estate development and the overall impact to the viability and success of a project
• Develop analytical assessment skills which include how to conduct investigative research necessary to determine the viability of a development and site feasibility
• Identify sources of project financing and benefits of each source
• Identify the critical team members in the development process and the importance of the roles they play in the success of a development
• Conduct simple pro forma analysis using the income approach to value and develop construction costs
• Understand the critical components of construction management, what it takes to have a successful project opening and strong asset management strategy