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									ULI Real Estate School 2010
Course Catalog
Westin Grand Hotel • Washington, D.C. • June 2010

JUnE 2–5, 2010
The Real Estate Development Process: Part I

JUnE 7–10, 2010
The Real Estate Development Process: Part II
Real Estate Finance

JUnE 11–14, 2010
Real Estate Finance and Project Analysis
Advanced Development Process: Residential
Advanced Development Process: Commercial

                                                    CEUs Available
ULI Real Estate School 2010 Course Catalog
Westin Grand Hotel • Washington, D.C.

June 2–5, 2010                                          Urban Land Institute                                            Continuing Education Requirements
                                                        The Urban Land Institute is an independent, nonprofit, edu-     ULI Real Estate School courses satisfy the education require-
The Real Estate Development Process: Part I | 2
                                                        cation and research organization that is supported by its       ments of the American Institute of Architects, the Ameri-
June 7–10, 2010                                         members. Its mission is to provide responsible leadership in    can Society of Landscape Architects, BOMI Institute, and the
                                                        the use of land in order to enhance the total environment.
The Real Estate Development Process: Part II | 4                                                                        Society of Industrial and Office Realtors. Check with your
                                                        ULI sponsors educational programs and forums to encour-         licensing board or certification agency to determine addi-
Real Estate Finance | 6
                                                        age an open international exchange of ideas and sharing of      tional applicability. If you have questions, contact ULI cus-
June 11–14, 2010                                        experience; initiates research that anticipates emerging land   tomer service at 800.321.5011.
                                                        use trends and issues and proposes creative solutions based
Real Estate Finance and Project Analysis | 8            on that research; provides advisory services; and publishes a   ULI Program Planners
Advanced Development Process: Residential | 10          wide variety of materials to disseminate information on land    Marta Goldsmith, Senior Vice President, Community
                                                        use and development.                                            David A. Mulvihill, Vice President, Professional Development
Advanced Development Process: Commercial | 12
                                                        Established in 1936, the Institute today has some 30,000
Details                                                 members and associates worldwide representing the entire
                                                                                                                        The 2010 ULI Real Estate School will be held at the
Registration Information | 14                           spectrum of the land use and development disciplines.
                                                                                                                        Westin Grand Hotel, 2530 M Street, N.W., Washington, D.C.
Registration Form | 15                                  ULI’s education program is a multifaceted endeavor,             Call 1-800-937-8461 or +1 202-429-0100 for reservations.
                                                        designed to improve the level of expertise of preprofessional
Earn a ULI Professional Development Certificate | 16
                                                        and professional land use and development practitioners.
Professional Development Certificate Application | 17
About the ULI Real Estate School

      xperience is the best teacher. For more    in its ability to draw upon a membership of
      than 20 years, ULI has been assembling     nationally recognized professionals repre-
      some of the most experienced academ-       senting the entire spectrum of the real estate
ics and professionals in the country as its      industry. This interdisciplinary approach
Real Estate School faculty. Each course cur-     offers students balanced and effective knowl-
riculum is carefully prepared, with materials,   edge of the real estate business from multi-
research, and case studies drawn from the        ple perspectives. While highly structured, the
instructors’ own classrooms and professional     courses encourage interaction among partic-
experience.                                      ipants and faculty to foster a more complete
                                                 understanding of the development process
Emphasizing a real-world perspective,            and the real estate industry by the many play-
each of the Real Estate School’s courses is      ers, both public and private.
designed to provide students with practi-
cal, hands-on knowledge and information.         If you want to gain knowledge and expertise
From understanding the development pro-          in a particular aspect of real estate, or simply
cess to advanced financial analysis, the ULI     want to bring yourself up to date, take advan-
Real Estate School gives students exceptional    tage of this offering. And you can earn a ULI
insights into today’s real estate industry.      professional development certificate when
                                                 you attend the Real Estate School. To be the
The professional development program of the      best, you have to learn from the best.
Urban Land Institute is uniquely positioned
The Real Estate Development Process: Part I
June 2–5, 2010

R                                                                                                                                      Course covers:
       eal estate development is a complex, rapidly evolving        demonstrations), and teamwork in building a pro forma for a
       business requiring interaction among multiple disci-         development.
       plines. To develop, finance, or supervise a project effec-                                                                      • The stages of the development process and

tively requires a basic understanding of the process and its        The course is structured in three basic parts: preliminary con-       how they interrelate.
many facets. This course introduces, to public and private          siderations—market analysis, financial feasibility, strategy;      • Market analysis and feasibility studies.

sector participants, the principles and concepts of real estate     land development—site selection, acquisition, negotiating          • Project financial analysis.

development. Emphasizing the iterative and interactive nature       and closing, acquisition financing, entitlements; and verti-       • Negotiating and structuring the deal.

of the real estate development process, the course follows the      cal development—planning and design, development financ-           • Construction management.

various stages of the process and discusses how each team           ing, construction, strategic market planning, sales and leas-      • Site selection process.

member’s actions and performance affects the success and            ing. Each day, participants from this course will have lunch       • Due diligence techniques.

profitability of the project.                                       together, along with faculty members, to give them the oppor-      • Financing: acquisition and development of
                                                                    tunity to network and share their various areas of expertise.         the project.
Employing a lecture/case study approach, top industry profes-                                                                          • Planning and design of the project.
sionals, drawn from ULI’s membership, serve as course lead-         The course will serve as the foundation to prepare participants    • Working with consultants.
ers and guest speakers, sharing their insights, experience, and     for higher-level real estate development courses that will study   • Risk assessment and management.
opinions with participants.                                         these concepts in depth through case studies and site visits.      • Entitlements and the regulatory process.
                                                                                                                                       • Land development.
This course involves some measure of homework, the use of
a programmable financial calculator (the HP 10bII is used in

2                                                                                                                                                            ULI Real Estate School
Outline                                                                                  Faculty
I.     Introduction and Preliminary           III. Vertical Development                            Wayne Falbey
       Considerations                             A.   Planning and design.                        President
       A. Establishing a development              B.   Strategic market planning.                  The Falbey Group, LLC
          strategy and criteria.                                                                   Naples, Florida
                                                  C.   Development financing.
       B. Risk assessment and negotiations.       D.   The entitlement process.                    Falbey is a developer and president of the Falbey Group, LLC, a
       C. Feasibility analysis:                   E.   Construction management.                    Naples-based development company that also provides advisory
       	 •	Financial	analysis.                    F.   Sales and leasing.                          services focusing on transactional analysis, acquisition strate-
       	 •	Market	studies.                        G.   Governance and stewardship.                 gies, land assemblage, due diligence, and development issues.
II.    Land Development                           H.   Turnover.
                                                                                                   He has worked with a variety of real estate developers, including
                                                  I.   Asset management.
       A. Site analysis and selection.                                                             Fortune 100 companies, in the acquisition, assemblage, planning,
                                                  J.   Mistakes made, lessons learned.
       B. Negotiating and structuring the                                                          permitting, development, construction, marketing, sale, and
          acquisition.                                                                             repositioning of real property. Falbey has been involved in many
       C. Due diligence: the final go/no-go                                                        different types of development activities, including residential,
          decision.                                                                                multifamily, mixed-use, office, retail, and industrial.
       D. Acquisition financing.                                                                   Falbey also serves as chair of the Master of Science in Real Estate
       E. The entitlement process.                                                                 Development program at the H. Wayne Huizenga School of Business
       F. The closing process.                                                                     and Entrepreneurship at Nova Southeastern University. Falbey earned
       G. Infrastructure development.                                                              an MBA, as well as a doctorate in management with a concentration
                                                                                                   in marketing. He holds a law degree from Vanderbilt University.

                                                                                                   Additional faculty to be announced.

2010                                                                                                                                                                3
The Real Estate Development Process: Part II
June 7–10, 2010

T                                                                                                                                          Course covers:
       he Real Estate Development Process: Part II allows par-        The Real Estate Development Process: Part II is designed
       ticipants to enhance their real estate development skills by   for individuals who seek more in-depth, experience-based
       engaging in challenging case studies and interaction with      familiarity with the entire development process. Familiarity         • How to structure a land acquisition.

other class members. Participants will work in teams on several       with development through direct experience or the Process I          • Optimizing density and land use mix.

realistic case studies representing different stages of real estate   course is highly desirable. It is ideal for those who may have       • Negotiating public/private partnerships.

development—acquisition, entitlement, and full-scale develop-         specialized expertise in, for example, design or law, but who        • Successful entitlement processing.

ment—giving them practical experience at each stage.                  wish to broaden their perspective to include the entire pro-         • Organizing and managing a

                                                                      cess. It is also beneficial to experienced developers who want          project team.
For each case study, participants will receive real-world data        a practical and comprehensive overview.                              • Dealing with public concerns.
from which they will produce a viable strategy for their hypo-                                                                             • Navigating the planning, design, develop-
thetical projects. Through this hands-on case study approach,         The course is thorough and challenging. It expects a high level         ment, and construction process.
participants will be introduced to higher-level concepts and          of involvement and interaction among class participants.             • Preparing and presenting a business plan
real-life complexities of the development process.                                                                                            and financing package.
                                                                      Participants will receive computer models, case descriptions,        • Structuring the optimal debt and equity
Prominent guest lecturers from the fields of finance, entitle-        course outlines, and handouts on a CD. Participants should              financing package.
ment, construction, architecture, municipal finance, and entre-       bring their laptop computers to fully participate in the pro forma
preneurial development will discuss the development process           business modeling and case studies. Each day, participants
from their own perspectives in an interactive setting.                from this course will have lunch together, along with faculty
                                                                      members, giving them the opportunity to share their various
                                                                      areas of expertise with one another.

4                                                                                                                                                               ULI Real Estate School
Outline                                         Faculty
Day 1                                                     Charles A. Long
       A. Stages of the development process               Principal
          and skills to succeed.                          Charles A. Long Properties
       B. Buying land.                                    Berkeley, California
       C. Understanding the market.
       D. Obtaining funding.                              Long is a developer specializing in mixed-use infill projects,
       E. Case study on buying land.                      including acquisition, entitlement, consulting, and develop-
                                                          ment. He has 31 years of diverse experience in local government
Day 2                                                     and development with an emphasis on economic development,
       A.   Putting together a joint venture.             finance, and public/private partnerships. Long served for eight
       B.   Entitlement and value.                        years as city manager in Fairfield, California, a city with a national
       C.   Conceiving the project.                       reputation as innovative and well managed.
       D.   Case study on working with
            neighborhoods.                                Since 1996, he has worked as a consultant to public and private
                                                          clients on development and management. Long has held interim
Day 3
                                                          positions for several cities in finance, redevelopment, and man-
       A.   Public/private financing.
                                                          agement. His assignments have been diverse, and he has over-
       B.   Management.
                                                          seen over $600 million of public financing in his career. Long’s
       C.   Finding users.
                                                          development work is focused in California with an emphasis on
       D.   Begin comprehensive case study.
                                                          public/private development and mixed-use infill.
Day 4
                                                          Long has a BA in economics from Brown University and a mas-
       A. Present and evaluate comprehensive
                                                          ter of public policy degree from the University of California at
          case study results.
                                                          Berkeley. He has taught at the School of Public Administration at
                                                          Golden Gate University and has conducted courses on economic
                                                          development and organizational change internationally. He served
                                                          in the U.S. Army as an infantry platoon sergeant.

2010                                                                                                                          5
Real Estate Finance
June 7–10, 2010

I                                                                                                                                   Course covers:
  f you work in real estate but do not consider yourself a        Nonfinancial real estate professionals will find Real Estate
  “finance person,” this course will give you the background      Finance an effective means of sharpening their understanding of
  you need to understand today’s global financial marketplace     real estate finance problems. After completing the course, par-   • Today’s domestic and international financial

and to know what you can expect from it in the future.            ticipants will be familiar with the fundamental aspects of both      marketplaces.
                                                                  construction and permanent financing of real estate develop-      • Effective application procedures for con-
You will learn how to anticipate the future cost and availabil-   ment projects. Each day, participants from this course and the       struction and permanent financing.
ity of mortgage money, how to investigate financing sources,      Real Estate Development Process: Part II course will have lunch   • The mortgage loan underwriting process.
and how to judge the pros and cons of various financing           together, along with faculty members, giving them the opportu-    • Anticipating and countering lender objec-
instruments. You will have the chance to examine critically the   nity to share their many areas of expertise with one another.        tions to loan applications.
approaches to estimating value used by appraisers. You will                                                                         • Preparing a comprehensive cash-flow
learn about loan underwriting processes for different lenders,    Participants should bring an HP 10bII calculator. They may          analysis using present value techniques on
as well as techniques for conducting fundamental financial        bring a different calculator only if they are familiar with its     a financial calculator.
analysis. Presentations of short case studies will cover loan     operation when solving time-value-of-money problems. All          • Real estate valuation techniques for the
requests, asset management issues, property valuation, and        calculator instruction will cover only the HP 10bII calculator.     development project.
mortgage loan underwriting.                                       Participants will receive a specially prepared notebook.          • Economic analysis of financial instruments,
                                                                                                                                      particularly leases and mortgages.
                                                                                                                                    • Projecting mortgage interest rates.

6                                                                                                                                                         ULI Real Estate School
Outline                                                                                           Faculty
I.     Understanding the Financial                  V.   Understanding the Loan                             Richard L. Haney, Jr., PhD
       Marketplace                                       Underwriting Process                               Professor of Real Estate and Finance
       A. Who else wants to use real                     A. Conducting a believable economic                Mays Business School
          estate’s money?                                   feasibility analysis.                           Texas A&M University
       B. The Fed’s efforts to control interest          B. Four key calculations.                          College Station, Texas
          rates and the economy.                         C. Deriving the maximum loan amount.
                                                                                                            Haney is a specialist in real estate finance, development,
       C. Determining the cost and availability
                                                    VI. Loan Submission Packages                            and valuation, and a professor of real estate and finance. His
          of mortgage money.
                                                         A. Contents of construction and                    teaching responsibilities include graduate courses in real
II.    Time-Value-of-Money Concepts                         permanent loan submission packages.             estate finance, development, valuation, and mortgage mar-
       Are the Foundation                                B. Analyzing a developer’s financial               ket analysis. He has published widely in scholarly and profes-
       A. Analyzing financial instruments.                  statements.                                     sional journals and has extensive experience teaching profes-
       B. Lease rates, terms, and renewal                C. Key points to remember.                         sional development courses, including 22 years of teaching in
          structures.                                    D. Checklists for loan submission                  the ULI Real Estate School.
III. Pro-forma Cash Flow Statements                                                                         Haney also is a coauthor of three textbooks, including the
       A. Developing defensible statements.                                                                 second edition of the ULI textbook Real Estate Development:
       B. Sources of income and expense             VII. Obtaining Financing in Today’s                     Principles and Process.
          information.                                   Marketplace
                                                                                                            Additional faculty to be announced.
       C. Stabilized versus multiyear statements.        A. Who has money to lend today?
                                                         B. Terms and other lender
IV. Real Estate Appraisal Techniques
    for the Development Project
                                                         C. When will the debt and equity
       A. How to use the three approaches                   securitization markets return?
          to value.                                      D. Financing prospects for tomorrow.
       B. Deriving solid dsiscount and
          capitalization rates.

2010                                                                                                                                                                      7
Real Estate Finance and Project Analysis
June 11–14, 2010

I                                                                                                                                           Course covers:
  f your career responsibilities require you to understand the       course will cover the effects of leverage and the structuring of
  valuation, financing, and structuring of investment in real        debt within the capital stack, and will illuminate existing market
  estate, this course is for you. The course covers real estate      underwriting criteria for construction and permanent lenders.          • Real estate market trends.

investment analysis at a more advanced level and focuses on                                                                                 • Real estate capital flows.

both the underlying theory and the practical techniques used         Recognizing current economic conditions, the course will also          • Commercial real estate investment

to analyze, value, finance, and structure investment in com-         address the effects of the distressed markets on investment                analysis for stabilized, value-added
mercial real estate.                                                 opportunities. Case studies will illustrate the loan modification          and development projects.
                                                                     and workouts processes.                                                •   The impact of leverage and the structure of
Knowledge of the different sources of capital and the underwrit-                                                                                the capital stack on real estate investments.
ing methods used by these sources is of critical importance to       Equity investment in real estate, both public and private, is dis-     •   Underwriting and financing commercial
obtaining the best overall financing for a real estate investment.   cussed in the final day of the program. As real estate equity
                                                                                                                                                real estate.
To this end, the course begins with an in-depth examination of       investment now comes from several local, national, and interna-        •   Structuring real estate transactions.
the role of the capital markets in facilitating development and      tional sources, real estate analysts and investors alike need to       •   Cases in loan modification/workout.
investment in commercial real estate. This includes a discus-        understand the risk/return profiles and structuring techniques of      •   Real estate investment trust (REIT) terms,
sion of the current state of the property markets and the existing   varied equity investment vehicles.
                                                                                                                                                structures, and analysis.
sources of debt and equity investment capital.                                                                                              •   The role of real estate in a mixed-asset
                                                                     The course closes with a discussion of the role of real estate in a
Next, building on the basics of real estate finance and valua-       diversified investment portfolio. This will include a discussion of
tion, the curriculum will transcend simple valuation techniques      how investment allocation of funds to real estate is affected by
to examine more complex valuation and underwriting tech-             the risk/return profile of real estate and its relationship to other
niques for different types of real estate investment projects. The   investment classes.

8                                                                                                                                                                  ULI Real Estate School
Outline                                                                                            Faculty
I.     Real Estate Markets and                       IV. Real Estate Equity Investment                       Steven H. Ott
       Capital Markets                                    A. Equity investment underwriting—the              Crosland Professor of Real Estate and Development
       A. Investors in today’s real estate market.           private equity perspective.                     University of North Carolina at Charlotte
       B. The capital market for real estate: the         B. Equity investment underwriting—the              Charlotte, North Carolina.
          four quadrants of the capital market.              institutional view.
                                                                                                             Ott is the John Crosland, Sr., Distinguished Professor of Real
       C. Real estate indices and time series of          C. Equity investment deal structures.
                                                                                                             Estate and Development at the University of North Carolina at
          real estate returns.                            D. Case study: structuring the deal.
                                                                                                             Charlotte. He is also the director of the Center for Real Estate
II.    Review of Valuation Fundamentals              V.   Public Real Estate Equity                          at UNC Charlotte
       A. Direct capitalization and discounted            Investment
                                                                                                             At UNC–Charlotte, Ott has developed and operates a real estate
          cash flow analysis.                             A. REIT structure requirements and
                                                                                                             finance and development concentration at the MBA level. His aca-
       B. Constructing an operating statement.               alternative REIT structures.
                                                                                                             demic research focuses on topics such as the financial analysis of
       C. Components of capitalization rates              B. Net asset valuation (NAV) of a REIT
                                                                                                             real estate development decisions, applications of option pricing to
          and discount rates.                                and case study.
                                                                                                             real estate valuation, the economics of public policy and real estate,
       D. Case studies: valuation of a
                                                     VI. The Role of Real Estate in a                        real estate investment trusts, mortgage loan pricing, and mortgage-
          stabilized property.
                                                         Portfolio of Risky Assets                           backed securities. His articles have appeared in journals such as the
III. Mortgages and Stabilized Property                                                                       Journal of Financial Economics, Journal of Financial and Quantitative
     Underwriting                                    VII. Capstone Case Study                                Analysis, Journal of Banking and Finance, Financial Management,
       A. Distressed markets: the process of                                                                 Journal of Urban Economics, Real Estate Economics, and the Journal
          foreclosure, default, and workouts.                                                                of Real Estate Finance and Economics.
       B. Permanent loan underwriting in
                                                                                                             He serves on the editorial boards of Real Estate Economics and
          today’s market.
                                                                                                             the Journal of Real Estate Portfolio Management, and is a board
       C. Case studies.
                                                                                                             member of the Real Estate Research Institute. He has served as a
                                                                                                             consultant to many investment banking, real estate advisory, and
                                                                                                             real estate development firms.

2010                                                                                                                                                                             9
Advanced Development Process: Residential
June 11–14, 2010

A                                                                                                                                       Course covers
        s the residential real estate market slowly recovers from   supported by tours and case studies. Each of the four days will
        three years of upheaval, now is the time to develop the     include a combination of skill sessions, project presentations,
        skills necessary to succeed when the market returns.        and project tours. Specific areas of the residential develop-       • Changing demographics and what they will

If you plan to enter the market as a residential developer,         ment process that will be explored include:                           mean for residential development.
designer, financier, or project manager from either the private                                                                         • Market analysis considerations for the next
                                                                    • Demographics —what are the near- and medium-term
or public sector, this updated ULI course will give you an in-                                                                            housing cycle.
                                                                      outlooks for household formation?
depth look at residential property development following one                                                                            • Site selection —the factors that will be
                                                                    • Market analysis—what new questions must be asked in
of the industry’s most significant corrections in decades.                                                                                important in an era of sustainable land use.
                                                                      order to program successful projects?
                                                                                                                                        • Capital market outlook.
                                                                    • Capital markets—where are the capital markets headed?
All aspects of the residential development process will be                                                                              • Capital structure and financing.
                                                                    • Capital structure—what will be required to finance projects
explored over a variety of product types and settings, including:                                                                       • Working with design professionals.
                                                                      in the next few years?
• Urban infill—adaptive use, live/work space, high density,                                                                             • The increasing role of green design and
                                                                    • Site planning—which design techniques have endured and
  and transit-oriented development (TOD).                                                                                                 what it means in residential products.
                                                                      held value best?
• Suburban densification and mixed-use center residential                                                                               • Site design techniques and best practices
                                                                    • Product design—the increasing demand for green design
  components.                                                                                                                             that add value.
                                                                      techniques and what it really means.
• Primary home communities and traditional neighborhood                                                                                 • Marketing strategies and successful sales
                                                                    • Marketing and sales—how to sell in an awakening market.
  development (TND).                                                                                                                      programs.
                                                                    Case studies and site visits will cover a variety of projects and
Organized as a small-group, highly interactive seminar,             be presented by development teams and their consultants. We
the course will have group discussion and presentations             will take advantage of the capital area’s diversity of projects.

10                                                                                                                                                           ULI Real Estate School
Outline                                                                                    Faculty
DAY ONE                                       DAY THREE                                              Jim Heid
       A. Residential market outlook                                                                 President and Founder
                                              Skills Sessions
       B. Market analysis and project                                                                UrbanGreen, LLC
                                                   A. Site planning.
          feasibility.                                                                               San Francisco, California
                                                   B. Product design including
       C. Programming and how market
                                                      green design.                                  Heid is a real estate developer, adviser, and author whose focus
          influences product concept.                                                                is the creation of new communities that provide a positive con-
                                              Case Studies/Site Visits
Case Studies/Site Visits                                                                             tribution to their environment, region, and residents. In 2000, he
                                                   A. Greenfield: TND communities.                   founded UrbanGreen, LLC, to act as development partner and
       A. Urban infill: adaptive use, high-
                                                                                                     adviser to legacy landowners, institutions, and land development
          density infill, and TOD.
                                                                                                     companies that embrace principles of sustainability. With over 20
                                                                                                     years of experience in the design and development of new com-
                                              DAY FOUR
                                                                                                     munities, urban infill, and resort developments, Heid is known to
                                                   A. Marketing in the “new normal.”
DAY TWO                                                                                              effectively resolve the complex layers of community design and
       A. Capital market outlook.             Case Studies/Site Visits                               development using a variety of proven tools and best practices. He
       B. Capital stack lessons learned.           A. Niche products: seniors’ housing,              is motivated by the need to deliver high-quality developments to a
                                                      workforce housing, campus housing.             broader market—in an increasingly complex world of entitlements
Case Studies/Site Visits                                                                             and financing—without compromising environmental, economic,
       A. Suburban densification and                                                                 or place-making objectives.
          mixed-use development.
                                                                                                     Prior to founding UrbanGreen, Heid worked as a land planner and
                                                                                                     adviser with two of the country’s leading firms, Design Work-
                                                                                                     shop (1987–1993) and EDAW (1994–2000), where he also served
                                                                                                     as chief operating officer and senior vice president. In 1994, he
                                                                                                     earned a master of science degree in real estate development
                                                                                                     at MIT. The range of his experience gives him the ability to deal
                                                                                                     effectively with a multitude of issues and deliver a pragmatic,
                                                                                                     market-driven approach to innovative design solutions.

2010                                                                                                                                                                11
Advanced Development Process: Commercial
June 11–14, 2010

T                                                                                                                                      Course covers:
       he Advanced Development Process: Commercial course            to examine carefully one or more development-related issues,
       presents a detailed look at commercial development and        such as determining feasibility, product development, market-
       redevelopment, with an emphasis on office buildings.          ing and leasing, financing, entitlements, and workouts.           • Factors affecting a project’s development

Participants will have the opportunity to learn about success-                                                                            feasibility.
ful projects that found a niche in the market, and the process       In addition, the course will address other issues affecting       • Preparing and interpreting a market analysis.

their developers went through from conception to completion.         office development, such as trends in organizational behav-       • Selecting and acquiring a project site.
                                                                     ior and increasing productivity and how they affect design,       • Alternatives for structuring the financial
If you are about to start a commercial development or rede-          changes in the ways and places people work, increased build-         deal, including public/private partnerships.
velopment project as a developer, financier, project man-            ing flexibility, efficiency of systems, and building security.    • Balancing the trade-offs associated with
ager, or asset manager, or in a public sector capacity, this ULI     The course is geared toward professionals who are confident          project costs and income.
course will give you an in-depth look at the increasingly com-       of their general skills, but who seek advanced training that      • Interpreting financial pro formas.
plex process of developing properties. This capstone course          involves actual commercial projects.                              • Working with design professionals.
will explore the nuances of the development process through                                                                            • Using project/construction managers.
several distinct product types, including, where appropriate,        Attendance in The Real Estate Development Process: Part I         • Matching product design with consumer
adaptive use projects.                                               and Part II, or equivalent experience, is recommended. At a          demand.
                                                                     minimum, participants should familiarize themselves with the      • Implementing and budgeting the marketing
The course will make extensive use of site visits to commercial      contents of the ULI publication Real Estate Development: Prin-       and sales strategy.
developments in the Washington, D.C., area and, when appropri-       ciples and Process, Fourth Edition. Participants will receive a
ate, will employ interactive instruction techniques and problem-     specially prepared workbook.
solving exercises. With each case study, participants will be able

12                                                                                                                                                              ULI Real Estate School
Outline                                                                                           Faculty
I.     Course Introduction and Overview           III. Mixed-Use Development                                Mark S. Hassinger
       Recap of the development process as             A.   Overview, background, and analysis.             President
       presented in The Real Estate Development        B.   Finance.                                        WestDulles Properties
       Process: Part I and Part II.                    C.   Planning and design.                            Dulles, Virginia
                                                       D.   Entitlement issues.
II.    Office and Industrial Product                                                                        With more than 30 years of real estate development and manage-
                                                       E.   Construction.
       A. Overview of the development process.                                                              ment experience, Hassinger is president of WestDulles Properties.
                                                       F.   Repositioning/adaptive use.
       	 •		 aximizing	quality	in	the	develop-                                                              He is responsible for the firm’s development activities—concentrated
                                                       G.   Evaluation and analysis.
            ment process.                                                                                   in Fairfax and Loudoun counties in the metropolitan Washing-
       	 •	Minimizing	risk.                       IV. Public/Private Development                            ton, D.C., area—and focus on the office and industrial product
       B. Determining project feasibility.             A.   Design-build and RFP process.                   segments. Prior to joining WestDulles Properties, he was a senior
       	 •	Market	analysis.                            B.   Legislative process.                            vice president in the land design and survey division of Dewberry, a
       	 •	Absorption	and	capture	rates.               C.   Design guidelines.                              1,600-person professional services firm operating nationally; and
       	 •	Zoning/regulation.                          	    •	Historic	issues.                              development director with Lerner Enterprises for ten years.
       	 •	Determining	impact	fees/exactions.          	    •	Local	issues.
       C. Large-scale business parks.                  D.   RFP procurement process.                        Hassinger’s expertise includes project management; land search and
       	 •	Office	space.                               E.   Local government relations.                     acquisitions; and marketing, with a concentration in commercial real
       	 •	R&D	space.                                  	    •	Permits.                                      estate projects. He is a member of the practitioner faculty of the Johns
       	 •	Service/flex	space.                         	    •	Working	with	the	community.                   Hopkins University Master of Science in Real Estate program.
       D. Understanding the office and
                                                  V.   Project Management                                   Hassinger has been instrumental in the startup of a new gradu-
          industrial product.
                                                       A.   Property management.                            ate program in real estate at George Mason University. He holds
       	 •	Tenant	decision	making.
                                                       B.   Marketing.                                      a master’s degree in community planning from the University of
       	 •	Functionality	and	flexibility.
                                                       C.   Tenant mix.                                     Rhode Island and has done graduate work in financial manage-
       	 •	Project	economics	and	sensitivities.
                                                       D.   Lease negotiations.                             ment at George Washington University.
       E. Financing and entitlements.
       	 •	Debt	and	equity	capital.
       	 •		 ublic	participation—bonds	and	
            land writedowns.

2010                                                                                                                                                                            13
Registration Information
As each course is limited in space availability, you are en-
couraged to register early. Enrollments will be accepted on a
                                                                 Public officials and employees of nonprofit groups can register
                                                                 for $1,250 per course, or $1,150 per course if they are enrolled
                                                                                                                                    Course Materials
first-come, first-served basis. Please note: All course infor-   in the ULI professional development certificate program.           A course book will be provided to guide students through
mation and course outlines are subject to minor changes.                                                                            each day’s program. This useful reference book contains case
Follow the instructions on the registration form on page 17.     CANCELLATIONS must be received in writing at ULI’s Meet-           studies, diagrams, other resource materials, and articles for
                                                                 ings Department five business days before the start of the         further reading.
Course Fees                                                      class and will be subject to a $100 administrative fee. No

L Register by May 14 and take $300 off
                                                                 refunds can be made after that day, although you may transfer
                                                                 your registration to another member of your organization.
                                                                                                                                    Hotel Accommodations
  the listed prices.                                                                                                                Hotel accommodations are not included in the registration

ULI MEMBERS                                                      Course Schedule                                                    fee. A limited number of rooms are being held at the Westin
                                                                                                                                    Grand Hotel at a rate of $235 for a single/double per night,
Call 800-321-5011 to join ULI.                                   Registration will be held from 7:30 to 8:15 a.m. on the first      plus tax. To obtain the ULI rate, state that you are attending
$1,550 for first course                                          day of each course. Sessions will begin at 8:15 a.m. daily and     the Urban Land Institute meeting and make your reservations
                                                                 continue until 6:00 p.m., although individual instructors may      by the following deadlines:
$1,250 each for second and third courses
                                                                 vary the schedule slightly. ULI will provide a morning coffee
$1,250 for first course for ULI professional development         break, a complimentary lunch, and an afternoon break with          Reservations for                      Cutoff date
certificate program registrants                                  dessert. A reception will be held at the hotel on the evening of   June 2–5                              May 11, 2010
                                                                 the first day of each four-day class. Note that students in the
                                                                                                                                    June 7–10                             May 17, 2010
                                                                 Advanced Development Process courses will spend much of
                                                                 the day visiting project sites.                                    June 11–14                            May 21, 2010
$1,850 for first course
$1,350 each for second and third courses                         Classes will end at 6:00 p.m. each day, unless amended by
                                                                 the instructor.                                                    The 2010 ULI Real Estate School will be held at the
Note: Join today and you can enjoy member pricing.
                                                                                                                                    Westin Grand Hotel, 2530 M Street, N.W., Washington, D.C.
                                                                                                                                    Call 1-800-937-8461 or +1 202-429-0100 for reservations.

14                                                                                                                                                                       ULI Real Estate School
2010 Real Estate School Registration Form
You can register four ways:                                 Please indicate your course selections below:

* Mail completed registration form to:                      June 2–5, 2010                                                                             JUNE 11–14, 2010
  ULI Real Estate School Registration                       P The Real Estate Development Process: Part I (234002 10)                                  P Real Estate Finance and Project Analysis (234009 10)
  1025 Thomas Jefferson Street, N.W.                                                                                                                   P Advanced Development Process: Residential (234010 10)
  Suite 500 West                                            JUNE 7–10, 2010                                                                            P Advanced Development Process: Commercial (234011 10)
                                                            P The Real Estate Development Process: Part II (234006 10)
  Washington, D.C. 20007-5201.
                                                            P Real Estate Finance (234008 09)
2    Fax your form with credit card information             Please enter the appropriate course fees.
     to ULI at 800-248-4585.
                                                            COuRSe FeeS
)    Call 800-248-5011 or +410-626-7505 with credit
                                                            (Register by May 14 and take $300 off the listed prices.)
     card information.
:    Visit the ULI Web site and register online at          ULI Member* | ID Number                      ________________________________________________
                                                            $1,550 for first course                                                                                                                 $ _____________________
Please print clearly or type information requested below.
For multiple registrations, duplicate this form.            $1,250 each for second and third courses at all times                                                                                   $ _____________________

Name ___________________________________________            $1,250 for first course for ULI professional development certificate program registrants                                                $ _____________________

Title ____________________________________________          Nonmember
                                                            $1,850 for first course                                                                                                                 $ _____________________
Company ________________________________________
Address _________________________________________           $1,350 each for second and third courses at all times                                                                                   $ _____________________
________________________________________________            Public Official or Employee of Nonprofit Organization
City ____________________________________________           $1,250 for each course at all times or $1,150 per course if enrolled
                                                            in the ULI professional development certificate program                                                                                 $ _____________________
State ___________________________________________
Zip	 _____________________________________________                                                                                                                            Total Amount $ _____________________

Telephone ________________________________________          Please indicate your payment option below (prepayment is required to confirm registration):
                                                            P Check is enclosed (payable to ULI).
Fax _____________________________________________
                                                            P Charge my: P American Express P Carte Blanche P Diners Club P Discover P MasterCard P VISA
E-Mail __________________________________________
                                                            Card Number ___________________________________________________                                                  Expiration Date ________________________
Tuition includes admission to the course, lunches, daily    Cardholder Name ______________________________________________________________________________________
refreshments, and all course materials.
                                                            *Membership in ULI is held by individuals, not companies. Membership benefits therefore cannot be transferred to other individuals within the same company or public agency.

2010                                                                                                                                                                                                                                       15
ULI Professional Development Certificates
While attending the Real Estate School and other education          Step Three                                                       One development-related conference sponsored by ULI:
events, you can earn a ULI professional development certificate.    Successfully complete the ULI examination on the textbook           	
                                                                                                                                     •	 ULI	offers	several	conferences	annually	throughout	the	
There are two certificates available: the Real Estate Development   Real Estate Development: Principles and Process, Third Edi-         United States, Europe, and Asia.
Certificate or the Real Estate Development Finance Certificate.     tion or Fourth Edition. This exam can be taken during or after
                                                                    completion of the program.                                       Option Two
Even if you already hold another certification or designa-
tion, in today’s competitive market a ULI professional devel-       Step Four                                                        REAL ESTATE DEVELOPMENT FINANCE CERTIFICATE
opment certificate will give you a leg up on the competi-           Receive your certificate (suitable for framing) and plaque
                                                                    showing your achievement. The completion of this educa-          Complete two Real Estate School finance courses:
tion. Further your formal education by pursuing the courses
                                                                    tional program will give you an edge over the competition.       •	 Real	Estate	Finance;	and
needed to earn a ULI professional development certificate.
                                                                                                                                     •	 Real	Estate	Finance	and	Project	Analysis.
Participants in the ULI certificate program enjoy discounts
on selected programs. Your discount is even greater if you          Complete the Following                                           Two development process courses, choosing from:
                                                                                                                                     •	 The	Real	Estate	Development	Process:	Part	I;
are a ULI member.
                                                                    Requirements to Receive                                          •	 The	Real	Estate	Development	Process:	Part	II;	or

Just Follow These Four Steps:                                       Your Certificate:                                                •	 Advanced	Development	Process.

                                                                    Option One                                                       One finance-related ULI conference or workshop
Step One
                                                                                                                                     •	 Several	are	available	annually.
Complete the application on the next page. For additional
                                                                    REAL ESTATE DEVELOPMENT CERTIFICATE
applications, call 800-321-5011 or visit ULI’s Web site at, click on “Professional Development & Education,”
                                                                    Complete three Real Estate School courses:                       Completion Requirements:
                                                                    •	 The	Real	Estate	Development	Process:	Part	I;
then select the Professional Development Certificate link.                                                                           •	Proof	of	attendance	within	a	four-year	period.
                                                                    •	 The	Real	Estate	Development	Process:	Part	II;	and
                                                                    •	 Advanced	Development	Process.                                 •	Successful	completion	of	the	examination.
Step Two
Attend ULI professional development courses and events as
                                                                    One elective course, choosing from:
outlined on this page. Courses and events are held through-
                                                                    •	 An	additional	four-day	Real	Estate	School	course;
out the United States. They include two-day workshops,
                                                                    •	 Two	two-day	Real	Estate	School	courses;	or
conferences, and two- and four-day courses from ULI’s
                                                                    •	 Two	ULI	workshops.
renowned Real Estate School.

16                                                                                                                                                                        ULI Real Estate School
ULI Professional Development Certificate Application
Enroll me as a candidate for the following certificate program
                                                                 Professional Background                                     Course History
(choose one):
P ULI Real Estate Development Certificate                        What is your current occupation?                            Please list any courses that you have taken from ULI during the
P ULI Real Estate Development Finance Certificate                                                                            past two years that you believe can be applied to your certificate.
Candidate’s Name __________________________________              Do you hold any of the following credentials?               ________________________________________________
Date of Application _________________________________            Professional license P Yes P No
                                                                 If yes, indicate type(s) ________________________________   ________________________________________________
Position Title _____________________________________
Name of Firm _____________________________________               Advanced academic degrees P Yes P No
                                                                 If yes, indicate type(s) ________________________________
Business Address __________________________________                                                                          One-time application fee for certificate program: $125
________________________________________________                 Real estate–related certification P Yes P No                Please indicate your payment option below:
                                                                 If yes, indicate type(s) ________________________________   P My check is enclosed (payable to ULI).
City,	State,	Zip	Code	 ________________________________
                                                                 Other ___________________________________________           P Purchase order number (public sector only).
Work Telephone Number _____________________________                                                                          P Charge my:
                                                                 ________________________________________________               P American Express P Carte Blanche
Work Fax Number __________________________________
                                                                                                                                P Diners Club            P MasterCard          P VISA
Home Telephone Number _____________________________              Have you ever worked in real estate development?
E-Mail Address ____________________________________              P Yes P No                                                  Card Number _____________________________________

                                                                 If so, how long? ____________________________________       Expiration Date ____________________________________
ULI Affiliation                                                                                                              Cardholder Name __________________________________
Are you a member of ULI?      P Yes     P No                                                                                 Cardholder Signature ________________________________
If so, check membership category:                                                                                            Return this application and payment of the one-time fee to:
P Full          P Student                P Associate             ________________________________________________            Urban Land Institute
P Academic P Public Sector               P Other                                                                             Certificate Programs
                                                                                                                             1025 Thomas Jefferson Street, NW, Suite 500 West
When do you intend to complete the certificate program?                                                                      Washington, DC 20007-5201
________________________________________________                                                                             202-624-7000 | Orders 800-321-5011 | Fax 202-624-7140

2010                                                                                                                                                                                          17

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