Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. Real estate developers are the people and companies who coordinate all of these activities, converting ideas from paper to real property. Real estate development is different from construction, although many developers also manage the construction process.
Developers buy land, finance real estate deals, build or have builders build projects, create, imagine, control, and orchestrate the process of development from the beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate—and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structures, and rent out, manage, and ultimately sell it.
Sometimes property developers will only undertake part of the process. For example, some developers source a property and get the plans and permits approved before selling the property with the plans and permits to a builder at a premium price. Alternatively, a developer that is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately.
Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, lawyers, leasing agents, etc. In the Town and Country Planning context in the United Kingdom, 'development' is defined in the Town and Country Planning Act 1990 s55.
Many aspects of the real estate development process require local or state licensing, such as acting as a real estate broker or sales agent along. A real estate developer is not a professional designation, there are no schools or associations who recognize or protect the term as a trademark.
No single path automatically leads to success in real estate development. Developers come from a variety of disciplines— construction, urban planning, lending, architecture, law and accounting, among others. Recent specialized programs that award a Master of Real Estate Development (MRED) degree are also available. The graduate programs in real estate development are the most comprehensive education in the real estate industry. Other formal education includes a Master of Science in Real Estate (MSRE), or an MBA.
A development team can be put together in one of several ways. At one extreme, a large company might include many services, from architecture to engineering. At the other end of the spectrum, a development company might consist of one principal and a few staff who hire or contract with other companies and professionals for each service as needed.
Assembling a team of professionals to address the environmental, economic, private, physical and political issues inherent in a complex development project is critical. A developer's success depends on the ability to coordinate and lead the completion of a series of interrelated activities efficiently and at the appropriate time.
Development process requires skills of many professionals: architects, landscape architects, civil engineers and site planners to address project design; market consultants to determine demand and a project's economics; attorneys to handle agreements and government approvals; environmental consultants and soils engineers to analyze a site's physical limitations and environmental impacts; surveyors and title companies to provide legal descriptions of a property; and lenders to provide financing. The general contractor of the project hires subcontractors to put the architectural plans into action.
Purchasing unused land for a potential development is sometimes called speculative development.
Subdivision of land is the principal mechanism by which communities are developed. Technically, subdivision describes the legal and physical steps a developer must take to convert raw land into developed land. Subdivision is a vital part of a community's growth, determining its appearance, the mix of its land uses, and its infrastructure, including roads, drainage systems, water, sewerage, and public utilities.
Land development can pose the most risk, but can also be the most profitable technique as it is dependent on the public sector for approvals and infrastructure and because it involves a long investment period with no positive cash flow.
After subdivision is complete, the developer usually markets the land to a home builder or other end user, for such uses as a warehouse or shopping center. In any case, use of spatial intelligence tools mitigate the risk of these developers by modeling the population trends and demographic make-up of the sort of customers a home builder or retailer would like to have surrounding their new development.
Developer may refer to:
Software developer, one who programs computers or designs the system to match the requirements of a systems analyst
Web developer, a programmer who specializes in, or is specifically engaged in, the development of World Wide Web applications
Video game developer, a person or business involved in video game development, the process of designing and creating games
In real estate development, one who builds on land or alters the use of an existing building for some new purpose
Photographic developer, a chemical, often a mixture of metol and hydroquinone, which converts the latent silver halide image in the exposed photograph material into reduced, opaque, black silver metal
Developer (album), the fifth album by indie rock band Silkworm
Developer, Veteran Techno DJ from Los Angeles who owns Modularz Records and tours the World year round.Devil's Pocket, Philadelphia
Devil's Pocket is a small neighborhood in the South Philadelphia section of Philadelphia, Pennsylvania. The neighborhood, bordered by Christian and Taney streets, Grays Ferry Avenue, and the Naval Square development (the former U.S. Naval Asylum). The neighborhood consists of rowhouses tucked near an industrial landscape near the Schuylkill River. A historically Irish-American neighborhood, Devil’s Pocket has seen real estate development and gentrification in recent years, including a major expansion of the Children’s Hospital of Philadelphia.According to one legend, Devil's Pocket got its name after a priest said the local youth were rough enough to steal from the devil’s pocket.The 1983 novel God's Pocket by Pete Dexter and its later 2014 film adaptation are set in the fictional South Philadelphia neighborhood of God's Pocket, which is based on the tough reputation of Devil's Pocket.Eastwood City
Eastwood City is a 17 hectares (42 acres) commercial and residential development located in the Bagumbayan area of Quezon City in the Philippines. It is developed by Megaworld Corporation. It currently hosts 12 luxury residential condominium towers, with several more being developed.
Eastwood City was launched in 1997. Its newest development is the Eastwood Mall located in the middle of the real estate development.Edward J. Bloustein School of Planning and Public Policy
The Edward J. Bloustein School of Planning and Public Policy of Rutgers University (The Bloustein School) serves as a center for the theory and practice of urban planning and public policy scholarship. The school is located in New Brunswick, New Jersey, and was named in honor of the former Rutgers University president, Edward J. Bloustein (1971 to 1989).
Through its academic programs and research centers, the Bloustein School engages in instruction and research, and combines learning and application (for example, it holds "studios" in which students create plans for communities in New Jersey through communication with community stakeholders). The school has compiled a list of school-wide areas of expertise that offers a glimpse into the school's strengths and the specializations of the faculty. Some faculty members specialize in transportation planning, others specialize in the environment, some others (including former governor Jim Florio ) have specialties in policy, and professors also specialize in real estate development. At least one professor specializes in information systems as applied to public planning and policy, and other professors specialize in quantitative and qualitative research methods and the furtherance of such methods.
The school offers undergraduate degree programs in health administration, planning and public policy, public health, public policy, and urban planning and design; master's programs in urban planning and public policy, and a Ph.D program in urban planning and policy development. Joint and dual degree master's programs in law, business administration, infrastructure planning, food and business economics, and public health are also offered.
The university program is also accredited by the American Institute of Certified Planners (AICP).Eldridge Industries
Eldridge Industries LLC is a private equity investment firm headquartered in Greenwich, Connecticut, with offices in New York, London and Beverly Hills. The firm invests in businesses across several industries, including, media, sports, hospitality, insurance, real estate development and asset management.Graduate real estate education
The study of real estate development at the graduate school level has taken many forms, giving rise to various educational models in different countries. The decision for individuals pursuing higher education in this field often comes down to choosing between a traditional degree with a focus on real estate (e.g., MBA with concentration in real estate) or an interdisciplinary, comprehensive degree (e.g., Master of Real Estate Development) focused wholly on real estate studies.
Students who opt to study in a full-time Master of Real Estate program, should expect to take courses in topics such as financial analysis, market analysis, contracts and deal-making, construction, design fundamentals, asset (property) management, construction management, building technology and design fundamentals. Some programs offer studio, capstone, or workshop courses in which students engage actual real estate development projects. Some also provide access to internships. There is no established accreditation system in the United States in real estate development education, so students should investigate offerings in each program.
While there are many real estate finance programs available to students around the country, there are only a handful of real estate development graduate programs that tackle the broader educational task of engaging the full range of real estate development (e.g., Master of Real Estate Development) --from property acquisition to planning and permitting, law and finance, design and construction, and culminating in marketing, commercial leasing, property, portfolio and asset management.Howard Hughes Corporation
The Howard Hughes Corporation is a major real estate development and management company based in Dallas, Texas. It began as part of the oil drilling tool business founded by Howard R. Hughes, Sr., in 1913, which under his son Howard Hughes, Jr., diversified into real estate development. The real estate operations became a separate company, which was acquired by The Rouse Company, which in turn was acquired by General Growth Properties (GGP). In 2010, GGP spun off The Howard Hughes Corporation as a separate company.ING Group
The ING Group (Dutch: ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is an abbreviation for Internationale Nederlanden Groep (English: International Netherlands Group).
The orange lion on ING's logo alludes to the Group's Dutch origins. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks. ING Bank was included in a list of global systemically important banks in 2012.
In 2017, ING served 37.4 million clients in more than 40 countries. The company is a component of the Euro Stoxx 50 stock market index.Kraft Group
The Kraft Group, LLC, is a group of privately held companies in the professional sports, manufacturing, and real estate development industries doing business in 90 countries. Founded in 1998 by American businessman Robert Kraft as a holding company, it is based in Foxborough, Massachusetts.Land development
Land development is altering the landscape in any number of ways such as:
Changing landforms from a natural or semi-natural state for a purpose such as agriculture or housing
Subdividing real estate into lots, typically for the purpose of building homes
Real estate development or changing its purpose, for example by converting an unused factory complex into condominia.Market! Market!
Market! Market! (unofficially renamed as Ayala Malls Market! Market!) is a real estate development owned by Ayala Land, a real estate subsidiary of Ayala Corporation and part of the Ayala Mall chain. It is located at Mabini Avenue corner McKinley Parkway, Bonifacio Global City, Taguig City, Metro Manila, Philippines, part of the Bonifacio Global City a Central Business District.Oxford Development
Oxford Development Company is a real estate firm based in Pittsburgh, Pennsylvania providing real estate development, asset/property management, brokerage services, investment advisory services, and business operations.
Oxford is one of the largest Pennsylvania-based real estate firms. In 2013 it was listed as the 2nd largest commercial property manager in the Pittsburgh metropolitan area with 11,492,847 gross square feet of leaseable space after CBRE Group and ahead of the RIDC.
Subsidiaries of the company include:
Oxford Real Estate Advisors (OREA).
Oxford Realty Services.
Bakewell Corporation.Robert Sarver
Robert Sarver (born 1961) is an American businessman. He is the co-founder of Southwest Value Partners, a real estate development company, and the owner of the Phoenix Suns.San Jose del Monte station
San Jose del Monte Station, also known as Araneta MRT Station, is an under-construction station of the Manila Metro Rail Transit Line 7 located in San Jose del Monte, Bulacan.
The station would be located near the area of Colinas Verdes a subdivision in San Jose del Monte. The area formally known as Ciudad Real is split between the barangays Tungkong Mangga & San Manuel.
The proposed terminus will be in the proposed "Super City" Real Estate Development which will be constructed by SM Prime Holdings and Palafox Associates. A 22-km, 6-lane asphalt road, to be named as Tala Access Road will connect the station to the North Luzon Expressway.Silverstein
Silverstein may refer to:
Silverstein (band), a Canadian post-hardcore band
Silverstein Committee, 1959 United States government commission on the Saturn program
Silverstein Properties, a real estate development and management companyThe Cathcart
The Cathcart is a historic apartment building located at 103 E. 9th St. in Indianapolis, Indiana, United States. It was built in 1909 amid an apartment-building boom in what is now central Indianapolis.Its NRHP nomination states: "The Cathcart is an architecturally outstanding example of the "Eastern" flat type apartment that was a significant part of the commercial/real estate development of Indianapolis."
It is built of deep red brick and grey limestone and has detailing "reminiscent of the Arts and Crafts or Craftsman style."
The site of the building was the location of a cottage which had been given as a wedding present to Robert Weir Cathcart and Alice Morrison Cathcart in 1870, and was their family home. In 1909, recently widowed, Mrs. Cathcart undertook to have the apartment building constructed "despite the warnings of all advisors."In 1983, the Cathcart was listed on the National Register of Historic Places as part of the "Apartments and Flats of Downtown Indianapolis" multiple property submission. The apartments in this group were added to the Register for their architecture and for their place in the development of commerce and real estate development in Indianapolis.Undergraduate real estate programs
The study of real estate at the undergraduate level is commonly contained as a degree of Bachelor of Science in Real Estate or a Bachelor of Business Administration with a concentration in real estate. A very limited number of universities offer a full "Bachelor of Science in Real Estate" and have "Real Estate" departments in their respective Colleges within the University. With the maturity of Master of Real Estate Development programs, universities are now looking at also offering specialized undergraduate education in real estate.
Many of the programs ranked by U.S. News and World Report are Bachelor of Business Administration or Bachelor of Science programs though some, such as University of Florida, Cornell University, and University of Illinois, only offer minors in Real Estate or majors in Finance "with emphasis in Real Estate". While business schools continue to attract future real estate professionals, many critics of business education have many complaints. Some say the schools have become too scientific, too detached from real-world issues. Others say students are taught to come up with hasty solutions to complicated problems. Another group contends that schools give students a limited and distorted view of their role - that they graduate with a focus on maximizing shareholder value and only a limited understanding of ethical and social considerations essential to business leadership. Such shortcomings may have left business school graduates inadequately prepared to make the decisions that, taken together, might have helped mitigate the financial and real estate crisis, critics say. An alternative course of study to an undergraduate degree in business or real estate is the liberal arts, such as economics, public administration, urban planning, or geography. An aspiring real estate professional may supplement his education with a Master of Real Estate Development degree, a common prerequisite for many institutional and corporate real estate firms.University of Maryland School of Architecture
The School of Architecture, Planning & Preservation is one of thirteen schools at the University of Maryland, College Park and operates six different programs: Architecture, Urban Studies and Planning, Historic Preservation, Real Estate Development, the Ph.D. program in Urban and Regional Design and Planning, the National Center for Smart Growth Research and Education, and the Colvin Institute of Real Estate Development.
The school is located seven miles from downtown Washington, DC, and is also close to Baltimore and Annapolis.Xinyuan Real Estate
Xinyuan Real Estate Co., Ltd. (Chinese: 鑫苑置业; pinyin: Xīnyuàn Zhìyè) is a Chinese real estate company.Xinyuan has traditionally engaged principally in residential real estate development and the provision of property management services, focusing on Tier II cities in China.
Real estate developments
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