Have you ever looked at Cleveland’s Skyline or Communities and thought, I have an idea that would change or develop the market? Do you want to develop and pitch that idea to a group of real estate professionals? Well FIN 612 is your opportunity to do just that. Each Fall Semester students are challenged to bring forth a concept utilizing skills that are developed in the Real Estate Investments Course and then pitch that concept to a group of Real Estate Professionals as their semester long project.
During the Fall 2013 semester, students tackled the Mid-Town Community of Cleveland’s Eastside. They were challenged with the project of how to develop the property between East 55th and East 71st Street and between Carnegie and Cedar (adjacent properties were also considered). This is a strategic location on Cleveland’s Eastside with important transportation linkages to I-490 and Carnegie Avenue as well as links to the Euclid Corridor, the hotly discussed Opportunity Corridor and within a short commute to the University Circle Area, Downtown, the hospitals and other Cleveland hotspots.
Students were divided up into groups of three early in the semester and began their work with a focus on market research through secondary market research reports, surveys and highest and best use research. They then reviewed the Sanborn Maps for possible brownfield development. In their next phase they brainstormed their development idea and began building out financials using feasibility analysis methods as well as income statements and financial returns for potential investors and capital providers.
Throughout the semester, students met with industry experts on varying topics to learn about marketing their properties, commercial finance lending, brownfield development and much more. These meetings with industry experts helped aid the students in the development of their proposals and provided an opportunity to learn and work with professionals who are in the business of developing these types of proposals for investment on a regular basis.
At the end of the semester, the students presented outstanding proposals. The committee heard proposals from six groups on ideas about Healthcare Warehousing and Industrial Parks, Senior Assisted-Living Facilities, Parking Lots, Neighborhood Re-development (similar to Tremont, Ohio City, and Battery Park), Mixed Use Development (including a Launch House for Startups), and a Solar Farm. The winning team received plaques for their outstanding effort. All of the projects have since been introduced to the Mid-Town Cleveland Group for possible further development. If any of the projects move forward, the students may have the opportunity to work with industry experts on bringing their project to life.
With the real estate market turning around, neighborhoods are changing, communities are being enhanced with new residences and hotspots, and ideas are once again being developed. The topics tackled in FIN 612 Real Estate Investments have real world relevance and connection to an ever changing marketplace. With the experiences gained in this course, you have a hands-on real world opportunity to learn about the real estate market and develop your proposal to reshape the communities of Cleveland.