4.254J/11.303J: RED IV Studio: Complex Urban Projects
Monday, Wednesday, 2:30 - 5:30pm
Select Fridays, 9:00am - 11:00am
- Description and Objectives
- Lecture Dates
- Course Evaluation (MIT Certificate Required)
This subject provides students with skills and experience in synthesizing real estate development projects. It addresses the interaction among physical, financial, market and public policy factors in a workshop environment. As potential developers, or participants in the development process, students need to understand: the language and products of real estate, the development process; how development teams function, what makes good design for the private sector, and how to synthesize a project from multiple constraints. The course is based on the philosophy that real estate development is a creative process. Students are encouraged to explore new development concepts as they synthesize all aspects of a project.
Download the syllabus (pdf 33k) for a list of class meetings and assignment due dates.
Real Estate Development is a workshop. This means we will learn mainly by doing. In a series of exercises, students will be presented with typical development issues that they must evaluate and respond to in the process of synthesizing a project. The exercises require decisions about:
- Site and context - What makes a good site? Recognizing real estate development opportunities and constraints inherent in a given location.
- Development program - What makes a good project? Arriving at a development concept that best responds to the marketplace, while resolving physical, financial, and public policy constraints.
- Project Design - What is the right form and image for a program that maximizes value to the project and its surrounding community?
- Implementation - How should the project unfold over time, managing risk while maximizing opportunities for value creations?
The exercises will be supplemented by lectures, discussions, and field trips offered by the instructors and invited guests. These will provide background information for each exercise, as well as exposure to the design and development process. Written material relating to each exercise, studio seminars, and case studies will be posted on the course Stellar site. Given the diverse mix of skills in the class, several workshop sessions will be held out of normal class time to provide additional instruction and practice in key skill areas.