published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction Development

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

published_or_final_version / Business Administration / Master / Master of Business Administration

Thesis submitted in the fulfilment of the requirements for the Degree of the Master of Management in Finance and Investment, 2015/2016 / South African inner-city , through a series of political cycles, social transformations and shifts in local government structures, have undergone significant physical change in a deteriorating direction. This change has largely manifested in the dilapidation of inner-city real estate stock, in that brownfield buildings, or buildings with former residential, commercial and industrial functions, have been re-appropriated for alternative (often illegal) uses that have potential consequences for that redevelopment and, through the sourcing of necessary capital, maybe restored and rehabilitees to better serve inner-city inhabitants and stake holds. / GR2018

Thesis is submitted in partial fulfilment for the degree of M.Sc. Building (Property Development and Marketing) to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017 / Background The perception of inconsistent and uncertain valuations has been the subject of debate worldwide. However, it is a phenomenon that has gone largely ignored in South Africa. The effect of unreliable valuations cannot be overstated, as all lending and investment decisions are based on valuation estimates. Objectives This study seeks to investigate the level of valuation accuracy in South Africa by comparing mortgage valuation estimates done prior to finance of the properties against their actual realised transaction prices. Methods and Results Valuers from four financial institutions as well as from external valuation firms were randomly chosen to participate in a questionnaire and in addition 32,826 properties which were valued and sold between January to December 2016 were also analysed. The valuation estimates and actual transaction prices were collected in an Excel file. While data from the banks and valuers was collected and analysed using Qualtrics. Data was analysed using R software version 3.3.3 to come up with descriptive and inference statistics. The result of the analysis showed that the level of valuation accuracy for the properties in South Africa used in the study is high (2.03%), which shows a very high level of accuracy compared to the adopted benchmark of 10%. The accuracy level across the three provinces in our study namely Gauteng, KwaZulu-Natal and Western Cape is 2.23%, 1.93% and 1.58% respectively, indicating that valuation accuracy is higher in Western Cape than Gauteng and KwaZulu-Natal Conclusion The study revealed that valuation estimates were good proxies of the market value (actual realised sale prices). Based on the 10% acceptable margin of error benchmark adopted by this study it shows that valuers in South Africa are indeed accurate in as far as estimating residential cost values. Based on the 2.03% level of accuracy obtained in this study, we recommend that valuation stakeholders adopt 5% maximum margin of error between valuation estimates and actual realised prices. / XL2018

Thesis. 1978. M.C.P.--Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Includes bibliographical references. / M.C.P.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2014. / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014. / Cataloged from PDF version of thesis. Page 124 blank. / Includes bibliographical references (pages 118-123). / This thesis aims to examine impact of financial decisions on the city morphology, specifically on the current crop of new city projects undertaken in India. While there has been some existing research on impact of capital market, institutional framework, on the existing cities and their struggles, there is littl that tis spoken about the motivations of development agencies, their manifestos and aspirations, for the new cities that are being planned. My research explores green field projects in an attempt to distill, through comparison and contrast, cities developed as a private or public goods. The physical design of the urban fabric of a city is a result of many forces. These could be the economic, social, cultural, political or the aspiration aspects that dictate the physical form of the city With the inflow of capital in the developing world new cities are being built from scratch in many parts of the developing world. Visualized as products in the real estate industry as investments and assured long term returns, these regions are conceived as places of enhanced productivity Cities are now considered the drivers of consumption and accelerateors of economic growth. India, with an increasingly open economy and history of social ideals, poses a unique dichotomy of resultant new city building processes. As the state edges towards more open markets pro-urbanization policies, disparate methods of developing and financing new city projects wIl emerge. The unique presence of two polar development strategies within the same macro context shall enrich this study and let me draw parallels to distill the parameters. The thesis shall explore the cases thorgh the lens of finance specifically and the implications of financial strategies on the resultant urban form. A narrative format weaves in the socio political and cultural aspects along with specific market conditions, of the two cases -Naya Raipur and Jaypee Sports City, and provides detailed accounts of the policies and agency practices, what landlords and realtors are responding to, and how ultimately these plans in place today evole into future cities. Ultimately, these findings indicate how deeply embedded both social and fianncial scenarios are in the development of cities and the need to question the adequacy of just one model instead of the other. / by Akanksha Raina. / M.C.P. / S.M. in Real Estate Development

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2014. / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.. / Page 93 blank. Cataloged from PDF version of thesis. / Includes bibliographical references (pages 89-92). / Gas stations are found throughout the US, but their ubiquity causes them to go largely unnoticed. Because their purpose - refueling vehicles - is so uniform and so integral to the existing automotive transportation system, stations share extensive siting and design similarities across many contexts. Recent corporate, market, and regulatory pressures have led to the closure of tens of thousands of these stations in the past few decades. Increasingly stringent Corporate Average Fuel Economy (CAFE) standards will likely continue the trend of station closures. CAFE standards are expected to reduce future US gasoline consumption and spur the production of alternative powertrain vehicles. Of these new powertrain technologies, electric vehicles (EVs) demand particular attention because their introduction has been quite strong and because their adoption has the potential to significantly change the location and physical environment in which vehicles are "refueled." EVs differ from other propulsion systems in that they rely on electricity for power. Unlike liquid fuels, which are most efficiently distributed from centralized facilities, electric power can be obtained from a number of dispersed outlets. This thesis seeks to rethink the physical infrastructure that is and has been necessary to fuel the US's vehicles by exploring the most effective deployment of EV charging systems and by proposing potential reuses for unneeded gas station sites. After studying vehicle travel patterns and EV charging requirements, at-home suburban charging systems emerge as the most effective way to support electric vehicles. In addition to the environmental benefits to the transportation system, solar and smart-meter components of this charging system enable the greening of the power grid as well. As such, this thesis posits that the most effective deployment of EVs and their associated chargers would be in suburban areas that currently have dirty energy profiles and high solar capacity. Another promising place for EV charger deployment would be at centralized stations along major transportation routes that could be co-located with uses that actively take advantage of the extended time it takes to recharge an EV battery. Especially in EV target regions, reduced demand for gasoline can be expected to further unlock opportunities for gas station property redevelopment. Challenges to reuse include environmental remediation costs and liabilities, but this thesis explores strategies for overcoming these obstacles, as well as redevelopment functions that take advantage of gas stations' small and distributed characteristics / by Andrew Turco. / M.C.P. / S.M. in Real Estate Development

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2015. / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015. / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 129-135). / Community engagement in large-scale development projects is a critical step in the real estate development process, needed both to obtain official project approval and to gain feedback to create projects that better provide for and respond to the needs of the community. In San Francisco and other cities with extensive political and community involvement surrounding issues of urban growth, community engagement can be particularly important. Yet the community process can be agonizing, rife with contentious public hearings in which only those who are avidly for or against a project participate. Because of this, developers may dismiss engagement as an unpleasant formality necessary for project approval. However, the community process undertaken at Pier 70, a large waterfront development project in San Francisco, demonstrates that engagement can be an effective tool to build trust, gain project support, and make projects that better serve the community. The developers of Pier 70, Forest City, have gained remarkable community support for their project, including receiving citywide voter approval for proposed height changes on site. This thesis examines Pier 70 as a case study to explore how developers can help foster trust and effective collaboration through the community engagement process. To do so, it draws from a review of the process and problems of standard community engagement and presents alternative models. It also discusses recent large-scale waterfront projects in other cities, the history of San Francisco's highly politicized development process, and increasing controversy concerning waterfront development. Analysis suggests that Forest City has led an effective engagement strategy, gaining support and meaningful feedback throughout the process. Case study findings at the scale of the developer, project, neighborhood, and city demonstrate how Forest City has tailored their approach to the specific site to align the project and community process with the needs of the city and community. Forest City has been successful largely due to their ability to act locally, engage broadly and openly, and build trust with the community. Ultimately, this thesis draws lessons from Pier 70's development process to suggest methods for ensuring that development projects are not only profitable, but also valuable for the community and surrounding urban realm. / by Elizabeth Horton Kuwada. / M.C.P. / S.M. in Real Estate Development

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2017. / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017. / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 84-87). / Chinatowns in cities like Boston, New York, or Philadelphia have well established reputations as vibrant ethnic neighborhoods that draw tourists as well as working-Chinese immigrants. The individual businesses that line the streets of Chinatown are crucial to creating these unique urban neighborhoods. As cities are undergoing a new era of growth and real estate activity in urban centers is booming, the impacts on small businesses has not yet been widely researched. This thesis uses Chinatowns (in Boston, New York, and Philadelphia) as case studies to uncover the impacts of new real estate developments on small businesses. The research relied on a mixed-method approach, utilizing quantitative data from city reports or census data, as well as qualitative data derived from interviews with local stakeholders, particularly small business owners. The broad categories of impact documented include: (1) changes to inventory and availability of ground floor retail space, (2) a homogenization of storefront design, (3) changes to the residential community, and (4) rise in occupancy costs. In contrast, the top concerns identified by business owners were (1) the image of Chinatown as dirty and (2) the availability of parking. This thesis was not able to fully address the mismatch between the impacts of development and the concerns of business owners but is an area that deserves more research. The conclusion of this thesis provides readers with a preliminary framework for assessing displacement risks that can be applied to other ethnic districts and suggests possible interventions that can mitigate some of these risks. / by Karmen Cheung. / M.C.P. / S.M. in Real Estate Development