Course Detail (Course Description By Faculty)

Real estate development and the title “developer” have long been contentious terms, synonymous with networks of wealth and influence. Developers have no required course of study, no exam to enter the field, no oath to uphold and no continuing education. Our built environment is reflective of those who developed it: racially monolithic, affluent, and male-dominated. This fosters a lack of equity and the widening wealth gap in America's most vulnerable neighborhoods.

Aided by current social, political and economic constructs, developers contribute to gentrification through large investments that build structures, not opportunity. The result is generations of residents being displaced rapidly -- the same residents that contributed to the culture and economic success that makes development in a location so appealing.

This course involves an in-depth exploration and analyses of the above conditions and how we can work to develop a new reality in real estate development, one that does not displace people and values diversity and inclusion in order to create healthy communities. To start, to develop without displacement sufficient housing must be available for existing residents. One possible solution, and the one that is the focus of this class, is to assemble adjacent parcels so that new taller and denser development can be constructed. Admittedly not without its own controversies, this scenario envisions new residential units designed to meet the needs of existing residents and owners, as well as providing additional workforce housing and adding market-rate renters. Existing landowners can enter their properties into long-term leases with the developer ensuring a continual income stream while retaining ownership of the property. In addition to housing options, these developments offer ground floor retail that provide amenities for residents and contribute to neighborhood vibrancy and diversity. An influx of population can support new retail and increase available jobs. In this way development can be a catalyst that benefits all members of the neighborhood.

Inner-city neighborhoods have become increasingly desirable to developers and to a range of new urban residents. In order to make the resulting development work for everyone, creative strategies must be developed that minimize displacement and that share benefits. Inner city revitalization is challenging, but through intentional strategic development and planning, members of marginalized communities can gain access to resources to join the ranks of start-up developers and take leadership roles in the process.

 Required books:

1. The Solution Revolution, William D. Eggers and Paul Macmillan, Harvard Business Review Press, 2013.

2. The Designing for Growth Field Book: A Step-by-Step Project Guide, Columbia Business School Press, 2014.

Recommended book:

1. The Well-Tempered City: What Modern Science, Ancient Civilizations, and Nature Teach Us About the Future of Urban Life, Jonathan F.P. Rose, Harper Wave, 2016.

(This book can be used as a reference this quarter, providing background on challenges of cities. Required readings from the book are available on Canvas. Optional readings from the book are not on Canvas.)

Additional materials will be posted on Canvas.

 Classroom Technology Policy

In alignment with Booth’s Classroom Technology Policy and in the interest of maximizing your learning and engagement, the use of laptops, tablets, smartphones, and other personal electronic devices is not permitted during class sessions in this course.

Please note the following:

• Note-taking: I encourage pen-and-paper note-taking, which research shows supports deeper processing and better recall. I will make [slides / outlines / key frameworks] available on Canvas [before / after] each class session. Digital paper tablets or e-ink tablets, such as notepads, reMarkable, and similar devices, may be allowed.

• Device use for specific activities: There may be occasional in-class exercises or simulations for which I will explicitly invite you to use your device. I will make these invitations clear at the time.

• SDS Accommodations: Students with approved accommodations from [Student Disability Services] that require access to technology are fully exempt from this policy and should use their devices as needed. Please share your accommodation letter with me at the start of the term so I am aware.

• Urgent matters: If you are expecting an urgent communication that requires you to monitor your phone during class, please let me know before class begins.

Thank you for your commitment to making our classroom a space of focused, rigorous engagement.

• Class Participation 10%
• Book Report 10%
• Real Estate Proforma Analysis 20%
• Real Estate Project Package and Presentation 40%
• Peer Evaluation 10%
• Final Paper                 10%

Total    100%