Front Cover -- Title Page -- Copyright -- About the Authors -- Dedication -- Preface -- Contents -- Part 1. Introduction -- Chapter 1: Introduction to the Real Estate Development Process -- Defining Real Estate Development -- The Eight-Stage Model of Real Estate Development -- Characterizing Developers -- Reputation of the Industry -- The Development Team -- The Public Sector: Always a Partner -- Market and Feasibility Studies -- Design: Never an Afterthought -- Evolutionary Changes in the Development Process -- Availability of Data -- Technology and Social Media -- Sustainability -- A Much Longer Venture Capital Period -- Feasibility from Another Perspective -- Wall Street (and Related Avenues) -- Increased Pressure on the Public Sector -- Summary -- Terms -- Review Questions -- Notes -- Chapter 2: The Raw Material: Land and Demographics in the United States -- Population Growth -- National Demographic Trends -- Finding Demographic Data -- Employment Growth and Economic Cycles -- Regional and Metropolitan Shifts -- Finding Employment Data -- Land Supply -- Who Owns the Land? How Is It Used? -- Foreign Ownership of Real Estate in the United States -- Real Estate, Gross Domestic Product, Wealth, and Employment -- Summary -- Terms -- Review Questions -- Notes -- Chapter 3: Developers and Their Partners -- The Major Players -- Private Sector Developers -- Public/Private Partnerships -- Architects -- Engineers -- Landscape Architects -- Land Planners -- Urban Designers -- Building Contractors -- Site Development and Grading Contractors -- Environmental Consultants -- Traffic and Transportation Consultants -- Biology Consultants -- Geotechnical and Soils Consultants -- Hazardous Substance Consultants -- Air Quality Consultants -- Greenhouse Gas Consultants -- Noise Consultants -- Market Research Analysts -- Lenders -- Joint Venture Partners.

Appraisers -- Public Finance Consultants -- Attorneys -- Accountants -- Leasing Agents and Sales Brokers -- Marketing and Public Relations Consultants -- Property Managers -- Regulators -- End Users -- Property Types -- Residential -- Retail -- Office -- Industrial -- Hotel and Resort -- Mixed Use -- Summary -- Terms -- Review Questions -- Part 2: The History of Real Estate Development in the United States -- Chapter 4: The Colonial Period to the Late 1800s -- Real Estate as an American Tradition -- Early Land Transactions -- Fee Simple Real Estate Transactions -- Developing the District of Columbia -- Ground Leases -- The Holland Land Company -- John Jacob Astor -- Capital Improvement Projects -- Land Subdivision and the Growth of Cities -- The Growth of Inner-City Slums -- Company Towns, Utopian Communities, and Garden Cities -- Transportation Advances and the Rise of Suburban Development -- Llewellyn Park, New Jersey, and Riverside, Illinois -- Samuel E. Gross -- The Role of Railroads in Real Estate Development -- The Effect of Railroads on Industrial Development -- Railroad Barons as Real Estate Developers -- Flagler and the Growth of Southern Florida -- Huntington, the Southern Pacific, and Southern California's First Boom -- Summary -- Terms -- Review Questions -- Notes -- Chapter 5: The Late 1800s to World War II -- Civic Leadership, Reform, and the Public Sector -- Centralization -- Central Business Districts and Commercial Development -- The Growth of the Skyscraper -- Downtown Hotels and Department Stores -- Office Building in the Roaring Twenties -- Rockefeller Center: Mixed-Use Innovation -- Urban Apartment Buildings -- Decentralization -- The Streetcar Suburbs -- The Emergence of the Garden City -- Examples of Early Planned Communities -- Radburn -- Shaker Heights -- The Evolution of Real Estate Finance.

The Great Depression and World War II -- Bailing Out the Financial Institutions -- The Federal Housing Administration -- Housing after the Great Depression -- The Professionalization of Real Estate Development -- Summary -- Terms -- Review Questions -- Notes -- Chapter 6: The Modern Era: World War II to the Present -- Suburbanization and the Postwar Boom -- Production -- Transportation: The Expansion of Interstate Highways and the Growth of the Suburbs -- Financing -- Employment: The Growth of Suburban Office and Industrial Parks -- The Growth of Suburban Shopping Centers -- The Growth of the Lodging Sector -- The Urban Crisis: Race, Housing, and Neighborhoods -- Urban Renewal -- The Federal Government's Response to the Urban Crisis -- Development Movements in Inner-City Neighborhoods -- Downtown Revivals -- The Evolution of Planned Communities -- Edge Cities -- The Cyclical Nature of Real Estate -- Boom and Bust -- The Great Recession -- Planning Movements -- Public Interests -- Smart Growth -- Summary -- Terms -- Review Questions -- Notes -- Part 3: The Public Interest -- Chapter 7: The Role of the Regulatory Sector -- The Allocation of Power -- Property Rights and Entitlements -- Local and State-Mandated Regulation -- General (Comprehensive) Plans -- Specific Plans and Planned Unit Developments -- Conditions of Approval -- Zoning -- Subdivision Maps -- Infrastructure -- Exactions -- State Environmental Regulation -- Other State and Local Agencies -- Councils of Governments -- Special Taxing Districts -- Coastal and Special Focused Commissions -- Other Site-Specific Development Control Mechanisms -- Development Agreements -- Transferable Development Rights -- Form-Based Zoning -- Transect Zoning -- Growth Boundaries -- Ballot Box Planning -- Federal Regulation -- The Clean Water Act -- The Endangered Species Act -- The Clean Air Act.

The Superfund Act -- Asbestos -- Americans with Disabilities Act -- Packaging the Entitlements -- The Process -- The Risk Profile -- Dependence on Others and Management of the Entitlement Process -- The Importance of Negotiation -- Summary -- Terms -- Review Questions -- Notes -- Chapter 8: Decision Makers and Stakeholders -- Managing Change -- The Nature of Change -- Discretionary Approvals -- Accommodating Stakeholders -- The Participants -- The Developer's Team -- Public Outreach and Public Affairs Professionals -- The Land Use Attorney -- The Public Sector's Team -- The Board -- The Planning Commission and Other Commissions -- The Planning Staff -- Stakeholders -- Individual Stakeholders -- Ad Hoc Groups -- Formal and Semiformal Groups -- Issue-Based Groups -- Supporters -- Public Outreach -- Information Gathering -- Charrettes -- Disseminating Information -- Building Support -- The Public Hearing -- The Intersection of Planning Theory and Entitlements -- Advocacy Planning -- Public/Private Partnerships -- Private versus Public Sector Resources -- Organizations and the Public/Private Process -- Principles of Public/Private Partnerships -- The Objectives of Public/Private Development -- Formation of Public/Private Partnerships -- Strategic Decisions in the Implementation of Public/Private Projects -- Selecting a Developer -- Terms of the Deal -- Negotiating the Deal -- Practical Problems and Policy Issues -- Sports Facilities -- Summary -- Terms -- Review Questions -- Notes -- Part 4: Ideas -- Chapter 9: Stage One of the Development Process: Idea Inception -- Motivations Behind Ideas -- The Back-of-the-Envelope Pro Forma -- Idea Inception in the Corporate Context -- Techniques for Generating Ideas -- Risk Control during Stage One of the Real Estate Development Process -- Summary -- Terms -- Review Questions -- Notes.

Part 5: Financing the Project -- Chapter 10: Real Estate Finance: Background -- The Big Picture -- The Relationship between the Space Market and the Capital Markets -- Expected Rate of Return: A Fundamental Underpinning of Capital Markets -- Inflation and Time -- Risk Premium -- Capital Market Segments -- Private Sources of Real Estate Debt -- Public Sources of Real Estate Debt -- Private Sources of Equity -- Public Sources of Equity -- Real Estate Cycles -- The Real Estate Finance Process -- Financing Predevelopment Activities -- Land Acquisition Financing -- Landowner Financing -- Ground Lease -- Construction Financing -- Permanent Financing -- Interim and Mezzanine Financing -- Regulatory Changes Resulting from the Great Recession -- Summary -- Terms -- Review Questions -- Notes -- Chapter 11: Real Estate Finance: The Basic Tools -- The Components of Net Operating Income -- Potential Gross Income -- Vacancy, Collection Loss, and Rent Concessions -- Miscellaneous Income -- Operating Expenses -- Calculating Net Operating Income -- Property Cash Flow -- Estimating Value Using Cap Rates -- Direct Capitalization -- Discounted Cash Flow and Internal Rate of Return -- Capital Structure -- Loan Underwriting Process -- Lender's Calculations -- Debt Service Coverage Ratio -- Loan-to-Value Ratio -- Benefits and Costs of Using Debt Financing -- Adding Income Tax Considerations -- Industry Tools for Project Underwriting -- Summary -- Terms -- Review Questions -- Part 6: Proving the Concept -- Chapter 12: Stage Two: Idea Refinement -- Objectives of Stage Two -- Creating a Plan -- Controlling the Site -- A More Detailed Scan of the Environment: Governments and Competitors -- Urban Growth Models -- Choosing the Site -- Types of Buyers -- Types of Sellers -- The Deal -- Information Sources -- The Site's Physical Characteristics -- Usable Area -- Geology.

Hazardous Materials.