Design, Development, Practice is a workshop that revolves around the interplay between design and finance in the early stages of residential development.
Design and finance are seldom discussed together due to the perceived notion that they belong to two separate disciplines—architecture and real estate development. For developers, however, cultivating an understanding toward design process can become a powerful asset, a new mode of investigation for financial scenarios of varying yield and impact. For architects, understanding the financial side of the operation will not only strengthen the solution but, perhaps more importantly, solidify how the solution is executed and materialized.
This workshop will first introduce fundamental concepts in real estate finance and architectural design and build upon them by developing a comprehensive proposal for real-world properties in Boston.
This workshop is for students from MSRED as well as MArch and SMArchs. But anyone who wishes to gain insight into the overall process of development projects in a real-world setting—from conception to construction to operation—may find the course material relevant to their needs.
In each session, students will work on a set of exercises and be asked to share the outcome at the end. Participation is crucial as the majority of learning will take place in the form of a discussion.
Students are required to develop a comprehensive development proposal and present the finished proposal on the last day of class. A successful proposal will clearly illustrate the core design concept and development thesis as well as a feasible financial strategy. A group of industry professionals and stakeholders will be invited to the final critique and share their thoughts.
The first half of the workshop (week 1—5) focuses on building visual and financial literacy in real estate development. Each session will begin with a lecture on fundamental finance and design concepts. A set of exercises will follow to conclude the lecture.
The second half (week 6—10) is dedicated to developing a comprehensive proposal for properties in Boston. On the last day of class, students will present their finished proposal to a group of guest critiques.
- First assignment site introduction
- Student introduction/ group formation
- Introduction to financial modeling
- Market research & site analysis
- Real estate valuation practice I
- Massing study
- Real estate valuation practice II
- Develop alternative financing strategy
- Real estate development charrette
- Brayn Lee, Principal, Transom Real Estate
- Ross Cameron, Vice President, Elkus Manfredi Architects
- Colin Booth, Strategic Director, Placetailor
- Andres Bernal, Director of Architecture, Placetailor
- Joe Flaherty, Pre-construction Manager, Tocci Building Corp.
- Charles Steelman, Principal, Steelman Development
Reference Reading
- — Graaf, D. R. (2019). Four Walls and a Roof: The Complex Nature of a Simple Profession (Reprint ed.). Cambridge, MA: Harvard University Press.
- — B6 Baumeister: Curated by Reinier De Graaf. Baumeister Magazine, 2019.
- — Rasmussen, S. E. (1964). Experiencing Architecture (2nd ed.). Cambridge, MA: The MIT Press.
- — Geltner, D. (2013). Commercial Real Estate Analysis and Investments (w/ CD) (3rd ed.). Brookfield, WI: OnCourse Learning.
- — Caviar, S., & Space Caviar. (2014). SQM. New York, United States: Macmillan Publishers.
- — Willis, C. (1997). Form follows Finance: Skyscrapers and Skylines in New York and Chicago (1st ed.). New York , NY: Princeton Architectural Press.
- — Poorvu, W. J., & Cruikshank, J. L. (1999). The Real Estate Game. New York, NY: The Free Press.
- — Larson, M. S. (1995). Behind the Postmodern Facade: Architectural Change in Late Twentieth-Century America (Reprint ed.). Berkeley, CA: University of California Press.
- — Kostof, S., & cuff, dana. (2000). The Architect. Berkeley, CA: University of California Press.
- — Frieden, B. J., & Sagalyn, L. B. (1991). Downtown, Inc. Cambridge, MA: The MIT Press.
- — Steele, B. (Ed.). (2010). Supercritical: P. Eisenman & R. Koolhaas. AA Publications.
