The UW Commercial Real Estate certificate program’s winter term development project sees teams of five students tackle hypothetical development opportunities based on real sites and metrics in the Puget Sound Region. Hailed as one of the reasons to take this Certificate Program, this project applies knowledge learned to date towards real, potential projects. The students select a site and spend the quarter working through all steps of the development process, including feasibility analysis, financial model, and design, before presenting their project to an equity panel, comprised of active investors in the Seattle real estate market.
Madisen Medley (Leisure Care), Alee Allen (Investco Financial Corporation), Alex Mundy (JP Morgan Chase), Whitney Cooper (B2 Architecture & Design), and William Pokorny (McKinstry), aided by Project Coach Jonathan Tran (RainierPacific Properties), have spent the past couple of months working on a site in Beacon Hill. They envision a mixed-use building with ground floor retail space, five floors of residential, and two floors of below grade parking. Their project includes affordable housing units through the MFTE Program. In working on this project, they will be running their plan by City Council, equity colleagues, and other stakeholders in order to glean their opinions and suggestions before their final presentation. “Working on this project for the past several weeks has taught me that the development process is non-linear and cannot be neatly organized into discrete steps,” says Medley, “It requires a great deal of collaboration with a wide variety of stakeholders with varying and sometimes conflicting priorities and perspectives to complete multiple tasks in parallel.”