Essentials of the Development Process Online Course

Payment for a NAIOP Online Course entitles access for one person only to the course and all materials.

Course Facilitator:
Dave Domres, CPM® CCIM

Note: All times noted are Eastern Daylight Time.

Tuesday, October 5, 2010
3 - 5 p.m.
Stage One: Investment Decision
During this opening session, we'll explore all the factors involved in making the investment decision to proceed with a development project. This includes defining the development process and looking at real estate from an investment viewpoint. We will discuss real estate investment risks and explore the variables that accompany two different types of development projects: a site looking for a use, or a use looking for a site.

Dave Domres, CPM® CCIM, senior vice president, Irgens Development Partners LLC

Tuesday, October 12, 2010
3 - 5 p.m.
Stage Two: Finding the Opportunity
The second stage focuses on finding a feasible opportunity for development. We'll start by defining the investment objective(s). Then we'll discuss all aspects involved in selecting a site including financial analysis, cost estimates, valuation, governmental controls and infrastructure. We'll also explore the various purchase options available for development projects.

Timothy Hennelly, vice president/Development, Ryan Companies US Inc.

Tuesday, October 19, 2010
3 - 5 p.m.
Stage Three: Feasibility Analysis
We'll begin this session by defining feasibility and then address how to initiate a feasibility study. We will define the due diligence process, along with the intended outcomes, players, final outcomes and budget resources. Lastly, we will examine the factors involved in conducting a property analysis, which include understanding environmental regulations and geotechnical areas of concern; identifying access and transportation issues; and assessing proximity to other uses.

Dave Domres, CPM® CCIM, senior vice president, Irgens Development Partners LLC

Tuesday, November 2, 2010
3 - 5 p.m.
Stage Three: Feasibility Analysis (continued)
In this session, we'll provide an overview of real estate economics and macro level determinants of supply and demand. In addition, we'll discuss land use regulations and the impact of the political/legal environment. Course participants will learn to perform a highest and best use analysis and will demonstrate comprehension of information presented by reviewing a case study and completing assigned homework.

Peter Curnyn, Principal and Managing Director, Colonial Real Estate Advisors

Tuesday, November 9, 2010
3 - 5 p.m.
Stage Four: Contract(s) Negotiation
In this session, we'll discuss the process that commences once the developer enters into contracts with various development team members. We'll examine the eight steps in the acquisition process agreements, which include offering the property for sale; agreement of business terms/Letter of Intent (LOI); definitive agreements; due diligence agreements; feasibility approvals; the pre-closing; the closing; and the post closing.

Peter Curnyn, Principal and Managing Director, Colonial Real Estate Advisors

Tuesday, November 16, 2010
3 - 5 p.m.
Stage Four: Negotiations (Continued)
This segment focuses on the roles and responsibilities of each team member and presents examples of effective negotiations strategies.

Peter Curnyn, Principal and Managing Director, Colonial Real Estate Advisors

Tuesday, November 23, 2010
3 - 5 p.m.
Stage Five: Formal Commitments
We will identify the various formal commitments entered into following the negotiation process. Contracts that are finalized at this stage may include joint venture agreements; construction loan agreements; permanent loan commitments; construction contracts; exercise of land purchase options; purchase of insurance; and pre-lease agreements. We'll also define the elements of a contract and identify standard language and clauses frequently used in real estate contracts. Finally, we will discuss loan documents and look at several standard contracts seen in development deals.

Brian L. Sedlak, partner, Jones Day

Tuesday, November 30, 2010
3 - 5 p.m.
Stage Six: Construction
This session will explore the three primary influences on the construction process: cost, schedule and quality. We'll define the developer's role and that of other project team members during the construction phase and discuss general contractors versus construction managers. We will learn how to develop a project time line, using the "Critical Path Method" and strategies for keeping a project on schedule. Students will also become familiar with vital construction documents along with pertinent building codes and regulations.

George Ledwith, vice president of Development, Liberty Property Trust

Tuesday, December 7, 2010
3 - 5 p.m.
Stage Seven: Completion and Formal Opening
Stage Eight: Property, Asset and Portfolio Management
In this final session, we'll discuss the last two stages of a development project: completion and formal opening and property, asset and portfolio management. In the timeframe leading up to the completion and formal opening of a project, we'll look at the importance of having a project time line for operations, drawing up a property management contract and creating a manual of standard operating procedures. In addition, we'll discuss the roles and responsibilities of the property asset team and talk about how developing a thorough marketing plan increases advertising for the completed project. Other aspects involved in preparing for the formal opening include obtaining local approvals for occupancy, ensuring that all necessary utilities are connected and finally, facilitating tenants' move in. In the property, asset and portfolio management phase, we'll discuss ensuring the construction loan is paid off, obtaining permanent loan financing, maximizing investment objectives, overseeing leasing activity and property management and reconfiguring, remodeling and remarketing space as necessary to extend its economic life.

Dave Domres, CPM® CCIM, senior vice president, Irgens Development Partners LLC