eCommons

 

Orange Vista: A Development Manager Plays Quarterback

Other Titles

Abstract

This case tells the story of a newly founded development management company, Palisades Real Estate (PRE), which takes over a challenging residential development project on behalf of its owner. The project is plagued by several onerous developer obligations and outstanding entitlements that have complicated the owner’s exit ambitions, which has led the owner to seek the expertise of a highly talented development management firm that can guide the project to a successful conclusion. After agreeing to a risky compensation structure that defers much of its compensation to the sale of the project, PRE undertakes a complex assortment of restructuring efforts in order to make the project feasible, including the renegotiation of a development agreement, the pursuit of difficult permits, and arrangements for phasing and bond financing. Led by one of its principals, Hal Orin, PRE demonstrates what development managers can do when they’re at the top of their game, and the value that they can add to even the most seemingly doomed projects. The case provides an opportunity for students to learn about what development managers do, how they add value, and how they are compensated.

Journal / Series

Cornell Real Estate Review

Volume & Issue

Vol. 11

Description

Sponsorship

Date Issued

2013-07-01

Publisher

Keywords

Cornell University; real estate; development; management; value creation; entitlements; bond financing; development agreements; exit strategies; compensation; restructuring; value; revenue; premium; market; recession; recovery; economic; asset; bid; management; pre-development; analysis; feasibility; phasing; relationships; TIF; tax increment financing

Location

Effective Date

Expiration Date

Sector

Employer

Union

Union Local

NAICS

Number of Workers

Committee Chair

Committee Co-Chair

Committee Member

Degree Discipline

Degree Name

Degree Level

Related Version

Related DOI

Related To

Related Part

Based on Related Item

Has Other Format(s)

Part of Related Item

Related To

Related Publication(s)

Link(s) to Related Publication(s)

References

Link(s) to Reference(s)

Previously Published As

Government Document

ISBN

ISMN

ISSN

Other Identifiers

Rights

Required Publisher Statement: © Cornell University. Reprinted with permission. All rights reserved.

Rights URI

Types

article

Accessibility Feature

Accessibility Hazard

Accessibility Summary

Link(s) to Catalog Record