Approaches to Development

Overview

The course is divided into three principle sections, each of four weeks duration. The first section is comprised of a series of seminar sessions that explore the nature of the ‘Development Process’. Students are assigned core readings and are expected to discuss the economic, social and political context of property development and the roles of stakeholders (appraisers, developers, brokers, planners) involved at each stage of the development process. The second section, ‘Debt Financing, Property Investment and Development,’ combines student-led seminar discussions with instructor-led practical sessions to examine financial appraisal and viability assessments for development projects. The third section of the course, ‘Development Strategies,’ applies these skills to a real world development case study. Through a combination of project site visits and group work, students will conduct a financial feasibility analysis of a proposed affordable housing development in the Belfast area.

Learning Objectives

On the successful completion of the module, students will be able to:


- understand the broader economic, social and political context of property development as well more specific competencies with regard to development strategies and development finance; including added value for the community;
- demonstrate a clear understanding of the rationale and structure of the real estate development process, particularly as it applies to affordable housing and community economic development;
- understand the stages in the property development process and the activities and motivations of the main stakeholders involved;
- practice the basic techniques of financial analysis as applied to urban real estate;
- undertake an assessment of the viability of individual development schemes and consider how to generate added value to the wider community;
- critically interrogate current strategies in development finance from both a financial-analytic and problem-solving perspective;
- demonstrate an understanding of how the planning profession has evolved and adapted since its inception to meet changing circumstances whilst considering how the profession can future proof its practice to remain central to countering global challenges.

Skills

With regard to developing specific skills, students will develop:

- generic skills: written and oral communication, numeracy and financial modelling, problem solving, use of IT (particularly spreadsheet management) and library services;
- professional planning skills: knowledge of the development process; evaluation of development strategies including valuation methods; decision-making in planning including stakeholder perspectives;
- client based/business skills: Project management, tendering processes, negotiation of added value and community benefits.

Assessment

Students must pass the final project and receive an overall pass across all assignments.