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CHAPTER 1 Overview of the Development Process 1 Economic Perspective 1 Relevancy of Universal Knowledge 6 Ground-Up Development versus Redevelopment 14 The Six Phases of Development 15 CHAPTER 2 Business Ethics 21 Relevancy to the Real Estate Industry 21 Legislated Ethics 24 CHAPTER 3 Project and Development Teams 29 Types of Developers 29 Functional Disciplines in the Development Process 30 Factors to Consider When Forming a Development Team 34 CHAPTER 4 Historical Perspective of Real Estate Development 38 The Beginnings of Real Estate Development 38 Major Events Causing Change in the United States 45 CHAPTER 5 Market Research 51 Inception of the Idea 51 Markets, Market Research, and Marketing (Analysis of Development Potential) 52 Concepts That Define Marketing (and Markets) 56 Using Market Studies and Preparing for Marketability Studies 58 Sources of and Methods for Gathering Information 62 Flaws of a Study 63 Validate the Data and the Importance of Revisions and Updates 64 CHAPTER 8 Marketability Studies 65 Showing That Your Development Concept Could and Should Be Built 65 Importance of Marketability Studies Revisited 68 Idea Refinement and the Application of the Marketability Study 69 The Process of Idea Refinement 69 CHAPTER 7 Land Acquisition and Control 74 Nonspatial and Spatial Markets 76 Elements of Design 77 Target Markets and Market Share 79 Site Control and Acquisition 81 Public and Private Restrictions on Land Use 86 CHAPTER 8 Land Planning and Siting 91 Value Creation 91 Project Programming and Design 95 Elements of Design-Again 95 Talking to End Users 95 Tenant Mix and Marketability 96 A Brief Word about Architectural Drawings 103 CHAPTER 9 Entitlement Process and Public-Private Partnerships 105 Typical Community Approval Process 105 Public-Private Partnerships 107 CHAPTER 10 Budgeting, Financial Analysis, and Capital Structure 113 Preparing for the Financial Analysis and Pro Forma 113 The Development Budget 114 The Operating Pro Forma 115 Review of Common Analytical Measurements 115 Financing and the Capital Markets 119 Short- and Long-Term Financing 122 Financing Cycle-Anticipating Requirements 126 Elements of a Feasibility Study or Deal Book 127 Guarantees 132 CHAPTER 11 Contractors, Consultants, and Construction Contracts 134 Budgeting and Scheduling 134 Contractors and Construction Contracts 135 Risk Management during Construction 136 Preparing for Construction: Bid Proposals and Review 138 Construction Documents and Construction Agreements 139 Risk Management: Part 2 141 Scheduling 142 Bonding and Insurance 142 Construction Monitoring: Draw Meetings, Managing Change Orders 145 Tenant Improvements and Coordination 148 Construction Closeout 149 CHAPTER 12 Leases and How They Are Used 151 Value Creation 151 What Is a Lease? 151 Common Lease Structures 152 Lease Management and Analysis 154 CHAPTER 13 Marketing Focus of Development 157 Know Your Target Audience 157 Your Essential Vision 160 The Importance of Branding 161 Image, Identity, and Communication 161 Components of Marketing Centers 162 CHAPTER 14 Investment Managemwnt 164 Function and Goal of Property Management 166 Function and Goal of Asset Management 167 Function and Goal of Portfolio Management 168 Property Life Cycle 169 CHAPTER 15 The Future 171 Recent History-Where We Left Off 171 Apparent Future Trends 173 Green Development and Smart Growth 174 Social Responsibility and Ethics 177