BURROWS STUDIO OBJECTIVES AND SYLLABUS
The intent is to create a studio I wish would have been offered when I was in
planning school. I plan to draw upon my three decades as a real estate consultant,
builder and developer to teach real estate analytic, development and management
skills. My belief is regardless if your professional path is in public or private
practice, having insight into the real estate development process will be helpful
during your career.
If we are collectively successful with this studio, you will develop skills to:
 Conduct real estate market and financial feasibilities
 Understand the real estate development process
 Learn how to effectively work together in teams
The studio will extend for two semesters. It is not mandatory for you to take both
semesters; however, the first semester is a prerequisite for the second semester.
During the first semester, you will be working with the Somerset County Business
Partnership developing a market potentials analysis for the County. During the
second semester, you will be working with Duke Farms, conducting a development
feasibility recommendation for a 25-acre parcel they own.
The studio is designed to be hands-on, working with a client, and working in teams.
To be successful in the course, you will:
 Attend all classes
 Actively participate in class, and in the assignments and class presentations.
 Complete four group assignments and class presentations. Specifically:
o Developing an economic base overview for Somerset County
o Preparing a residential and retail market study
o Creating a residential and retail financial feasibility study
o Building upon the prior presentations, prepare a residential and retail
potentials analysis to present to the Somerset County Business
Partnership
The class starts with the fundamentals of working successfully in teams. In my
experience, knowing how to effectively collaborate as a team is a vital skill in the
workplace, a skill not widely practiced.
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BURROWS STUDIO OBJECTIVES AND SYLLABUS
We then turn to the fundamentals of conducting real estate market analyses.
Specifically:
 How to conduct a market study
 Dimensioning supply and demand
 Understanding market studies for a variety of land uses (residential, retail,
hotel, office and residential)
We then move into financial feasibility. Specifically:
 Preparing a pro forma
 Creating a discounted cash flow
We conclude reviewing the development process and understanding various types
of development (e.g. residential, office, industrial and retail).
Course readings will largely draw from three books:
 Real Estate Development: Principles and Processes, 4th Edition, ULI.
 Real Estate Market Analysis: Methods and Case Studies, 2nd Edition, ULI
 Professional Real Estate Development, ULI
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BURROWS STUDIO OBJECTIVES AND SYLLABUS
1. Week 1: Course Overview and Expectations
a. Course Overview and Expectations and Assignments
b. Assignments: Market and Financial Feasibilities Leading to
Somerset County Development Potential
c. Working Together To Create High Performing Work Teams
d. READINGS
i. Strategy Execution: The Basics of Working Across
Boundaries (Curren)
2. Week 2: Due Diligence and Feasibility
a. Introduce Client: Somerset County Business Partnership
b. Market and Financial Feasibility Overview
c. READINGS
i. Real Estate Market Analysis Methods and Case Studies (ULI)
1. Chapter 1: Understanding Real Estate Market
Analysis
2. Chapter 2: Basic Approach to Real Estate Market
Studies
3. Chapter 3: Analyzing Supply and Demand
ii. Real Estate Development Principles and Process (ULI)
1. Chapter 16: The Feasibility Study
3. Week 3: Collaboration: Working With The Somerset County Business
Partnership
a. Understanding Market Analysis
b. Dimensioning Supply and Demand
c. Sources of Primary and Secondary Data
d. READINGS
i. Real Estate Development Principles and Process (ULI)
1. Chapter 13: The Roles of the Public Sector
2. Chapter 14: Meshing Public and Private Roles in the
Development Process
3. Chapter 17: Market Analysis: Collecting, Validating
and Understanding Market Data
4. Chapter 18: Data Sources Supporting Market Studies
4. Week 4: Due Diligence and Feasibility
a. Residential Market Study
b. READINGS
i. Real Estate Market Analysis Methods and Case Studies (ULI)
1. Chapter 4: Residential
5. Week 5: Class Presentation: Somerset County Economic Base Overview
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BURROWS STUDIO OBJECTIVES AND SYLLABUS
6. Week 6: Due Diligence and Feasibility
a. Retail Market Study
b. Hotel and Resorts
c. READINGS
i. Real Estate Market Analysis Methods and Case Studies (ULI)
1. Chapter 5: Retail
2. Chapter 7: Hotel & Resorts
7. Week 7: Due Diligence and Feasibility
a. Office Market Study
b. Industrial Market Study
c. READINGS
i. Real Estate Market Analysis Methods and Case Studies (ULI)
1. Chapter 6: Office and Industrial
8. Week 8: What is Development
a. Process
b. Players and Roles
c. Organization
d. READINGS
i. Real Estate Development Principles and Process (ULI)
1. Chapter 1: The Real Estate Development Process
2. Chapter 3: Developers and Their Partners
ii. Professional Real Estate Development (ULI)
1. Chapter 2: Organizing for Development
9. Week 9: Class Presentations: Somerset County Residential and Retail
Market Study/Potentials
10. Week 10: Financial Feasibility
a. Overview
b. Sources of Financing
c. READINGS
i. Real Estate Development Principles and Process (ULI)
1. Chapter 7: Real Estate Finance: Background
2. Chapter 8: Real Estate Finance: The Logic Behind
Financing Decisions
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BURROWS STUDIO OBJECTIVES AND SYLLABUS
11. Week 11: Financial Feasibility
a. Appraisal
b. Pro Forma
c. READINGS
i. Construction Funding (Collier, Collier & Halperin)
1. Chapter 6: Creating the Project Pro Forma
2. Chapter 7: The Appraisal
12. Week 12: Financial Feasibility
a. Discounted Cash Flow
b. READINGS
i. Real Estate Development Principles and Process (ULI)
1. Chapter 9: Discounted Cash Flow: The Equity
Perspective in More Detail
13. Week 13: Class Presentations: Somerset County Residential and Retail
Financial Feasibility
14. Week 14: Types of Development
a. Land Development
b. Residential Development
i. Single Family
ii. Multi-Family
iii. Affordable
c. READINGS
i. Professional Real Estate Development (ULI)
1. Chapter 4: Multi-Family Residential Development
ii. Real Estate Development Principles and Process (ULI)
1. Chapter 15: Affordable Housing
15. Week 15: Types of Development
a. Office
b. Industrial
c. Retail
d. READINGS
i. Professional Real Estate Development (ULI)
1. Chapter 5: Office Development
2. Chapter 6: Industrial Development
3. Chapter 7: Retail Development
16. Week 16: Final Class Presentation Somerset County Market
Opportunities
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