Real estate students at Portland State proposed new energy efficient and affordable lofts to win the third annual National Association of Industrial & Office Properties (NAIOP) Pacific Northwest Real Estate Challenge.
A team of seven graduate students from Portland State University defeated teams from the University of Washington, Washington State University and University of British Columbia to win the NAIOP Pacific Northwest Real Estate Challenge, held in Seattle, Wash., last month. The winning team was supervised by Professor Will Macht of PSU’s Real Estate Development Workshop and consisted of Nic Fetter, Erik Floberg, Anil Krishnamurthy, Brad Lawliss, Brian Nelson, Loriel Stutzman and Nicole Wolters. The first six students are in the Graduate Certificate program in Real Estate Development and Wolters is a student in the Master of Urban and Regional Planning program.
"The students brought a diverse set of skills—market analysis, design, sustainability analysis, urban planning and finance," said Gerard Mildner, director of Portland State University’s Center for Real Estate, a joint program of the School of Business Administration, School of Urban Studies and Planning and the real estate community, which includes a broad interdisciplinary set of academic programs that acts to educate future real estate professionals in finance, development planning, economic analysis, market analysis and appraisal. "They proposed a mixed-use development which was truly innovative and exciting."
The Real Estate Challenge is sponsored by three chapters of the National Association of Industrial and Office Properties (NAIOP): Washington, Oregon, and Vancouver, B.C. Students were asked to propose development solutions for a two-block site on Seattle’s waterfront on the assumption that the Alaskan Way Viaduct would be taken down.
The PSU students proposed “Elliott Bay Lofts,” consisting of eight retail spaces and 285 condominium units, targeted to young “creative class” workers, empty-nesters and single baby boomers. With many high-end condos opening in the downtown Seattle market, the team mitigated risks by focusing on individuals of more modest means. The team created added value by rehabilitating an existing parking garage, reducing the need for costly underground parking, and proposing roof-top gardens, energy savings devices and other means to achieve environmental sustainability. For the next year, Portland State will display the “Bob Filley Cup,” named for the late Bob Filley, former director of the University of Washington Center for Community Development and Real Estate (now known as the Runstad Center for Real Estate Studies), on the second floor of the PSU Urban Center (506 SW Mill).
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For Immediate Release (#06-059)
Source: Gerard Mildner (503-725-5175)
Director, Center for Real Estate