"Go West," begins the famous quote, and last fall MSRED students did just that! Flying to Denver and Aspen, and later to Phoenix, students gained valuable experience exploring regional issues in real estate, meanwhile strengthening working relationships with classmates, making new contacts, and just having a good time. The trips to two very different markets gave students much to consider in terms of how climate, terrain, and regional issues can affect development.

Colorado

The centerpiece of the Colorado trip was the 2006 Fall Meeting of the Urban Land Institute (ULI) in Denver from October 17th through 20th. Students gained important exposure to ULI -- one of the most important professional organizations in the nation -- by attending a conference that hosted more than 50 real estate workshops and 25 optional learning programs. The ULI conference included a Lodo walking tour, a behind-the-scenes look at the Broncos’ stadium, and a customized visit to some of the country’s most innovative, infill master-planned communities.

The experiences of the nearly twenty students who made the ULI trek were summed up by MSRED student Tony Wang. "The conference really exceeded my expectations!" he said. "Case studies and panels on mixed-use development, sustainable development, real estate finance and investment….the conference was a great place to meet leaders in all areas of real estate. I especially enjoyed the ULI roundtable. It was a great networking event, and you had the chance to talk to a CEO for an hour."

After the conference, students visited a downtown Denver project developed by an MIT/CRE graduate. "It was great," Tony said, "a tour to one of Denver's most successful mixed-use development projects."

The group then traveled to Aspen to meet up with other MIT/CRE alums, and to have fun on the slopes while they worked and learned. "The Aspen Ski Resort Project was amazing," Tony said. "Now I know how a project can get a $5,000/sf sale price on condominiums," he said. "We learned about the difficulties of developing in Aspen, not just in terms of the terrain and climate, but in terms of negotiating deals -- such as developing a hotel or  restaurant that will likely lose money but will satisfy local community needs and expectations."

Arizona

At the other extreme in terrain and temperature, Phoenix was the destination city for about ten students who traveled in the week after Thanksgiving. The trip was arranged as an informal "exchange program" with students at the Arizona State University's Real Estate Center (the ASU students will visit MIT next week). About ten MSRED students went to ASU, exploring a number of local development sites, with particular attention to issues of sprawl and suburban development. 

Student Matt Pace described his experiences as "an up-front overview of the Arizona market from economic and PURL viewpoints," he said. "It was a great networking opportunity with students and West Coast MIT alums -- this was the biggest draw for me, since most of my contacts are East Coast-based."

Student Steve Weikai was struck by the redevelopment of four historic hotels and resorts in the Scottsdale area. "The Biltmore was built in 1929 by a disciple of Frank Lloyd Wright in the Aztec Usonian style," he said. It's one of Arizona's largest hotel properties." A second property, the Royal Palms, "is a boutique hotel that has at its center the 1920s Spanish colonial style winter estate of wealthy New York financier Delos Cooke." A third property, Sanctuary, "was once the Paradise Valley Racquet Club -- redeveloped in 2001 by Scottsdale developer Scott Lyon. Lyon also saved Hotel Valley Ho, "a Palm Springs Modern style resort on nine acres in downtown Scottsdale," Steve said. "These four properties are ideal examples of historically sensitive and financially successful hotel redevelopments."

Student Berk Ciller was impressed by the Verrado Project in the Sonoran Desert, twenty-five miles from downtown Phoenix. "A modern community with the charm of a classic American small town," he said. "Towns like this seem to incorporate certain distinct qualities -- such as architectural individuality and diversity -- that often evolve over time. The heart of Verrado is a pedestrian-friendly Main Street District offering the means to attend to the business of life, as well as shopping, dining, and entertainment. Branching off Main Street are intimate neighborhoods with tree-lined streets and shaded sidewalks that invite you to stroll to the park, golf course, or local shops."

Student Tony Wang traveled to both Colorado and Arizona -- and found them to be especially rewarding as ways to connect with other MSRED students. "There is no better opportunity to bond with classmates than with something like this," he said. "I really enjoyed both trips."