Important Steps, Key Players, and Strategies in Real Estate Development

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Case Summary
The real estate sector is a challenging business to start and run. It has several steps and other factors to consider before starting, developing, and having it as a finished product. There is a need to carefully consult the critical players in the sector to ensure everything runs smoothly. Also, an investor in real estate should have strategies that ensure the project goes through successfully. This essay presents the summary of the "The Time Warner Centre: Mixed-Use Development" case study. It presents the crucial steps in real estate development, the key players, and their roles and discusses the strategies that helped the project to succeed.
Steps in Real Estate Development
The case study discusses essential steps in real estate development. The first is identifying an attractive and central site for the project. The Time Warner site is centrally located at the convergence of several subways at Central Park's southwest corner. The site is also located at the popular tourism point, Manhattan's midtown and west side (p. 2). Therefore, the owner of Related Companies, Stephen Ross, found the unoccupied Coliseum site at the Columbus circle and thought it was an excellent opportunity to have it in use.
The second step is putting together a team that will strategize and plan well to ensure the project is worth pursuing. Ross assembled a team of experts, including Bill Mark, a real estate fancier from Apollo Real Estates Advisors, who agreed to give $255 in equity (p. 3). Another member of the team was Ken Himmel, who was successful in developing multi-level vertical retail.
The third is requesting the proposal a second time. This step ensures that the involved authorities assess the proposals that have the city's best interest and, more importantly, choose a proposal that would pass public and state criticism and maximize the winning developer's price for the proposed project. For example, the site in question in the case study attracted three proposal requests before the winning bid.
The last step is to assign the tender to the best bidder. In the case of the Coliseum, Ross, the owner of the Related Companies, won the tender to build the Time Warner Centre after providing the best plan.
Key Players and Their Roles
The project had key players with distinguished roles. The first player is the founder and owner of the Real Companies, Stephen Ross. He is a real estate entrepreneur whose role was more significant than the rest in ensuring that the construction of Time Warner Center was successful. Real estate development provides a gr...