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• Case | HBS Case Collection | September 2017 (Revised October 2017)

  Miami Price: Bidding on an Iconic Transit-Oriented Development Site

  Charles F. Wu, Aaron Stolear, Vitali Bourchtein and Sayiddah Fatima McCree

  13th Floor-Adler, a partnership of 13th Floor Investments and Adler Group, was compiling a response to a Miami-Dade County Request for Proposal (RFP). The RFP's prize was the opportunity to develop a 7.5+/- acre parking lot, adjacent to a heavy-rail rapid transit station, into a Transit-Oriented Development (TOD) in Miami. To win, 13th Floor-Adler had to submit a proposal that was the "highest and best use" for the land, catered to the County's demands for workforce housing, provided a market return for investors and compensated the County for the use of the land.
  Throughout its history, Miami has been subject to a number of real estate booms and busts. Intricate expertise of Miami’s demand drivers were necessary in order to succeed. Arnaud Karsenti (MBA 2006), founder and Principal at 13th Floor Investments (13th Fl), with over $1B worth of completed transactions in the South Florida market, had this well of expertise. Furthermore, the partnership with the Adler Group, headed by Michael M. Adler, provided additional credibility for the proposal due to their 50+ years’ experience in Miami.
  At "Link @ Douglas," can Karsenti and his team be "placemakers" creating a true live, work, and play environment, deliver market returns to investors and create a winning proposal that caters to the demands of the Miami-Dade County officials?

  Keywords: land valuation; real estate development; real estate; land markets; land investment; Property; Design; Valuation; Real Estate Industry; Miami;

  Citation:

  Wu, Charles F., Aaron Stolear, Vitali Bourchtein, and Sayiddah Fatima McCree. "Miami Price: Bidding on an Iconic Transit-Oriented Development Site." Harvard Business School Case 218-034, September 2017. (Revised October 2017.)  View Details

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• Case | HBS Case Collection | July 2017

  A Green Forest Grows in Brooklyn: Joint Venturing with the Chinese

  Charles F. Wu

  MaryAnne Gilmartin, President and CEO of Forest City Ratner (“Forest City”) was planning for yet another protracted discussion over the merits of a green roof for part of her $5 billion dollar new development in Brooklyn. While the low seven-figure cost overrun was to be “value-engineered” and in the scheme of things, this budgeted item was not going to impact the financial success of the project, it had become a heated source of contention. Was the debate symptomatic of something deeper that was amiss in the relationship?

  Keywords: joint ventures; real estate development; real estate; EB-5; sustainability; promote; waterfall; Joint Ventures; Environmental Sustainability; Relationships; Real Estate Industry; China;

  Citation:

  Wu, Charles F. "A Green Forest Grows in Brooklyn: Joint Venturing with the Chinese." Harvard Business School Case 218-010, July 2017.  View Details

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• Case | HBS Case Collection | June 2016 (Revised March 2017)

  Reworking Office Space: Industry City, Brooklyn

  Arthur I Segel, Andrew Baum, Nori Gerardo Lietz, Charles F. Wu and Sid Yog

  Jamestown is contemplating how to best lease a portion of their new development along the Brooklyn waterfront, Industry City. The 6 million square foot, mixed-use development is meant to accommodate Brooklyn’s growing innovation, creative, and “maker” communities. Jamestown is intrigued by the recently revived trend of “shared office space,” championed by WeWork and originated by well-known players like Regus. The case is intended to introduce the reader to the shared office market, including the similarities and differences from traditional office space, and explore the underlying trends driving this change, as well as the risks to the business model. Jamestown must weigh the pros and cons of their different leasing strategies, including economic, operational, and reputational, and must decide whether or not to lease the space to a traditional tenant, lease the space to a third-party shared office operator (e.g., WeWork or Regus), or develop their own shared office offering.

  Keywords: WeWork; office space; real estate; technology; Jamestown; Level39; shared office space; Technology; Leasing; Property; Strategy; Real Estate Industry; United States;

  Citation:

  Segel, Arthur I., Andrew Baum, Nori Gerardo Lietz, Charles F. Wu, and Sid Yog. "Reworking Office Space: Industry City, Brooklyn." Harvard Business School Case 216-075, June 2016. (Revised March 2017.)  View Details

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