Real option pricing in mixed-use development projects

The application of real options theory to commercial real estate has developed rapidly during the last 15 Years. In particular, several pricing models have been applied to value real options embedded in development projects. In this study we use a case study of a mixed use development scheme and identify the major implied and explicit real options available to the developer. We offer the perspective of a real market application by exploring different binomial models and the associated methods of estimating the crucial parameter of volatility. We include simple binomial lattices, quadranomial lattices and demonstrate the sensitivity of the results to the choice of inputs and method.

The exploration of mixed-use principle as an ingredient to improve the viability and vitality of town centres in Mauritius

This thesis has been realised through a scholarship offered by the Government of Canada to the Government of the Republic of Mauritius under the Programme Canadien de Bourses de la Francophonie

Assessing efficiency of a transit oriented development by comparative analysis

TOD: - A fully planned, mixed use development equipped with good quality transit service and infrastructure for walking and cycling Hypothesis: -TOD will help to reduce urban transport congestion Method: -Comparison of a TOD with non TOD urban environments -Residents’ trip characteristics

Change, rigidity & delay in the UK system of land-use development control

The British system of development control is time-consuming and uncertain in outcome. Moreover, it is becoming increasingly overloaded as it has gradually switched away from being centred on a traditional ‘is it an appropriate land-use?’ type approach to one based on multi-faceted inspections of projects and negotiations over the distribution of the potential financial gains arising from them. Recent policy developments have centred on improving the operation of development control. This paper argues that more fundamental issues may be a stake as well. Important market changes have increased workloads. Furthermore, the UK planning system's institutional framework encourages change to move in specific directions, which is not always helpful. If expectations of increased long-term housing supply are to be met more substantial changes to development control may be essential but hard to achieve.

Mixed use urban regeneration at Brindleyplace, Birmingham and Gunwharf Quays, Portsmouth: an assessment of the impact on local and national economies

This independent research was commissioned by the British Property Federation. The report examines the local and national economic impact of two major, mixed use schemes in terms of tax revenue, household income, business rates and council tax and jobs creation. A regeneration balance sheet for each scheme is presented in the context of government policy and other related research. The report provides a comprehensive review of government policy and the role of retail and other land uses in regeneration. Highlighting the importance of national and local multiplier effects with detailed statistics drawn from a variety of sources, this fully illustrated colour research report builds up a detailed picture of economic impact of the mixed use regeneration schemes in the local economies of Birmingham and Portsmouth. The report will be of interest to property people, planners and all involved in regeneration and local economies.

Use, development and improvements in the protocol of whole-sediment toxicity identification evaluation using benthic copepods

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Mixed-use corrugated skyscraper: progetto di un grattacielo in Dubai con studio di superficie continua ondulata derivata da funzioni periodiche

Questo lavoro di tesi verte sulla progettazione architettonica di un grattacielo ad uso misto nel cuore di Dubai. E’ stato scelto come sito di collocazione proprio Dubai in quanto fiorente cittadina in grande e continua espansione. In uno skyline così eterogeneo, caratterizzato da grattacieli imponenti, è stato possibile progettare un edificio dall’importante volumetria e dalla particolare conformazione. Partendo da un modello di riferimento in campo biologico, il Saguaro Cactus, si è tratto spunto al fine di creare un ambiente che, seppure nella sua imponenza, potesse, dal suo interno, trasmettere un senso di spazio fluido e continuo ai suoi fruitori. A raggiungimento di tal scopo si è pensato ad una superficie fluida, continua, scanalata che avvolgesse tutta la struttura, creando rientranze, aggetti ed aperture trattandone

Impact assessment of the Virginia Railway Express Commuter Rail on land use development patterns in northern Virginia.

Federal Transit Administration, Washington, D.C.

School Development in Urbanizing Areas

Good schools are essential for building thriving urban areas. They are important for preparing the future human resource and directly contribute to social and economic development of a place. They not only act as magnets for prospective residents, but also are necessary for retaining current population. As public infrastructure, schools mirror their neighborhood. “Their location, design and physical condition are important determinants of neighborhood quality, regional growth and change, and quality of life.”2 They impact housing development and utility requirements among many things. Hence, planning for schools along with other infrastructure in an area is essential. Schools are very challenging to plan, especially in urbanizing areas with changing demographic dynamics, where the development market and housing development can shift drastically a number of times. In such places projecting the future school enrollments is very difficult and in case of large population influx, school development can be unable to catch up with population growth which results in overcrowding. Typical is the case of Arlington County VA. In the past two decades the County has changed dramatically from a collection of bedroom communities in Washington DC Metro Region to a thriving urban area. Its metro accessible urban corridors are among most desired locations for development in the region. However, converting single family neighborhoods into high density areas has put a lot of pressure on its school facilities and has resulted in overcrowded schools. Its public school enrollment has grown by 19% from 2009 to 2014.3 While the percentage of population under 5 years age has increased in last 10 years, those in the 5-19 age group have decreased4. Hence, there is more pressure on the elementary school facilities than others in the County. Design-wise, elementary schools, due to their size, can be imagined as a community component. There are a number of strategies that can be used to develop elementary school in urbanizing areas as a part of the neighborhood. Experimenting with space planning and building on partnership and mixed-use opportunities can help produce better designs for new schools in future. This thesis is an attempt to develop elementary school models for urbanizing areas of Arlington County. The school models will be designed keeping in mind the shifting nature of population and resulting student enrollments in these areas. They will also aim to be efficient and sustainable, and lead to the next generation design for elementary school education. The overall purpose of the project is to address barriers to elementary school development in urbanizing areas through creative design and planning strategies. To test above mentioned ideas, the Joint-Use School typology of housing +school design has been identified for elementary school development in urbanizing areas in this thesis project. The development is based on the Arlington Public School’s Program guidelines (catering to 600 students). The site selected for this project is Clarendon West (part of Red Top Cab Properties) in Clarendon, Arlington County VA.

Building a successful partnership to increase affordable rental housing supply in Queensland

Accessibility to housing for low to moderate income groups in Australia has been experiencing a severe decline since 2001. On the supply side, the public sector has been reducing its commitment to the direct provision of public housing. Despite high demand for affordable housing, there has been limited supply generated by non-government housing providers. One possible solution to promote an increase in affordable housing supply, like other infrastructure, is through the development of multi-stakeholder partnerships and private financing. This research aims to identify current issues underlying decision-making criteria for building multi-stakeholder partnerships to deliver affordable housing projects. It also investigates strategies for minimising risk and ensuring the financial outcomes of these partnership arrangements. A mix of qualitative in-depth interviews and quantitative surveys has been used as the main method to explore stakeholder experiences regarding their involvement in partnership arrangements in the affordable housing sector in Queensland. Two sets of interviews were conducted following an exploratory pilot study: one set in 2003-2004 and the other in 2007-2008. There were nineteen respondents representing government, private and not-for-profit organisations in the first stage interviews and surveys. The second stage interviews were focussed on twenty-two housing providers in South East Queensland. Initial analyses have been conducted using thematic and statistical analyses. This study extends the use of existing decision making tools and combines the use of a Soft System Framework to analyse the ideal state questionnaires using qualitative thematic analysis. Soft System Methodology (SSM) has been used to analyse this unstructured complex problem by using systematic thinking to develop a conceptual model and carrying it to the real world situations to solve the problem. This research found that the diversity of stakeholder capability and their level of risk acceptance will allow partnerships to develop the best synergies and a degree of collaboration which achieves the required financial return within acceptable risk parameters. However, some of the negativity attached to future commitment to such partnerships has been found to be the anticipation of a worse outcome than that expected from independent action. Many interviewees agree that housing providers' fear of financial risk and community rejection has been central to dampening their enthusiasm for entering such investment projects. The creation of a mixed-use development structure will mitigate both risk and return as the commercial income will subsidise the affordable housing development and will normalise concentration of marginalised low-income people who live in a prime location with an award winning design. In addition, tenant support schemes and rent-to-buy incentive programs will encourage them to secure their tenancies and significantly reduce the risk of rent arrears and property damage. There is also a breakthrough investment vehicle offered by the social developer which sells the non-physical but financial product to individual and institutional investors to mitigate further financial risk. Finally, this study recommends modification of the current value-for-money framework in favour of broader partnership arrangements which are more closely aligned with risk minimisation strategies.

User characteristics of transit oriented developments : the case of Kelvin Grove Urban Village

Transit oriented developments are high density mixed use developments located within short and easily walkable distance of a major transit centre. These developments are often hypothesised as a means of enticing a mode shift from the private car to sustainable transport modes such as, walking, cycling and public transport. However, it is important to gather evidence to test this hypothesis by determining the travel characteristics of transit oriented developments users. For this purpose, travel surveys were conducted for an urban transit oriented development currently under development. This chapter presents the findings from the preliminary data analysis of the travel surveys. Kelvin Grove Urban Village, a mixed use development located in Brisbane, Australia, has been selected as the case for the transit oriented developments study. Travel data for all groups of transit oriented development users ranging from students to shoppers, and residents to employees were collected. Different survey instruments were used for different transit oriented development users to optimise their response rates, and the performance of these survey instruments are stated herein. The travel characteristics of transit oriented development users are reported in this chapter by explaining mode share, trip length distribution, and time of day of trip. The results of the travel survey reveal that Kelvin Grove Urban Village users use more sustainable modes of transport as compared to other Brisbane residents.

Considering a whole-of-community approach to integrating nature in cities, an international case study of Vauban, Germany

Globally, cities face a convergence of complex and rapidly evolving challenges, including climate change, resource shortages, population growth and urbanization, and financial pressures. Biophilic urbanism is an emerging design principle capable of considering the multidimensional and interdependent complexities of urban systems and infrastructure, which through the use of natural design features, can meet society’s inherent need for contact with nature, and assist efforts to respond to these growing challenges. Considering the imperative for addressing these challenges, this paper proposes that significant lessons can be learned from existing examples of biophilic urbanism, avoiding ‘re-invention of the wheel’ and facilitating accelerated innovation in other areas. Vauban is a 38-hectare brownfield development located 3 kilometers from the centre of Germany’s ‘ecological capital’ of Freiburg city. It was developed using an innovative process with strong community participation and reinterpreted developer roles to produce an example of integrated sustainability. Innovation in transport, energy, housing, development and water treatment has enabled a relatively high-density, mixed-use development that integrates a considerable amount of nature. This paper discusses Vauban in light of research undertaken over the last two years through the Sustainable Built Environment National Research Centre in Australia, to investigate emerging elements of ‘biophilic urbanism’ (nature-loving cities), and their potential to be mainstreamed within urban environments. The paper considers the interplay between the policies, community dynamics and innovations in Vauban, within the context of the culture, history and practice of sustainability in Germany, and how these have enabled nature to be integrated into the urban environment of Vauban while achieving other desirable goals for urban areas. It highlights potential applications from Vauban for Australian cities.

The compact city and the residential developer

Although the compact city is widely promoted as a sustainable form of urban development, little attention has been paid to the feasilibity of its implementation in practice. This paper addresses this isse by presenting the findings of a questionnaire study into the viability of the compact city from the perspective of the volume housebuilder. The study shows that, although well aware of the inherent problems witht the compact city, most were generally positive about the need to redirect more development back into urban areas. In addition, they suggested a large number of strategies for change, including i) a role for public sector agencies in overcoming the condstraints on urban sites; ii) the need for an upward reveision of acceptable densities in local plans and design guides; and iii) the creation of a separate, or revised, Use Class Order to enable mixed use development to compete on a level playing field. It is concluded that the residential developer could be engaged in the process of urban containment provided proposals for implementing the compact city of devised. The need for continuing research to test the actual effects of specific schemes is emphasised.

Putting the S-word back into Sustainability: Can we be more social?

In an era dominated by climate change debate and environmentalism there is a real danger that the important ‘social’ pillar of sustainability drops out of our vocabulary. This can happen at a variety of scales from business level through to building and neighbourhood level regeneration and development. Social sustainability should be at the heart of all housing and mixed-use development but for a variety of reasons tends to be frequently underplayed. The recent English city riots have brought this point back sharply into focus. The relationships between people, places and the local economy all matter and this is as true today as it was in the late 19th century when Patrick Geddes, the great pioneering town planner and ecologist, wrote of ‘place-work-folk’. This paper, commissioned from Tim Dixon, explains what is meant by social sustainability (and how it is linked to concepts such as social capital and social cohesion); why the debate matters during a period when ‘localism’ is dominating political debate; and what is inhibiting its growth and its measurement. The paper reviews best practice in post-occupancy social sustainability metric systems, based on recent research undertaken by the author on Dockside Green in Vancouver, and identifi es some of the key operational issues in mainstreaming the concept within major mixed-use projects. The paper concludes by offering a framework for the key challenges faced in setting strategic corporate goals and objectives; prioritising and selecting the most appropriate investments; and measuring social sustainability performance by identifying the required data sources