Tuesday, March 16, 2010

ULI boards and feedback

We have finally received the feedback for the ULI competition that I mentioned previously.  This means the main part of the competition is over and I can finally post our team's boards.  See high res version here.



You can also view the pro forma here.

Our group made it to the short list (the top 29 out of 117 submissions), and many of my financial assumptions got high marks.  Among the concerns were proposing too much new office space for a submarket with historically low levels of new office construction, as well as an over-valuation of the present land value.   My market research seemed spot-on, but I think the proposed level of office space limited the financial portion to being slightly above average.  I would have preferred more commentary, but I presume that our proposed uses of public funds, equity sources, etc., were all realistic or they would have had a problem with them.

The design scorecard was decent, as well - apparently many of the judges were skewed to 1's and 2's for what was considered average, but not terribly interesting, work.  So our 3's and 4 were better than they look.  The judges seemed to like many of our big-picture decisions such as relocating the city's proposed new central library.  We also were painstaking about our parking plans, which paid dividends.

I should also congratulate the other local team, composed of Tech planners/designers and Emory b-school students, that got an honorable mention for "demonstrating excellent sensitivity to current market conditions."

While obviously we would have liked to have done better, landing in the top 25% isn't embarrassing, either.

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