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REA 403 · Unit 1 of 6

Development Process and Site Selection

Real Estate Development

Start unit · 4 lessons →

Learning objectives

After completing this unit, you will be able to:

  • Apply unit frameworks to Harborstone case facts
  • Apply the frameworks in "Development Process and Site Selection" to a real management decision
  • Make progress on your Unit lesson exercises applied project

Why this matters

Development Process and Site Selection drives capital allocation, operations, and investor reporting at Harborstone Properties.

Lesson

Unit overview

Complete all four lessons in order. Each lesson follows the gold-standard authoring pattern: conceptual prose, Harborstone worked examples, practice problems with solutions, and managerial judgment prompts. Finish the unit quiz and lesson exercises before marking the unit complete.

Connection to applied work

This unit feeds directly into Unit lesson exercises. As you read, capture notes, examples, and data you can reuse in that deliverable. Strong students finish each unit with a draft section of their project, not just highlights.

Practice

  1. Write a one-page summary of this unit in your own words without looking at the lesson.
  2. Find a real company example (public filing, news article, or personal experience) that illustrates the main concept.
  3. Draft one paragraph recommending an action a manager should take based on this unit.
  4. Add at least three terms from this unit to your course glossary.

Knowledge check

Answer these without notes before marking the unit complete:

  1. What is the central idea of "Development Process and Site Selection"?
  2. What mistake do beginners most often make when applying this material?
  3. How does this unit help you complete Unit lesson exercises?
  4. What is one decision you face this month where this unit applies?

Key takeaways

  • Apply unit frameworks to Harborstone case facts
  • Business concepts only matter when they change a decision.
  • Your REA 403 assessment (Development Process and Site Selection in the Real Estate concentration. All examples use Harborstone Properties ($2.4B AUM).) rewards applied understanding, not memorization.

Unit assessment

Complete each section below. Score 80%+ on the quiz to finish this unit's assessment.

50% applied project30% case work20% knowledge checks

Exercises

Apply what you learned in this unit with structured practice.

ExerciseApplied practice: Development Process and Site Selection45 min
Complete a focused practice exercise on **Development Process and Site Selection**. 1. Choose a real company, product, or situation you know. 2. Apply one core framework from this unit to analyze it. 3. Write your analysis in 300–500 words with a clear recommendation. 4. Cite at least one credible source.

Deliverable

300–500 word analysis document saved to your portfolio under REA 403.

Rubric

  • • Framework applied correctly (not just named)
  • • Specific evidence from a real example
  • • Clear recommendation with tradeoffs acknowledged
  • • Professional writing with source citation
ExerciseDrill: Development Process and Site Selection30 min
Work through the practice problems in the unit lesson without looking at notes. Then check your work against the lesson and write a short reflection: - What you got right - One mistake you caught - One concept to review before the next unit

Deliverable

Problem solutions + 150-word reflection in your REA 403 workbook.

Rubric

  • • Attempted all practice items before checking answers
  • • Honest reflection on errors
  • • Identifies a specific review action

Model / spreadsheet

Build or extend a spreadsheet model tied to this unit.

ModelStructured model: Development Process and Site Selection60 min
Create a structured analytical model for **Development Process and Site Selection**. Document your assumptions, calculations, and conclusions in a format appropriate to REA 403 (diagram, table, or written model). Connect outputs to a decision a manager would make.

Deliverable

Structured model document (2+ pages) · One-paragraph summary of key insight from the model · Screenshot or export saved to portfolio

Rubric

  • • Assumptions stated explicitly
  • • Logic is auditable (formulas or steps visible)
  • • Output answers a specific business question
  • • Sensitivity or scenario considered

Knowledge quiz

Check your understanding before marking the unit complete.

1. Harborstone ($2.40B AUM) is analyzing **Development Process and Site Selection**. Should Harborstone option the 14-acre Austin corridor site for 312 units? Which step comes first in a disciplined process?

2. Which definition is correct for Harborstone underwriting in Development Process and Site Selection?

3. Tom Bradley presents a base-case IRR for Development Process and Site Selection. Sofia Reyes asks for downside coherence. What is the best response?

4. Which evidence label fits broker OM pro forma rent growth without independent verification?

5. Fund IV LPs ask how Development Process and Site Selection affects DPI and TVPI reporting. What should the memo include?

6. A common failure mode when applying Foundations of Development Process and Site Selection is:

7. Carlos Ruiz proposes a PropTech pilot tied to Development Process and Site Selection. What guardrail belongs in the business case?

8. Which workbook element is most critical for REA 403 applied work on Development Process and Site Selection?

Next unit: Entitlements, Zoning and Public Approvals →