Specialization: Land and Community Development
The land and community development specialization’s central goal is providing students with the knowledge and skills to guide the real estate development activities of public, private, and/or nonprofit institutions. Graduates pursue careers in all three sectors, and, because contemporary development frequently involves multiple sectors, understanding how the differing perspectives of each sector shape their approaches to development is essential.
A second aim of the specialization is to focus the acquisition of knowledge and skills on urban and suburban redevelopment and infill. This is where much and perhaps most future development will take place over the next generation. As such, the land and community development specialization seeks to educate students in the contemporary procedures and conventions employed to convert land to new urban uses within the context of the differing values and goals of public, private and nonprofit land development institutions.
The land and community development specialization addresses a wide range of analytical activities such as: (1) analyzing project net present value and internal rate of return under different tax and concession scenarios; (2) undertaking comparative market analyses aimed at maximizing a given firm’s market capabilities; (3) conducting marketability analyses to determine the best pricing for specific project attributes or set prices for optimal market acceptance of an existing product; (4) analyses of the impacts of public financial subsidy mechanisms such as tax abatement, tax increment financing, fee waivers, historic preservation tax credits, land and/or building write-downs on project feasibility; (5) assessing distinctions between the market concepts of “demand” and the social construct of “need;” (6) evaluating the impact of such housing subsidy programs as the Low Income Housing Tax Credits, the Affordable Housing Program, various Community Development Block Grant programs, Section 8, Housing Enterprise Zones, Empowerment Zones, mortgage subsidy programs and others on meeting low income housing needs; and (7) investigating how markets function within ever-evolving institutional contexts.
The specialization prepares students for careers in such public sector real estate development professional occupations as city or regional planning and/or development authorities, public housing authorities, local land banks, and state housing or development authorities. Private sector careers include real estate research firms, private development companies, financial institutions, and central city and edge City and Regional Planning and development consortia. Nonprofit sector careers include nonprofit developers, community-based community development corporations, development intermediaries, and technical assistance providers.
The land and community development specialization requires two foundational courses: one course in real estate finance and a second course, which must be either CP 6630 Government and Housing Markets or CP 8863 Special Topics, Community Development. It also permits the selection of two additional courses from a range of alternatives offered by the City and Regional Planning Program, the Real Estate Program at Georgia State University, and the Emory University Law School.
The two foundation courses must be chosen as follows:
CP 6611: Real Estate Finance and Development (Fall)
And either of the following two courses:
CP 8863 Special Topics, Community Development (Fall)
CRP 6630: Government and Housing Markets (Spring)
Two additional courses will need to be taken from among:
CP 6112 Introduction to Land Use
CP 6630 Government and Housing Markets
CRP 8863 Special Topics, Community Development
CP 6640 Applied Real Estate Methods(best taken after CP 6611)
CP 6834 Urban Design Policy: Analysis and Implementation
GSU RE 8060 Applied Market Analysis
Any other 8000 level course in the Real Estate program at GSU, other than 8030 or 8050*
*These two courses are duplicative with CRP requirements.
Additional courses at Georgia State University and Emory University may be considered for the land and community development specialization. Please contact Professors Immergluck or Etienne for information about the land and community development specialization.
Students in this specialization may also be interested in a graduate certificate program in real estate offered at Georgia State, designed especially for Georgia Tech City and Regional Planning students.