2016 Real Estate Challenge – UCLA Takes Home the Silver Shovel!
On November 17, almost 300 industry professionals were at UCLA’s Carnesale Commons to watch the student teams from the Lusk Center at USC’s Marshall School of Business and the Price School of Public Policy compete with the Ziman Center for Real Estate at UCLA’s Anderson School of Business as the teams presented their strategies for highest and best use proposals for a site that will be located near the new NFL stadium for the LA Rams.
The five-member UCLA team took home the Silver Shovel as winners of NAIOP SoCal’s 2016 Real Estate Challenge. This year’s site involved 5.07 acres of land located at Prairie Avenue and Century Blvd. in Inglewood. In 1984 the former redevelopment agency of Inglewood purchased the site in hopes of creating a redevelopment project at the gateway to Hollywood Park Race Track. An RFP was issued for the site in 2006 and a developer was selected to redevelop the site; however, due to the recession, that development deal never materialized. The City of Inglewood is now the owner of the site and, in addition to the new NFL Stadium, the new redevelopment project will include a new casino, 800,000 SF of new office development, 2,900 new residential units, parks and a 300-room hotel.
While both teams did an outstanding job and the scoring was very close, the UCLA proposal just edged out the competition. Congratulations to both teams for a great job, and to UCLA for bringing home the Silver Shovel!
John Drachman (Stillwater Investment Group) Real Estate Challenge committee member with Chris Jackson and Fred Jackson (City of Inglewood)
USC vs. UCLA Real Estate Challenge – November 17, 2016
Each year, USC and UCLA students compete in NAIOP SoCal’s Real Estate Challenge. Competing teams from the Lusk Center for Real Estate at USC’s Marshall School of Business and Price School of Public Policy and UCLA’s Ziman Center for Real Estate at the Anderson School of Business prepare comprehensive development proposals for a location chosen by a committee of NAIOP SoCal members. The students spend six weeks in intensive research and preparation before presenting their cases before a panel of local real estate veterans and an enthusiastic audience of over 250. Learn what drives the students to compete each year:
The Real Estate Challenge is a valuable opportunity for the students who participate to gain hands-on, real-world experience in the industry; it’s a hallmark of NAIOP SoCal’s commitment to motivating, educating and engaging the next generation of real estate professionals. In addition to the student competition, the event is a great way for the real estate community to cheer on their favorite Bruins and Trojans. The event lines up with the fall football season and the historic match-up between USC and UCLA. To increase the competition, the Real Estate Challenge features commentary from well known former athletes on the upcoming football game.
Keep reading for more information on the Challenge and its importance to the schools, as well as the benefits of having your site be the subject of the Challenge Project.
The competition also opens doors for the property owners who let the students assess their locations. Says Bill Taormina of CleanCity, whose property was formerly a subject of the competition, “Working and spending time with the student professionals from USC and UCLA has changed my family’s perception of the value and development potential of our Anaheim holdings. The prestige and credibility we gained from our peers and the City planning department continues to this day. The NAIOP Real Estate Challenge is the best investment in real estate I have ever made! Go Bruins… Fight On Trojans!”
The Real Estate Challenge has become one of NAIOP SoCal’s hallmark events, and the success of past student presentations is now evident in many sites that were previous subjects of the competition – and are now thriving, go-to locations.