Three undergraduate students from Colorado State University took top honors for their analysis of a public-private development in Loveland, Colorado, at the fourth annual Colvin Case Study Challenge. The team beat out an initial 26 entries and four semi-finalists from 18 university programs across the nation in a juried, live competition Saturday at the University of Maryland. It is the second time in the competition’s history that an undergraduate team has taken the top prize. A second-place tie was awarded to graduate teams from New York University and Cornell University. A team from the University of Nevada, Las Vegas was awarded honorable mention.
“This year’s teams once again brought very comprehensive analyses to the competition,” said Maria Day-Marshall, director of UMD’s Real Estate Development Program. “It was a thrill to showcase such incredibly talented emerging professionals.”
Sponsored by the University of Maryland’s Colvin Institute for Real Estate Development, the Colvin Case Study Challenge is a national retrospective written case study competition that challenges teams to document a recent innovative real estate project within their own metropolitan region. Projects are judged on several criteria by leading real estate professionals, including a depth of understanding of markets, project valuation, finance, urban design and sustainability, entitlement processes and operational issues.
The Colorado State team’s comprehensive review of The Foundry, a project that transformed a derelict swath of Loveland’s downtown into an arts-centric mixed-use development, earned accolades from the jury for its depth of knowledge and understanding, awarding them a $10,000 prize. Second place and honorable mention winners each received $2,500. A post-reception was held at The Hotel at the University of Maryland’s Lobby Bar.
Colvin Case Study Challenge 2019 Winners:
First Place: Colorado State University, College of Business; Nidhi Bansal,
Ben Dlin and Grant Williams (undergraduate team)
Project: The Foundry
Second Place (Tied): Cornell University, Baker Program in Real Estate; Anangga Wirasatya, Kunal Kataria and Ratima Lueangwattanakit
Project: New Lab Brooklyn (graduate team)
Second Place (Tied): New York University, Schack Institute of Real Estate; Raphaelle Bour, Ethan Bregman (graduate team)
Project: 40 Exchange Place
Honorable Mention: University of Nevada, Las Vegas (UNLV), Lied Institute for Real Estate Studies; Cori Clark and Ruidong Luo (undergraduate team)
Project: Two Summerlin
In addition to gauging their understanding of the critical aspects of real estate development, the challenge also provides an opportunity for the students to glean feedback and counsel from experts in the industry, both through mentorship and jury interaction. This year’s jury comprised leaders in real estate development and education from across the country. The Colvin Institute thanks Michael E. Johnson (`76), President and CEO, UrbanCore Development, LLC; David Roodberg, CEO and President, Horning Brothers; Richard P. Manekin ('68), Partner, WorkShop Development, Inc.; and Karen McGrath, Assistant Professor, Bucknell University, for serving on the 2019 jury.
This year’s competition drew almost 50% more applicants than the 2018 challenge. An undergraduate team from Penn State University took first place in 2018, with University of St. Thomas, University at Buffalo SUNY and Cornell University taking second, third, and honorable mention, respectively.
“The Colvin Case Study Challenge is building a reputation as the national acid test for emerging real estate development professionals,” said Interim Dean of the School of Architecture, Planning and Preservation Donald Linebaugh. “We had an incredibly sharp crop of students this year. Their ability to navigate questions from the jury with such professionalism was inspiring to watch.”
The Case Study Challenge is named for the late Baltimore Developer John Colvin, who founded the Colvin Institute for Real Estate Development in 2008. The Colvin Institute for Real Estate Development supports the interdisciplinary approach of the University of Maryland’s Master of Real Estate Development curriculum that comprehensively covers finance and capital markets, law and public policy, structure and site design, construction management, property, portfolio and asset management as well as marketing and commercial leasing. Learn more about the Colvin Institute for Real Estate Development here.