DENVER, CO (May 2, 2012) – The University of Colorado is bringing the NAIOP Cup back to Boulder, claiming victory tonight as the winners of the 10th annual Rocky Mountain Real Estate Challenge. The team also received a $5,000 scholarship.
Sponsored by NAIOP, the Commercial Real Estate Development Association, Colorado’s best and brightest graduate students envisioned the 65-acre Mile High Greyhound Park as Carrera, a master-planned community that features two educational centers (community and technical colleges), multi-family residential, a re-imagined location for the proposed Boys & Girls Club with a viewing tower, and retail, including sit-down, family dining.
“It’s exciting to see the wealth of ideas generated during the Rocky Mountain Real Estate Challenge and know that our community can benefit from this process,” said Commerce City Mayor and Sean Ford. “We look forward to working with the development community to refine these ideas and make this project a reality.”
The event marked the culmination of a four-month process where nearly 80 MBA students from the University of Colorado Leeds School of Business and the University of Denver Daniels College of Business MBA programs analyzed more than 100 potential redevelopment ideas for the Urban Renewal Authority (URA). Aided by real estate professionals and architectural/engineering experts, five student teams spent more than 8,000 hours to deliver a development proposal that determined the highest and best use for the project.
"The Challenge demonstrates the real-world benefits of the business without the real-world risk," said Katie Latier, associate director for the University of Colorado Real Estate Center. "Its success is w testament not only to the caliber of our students and MBA program, but the metro Denver real estate community, which dedicates their time and energy to help prepare these individuals for the profession."
Each school held an internal competition to determine who would represent their university and present their proposal to more than 700 real estate and development professionals at the Rocky Mountain Real Estate Challenge.
"With the 10th anniversary of one of Colorado’s biggest real estate events of the year, the intensity of the competition was fierce,” said Richard Morgan, senior vice president, Mutual of Omaha Bank and chairman for this year’s event. “Historically, the University of Denver leads the highly competitive series (6 to 3), so the University of Colorado's win makes the series even more competitive for the next decade."
One of three identified urban renewal infill areas within Commerce City, the property -located in the historic part of the city – was purchased in August 2011 by Urban Renewal Authority (URA) to help achieve its vision as a mixed-use development. All of the ideas generated by the student teams will be provided to Commerce City for consideration and use as they refine a site plan and seek development opportunities within the marketplace.
In addition to taking home the coveted NAIOP Cup and receiving course credit, students involved in the Rocky Mountain Real Estate Challenge receive an enormous learning opportunity, a chance for scholarships as well as future employment offers.
"We want to thank the CU staff, our architectural resources (Nichols Partnership and OZ Architecture) as well as the entire community that took time to support us," said University of Colorado team members Tyler Field and John Bauknight. "We felt like this was as close to a real-world experience as we could imagine."
New to the event this year was the popular vote by more than 650 attendees. Based on the final student presentations, the crowd concurred with the judges in the merits of the University of Colorado proposal.
About NAIOPNAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate. NAIOP provides unparalleled industry networking and education, and advocates for effective legislation on behalf of its members. NAIOP advances responsible, sustainable development that creates jobs and benefits the communities in which its members work and live. For more information, visit www.naiop-colorado.org.
About the Urban Renewal AuthorityThe Urban Renewal Authority was created by the City of Commerce City to assist in the redevelopment of blighted property and help foster the city’s growth and development. Past successes include: Victory Crossing, a 900-acre development containing Dick’s Sporting Goods Park, Civic Center and Adams City High School; City Plaza Shopping Center and the Historic Derby District. For more information, visit www.c3gov.com/ura.