Table Of Content2
ABOUT THE URBAN LAND INSTITUTE
T
he mission of the Urban Land Institute is to provide leadership in the responsible
use of land and in creating and sustaining thriving communities worldwide. ULI is
committed to
Bringing together leaders from across the fields of real estate and land use policy
to exchange best practices and serve community needs;
Fostering collaboration within and beyond ULI’s membership through mentoring,
dialogue, and problem solving;
Exploring issues of urbanization, conservation, regeneration, land use, capital
formation, and sustainable development;
Advancing land use policies and design practices that respect the uniqueness of
both built and natural environments;
Sharing knowledge through education, applied research, publishing, and
electronic media; and
Sustaining a diverse global network of local practice and advisory efforts that
address current and future challenges.
Established in 1936, the Institute today has more than 34,000 members representing
the entire spectrum of the land use and development disciplines. ULI relies heavily on
the experience of its members. It is through member involvement and information
resources that ULI has been able to set standards of excellence in development practice.
The Institute has long been recognized as one of the world’s most respected and widely
quoted sources of objective information on urban planning, growth, and development.
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© 2015 by the Urban Land Institute.
Printed in the United States of America. All rights reserved. No part of this book may be reproduced in any form or
by any means, electronic or mechanical, including photocopying and recording, or by any information storage and
retrieval system, without written permission of the publisher.
Library of Congress Control Number: 2015940940
ISBN: 978-0-87420-343-1
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ABOUT THE AUTHORS
Mike E. Miles, PhD, is the PLUS portfolio manager for Guggenheim Real Estate. Before
forming Guggenheim Real Estate, Miles served as portfolio manager for the Fidelity Real
Estate Asset Manager, a series of institutional investment vehicles combining public
securities with direct real estate ownership. Before joining Fidelity, he was executive vice
president of the Prudential Realty Group and managing director of Prudential Real
Estate Advisors. Miles also served as vice president of finance for Albert Investment
Corporation, a real estate development firm. He was Foundation Professor of real estate
at the University of North Carolina at Chapel Hill. Miles is a past president of the
National Council of Real Estate Investment Fiduciaries and the American Real Estate
and Urban Economics Association. He has received two of the real estate investment
industry’s most prestigious awards: the Robert Toigo Award for leadership in real estate
portfolio management from Institutional Real Estate and the Graaskamp Award for
contributions to real estate research from the Pension Real Estate Association. He was
also editor of Institutional Investor’s Real Estate Finance for ten years. He is a graduate
of Washington & Lee University and holds an MBA from Stanford University and a
PhD from the University of Texas.
Laurence M. Netherton is a 40-year real estate investment and development veteran
based in Newport Beach, California. Since 1981, he has been engaged in the acquisition,
entitlement, and development of infill and mixed-use land projects and master-planned
communities. In the 1970s, Netherton worked in underwriting, syndication, and asset
management for limited partnerships holding tax-sheltered, government-assisted
multifamily housing projects, and later in financial restructuring, condominium
conversions, and single-family development for a broad portfolio of properties
throughout the Midwest and East Coast. Netherton is a graduate of the University of
Washington in Seattle, where he received his BA in urban planning, an MA in urban
planning, and an MBA. For six years he taught land planning in a certificate program at
the University of California, Irvine. He is past chair of ULI Orange County and a
member of the Community Development Council, and has served on a variety of ULI
national committees.
Adrienne Schmitz is senior director of publications at the Urban Land Institute and has
written, edited, and served as project manager for many publications. Schmitz was the
primary author of Resort Development (2008), Creating Walkable Places (2005), The
Residential Development Handbook (2004), The New Shape of Suburbia (2003), Real
Estate Market Analysis (2001), and Multifamily Housing Development Handbook (2000).
She was coauthor of Real Estate Market Analysis: Methods and Case Studies (2009) and
editor of Urban Real Estate Investment: A New Era of Opportunity (2015), Pedestrian-
and Transit-Oriented Design (2013), Professional Real Estate Development: The ULI
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Guide to the Business (2012), Finance for Real Estate Development (2011), and
Regenerating Older Suburbs (2007). Before joining ULI, Schmitz was a market analyst,
consulting with real estate developers and homebuilders. She holds an MA in urban
planning from the University of Virginia.
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Contributors
PREVIOUS EDITION
Content from previous editions of this text formed the foundation for the fifth edition.
The authors thank previous authors for their significant contributions to this endeavor.
Gayle L. Berens
Senior Vice President, Education and
Advisory Group
Urban Land Institute
Washington, D.C.
Mark J. Eppli
Interim Dean of Business Administration
Marquette University
Milwaukee, Wisconsin
Marc A. Weiss
Chairman and CEO
Global Urban Development
Washington, D.C.
CONTRIBUTING AUTHORS (FIFTH EDITION)
John Brady
Guggenheim Real Estate (retired)
San Francisco, California
Roger S. Pratt
Prudential Real Estate (retired)
Newark, New Jersey
Alison Johnson
Program Manager
Urban Land Institute
Washington, D.C.
Tom Heffner, Garrett Jacobs, Tyler Jones, Ed Miles,
Robert Speir, and Justin Trowbridge
University of North Carolina Chapel
Hill, North Carolina
REVIEWERS
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John W. Gibb
Managing Director
Jones Lang LaSalle Americas Inc.
Washington, D.C.
David L. Leininger
Executive Vice President, CFO
DART
Dallas, Texas
Margaret McFarland
Director
Colvin Institute of Real Estate Development
University of Maryland
College Park, Maryland
Nelson Migdal
Greenburg Traurig LLP
Washington, D.C.
Ed Paska
Managing Partner
Eden Development LLC
Chantilly, Virginia
R. Matthew Shannon
Managing Director
Urbanus LLC
Irvine, California
PROJECT STAFF
Kathleen B. Carey
Executive Vice President/Chief Content Officer
Dean Schwanke
Senior Vice President, Case Studies and Publications
James Mulligan
Senior Editor
Lise Lingo, Publications Professionals LLC
Manuscript Editor
Betsy Van Buskirk
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Creative Director
Deanna Pineda, Muse Advertising Design
Graphic Designer
Craig Chapman
Senior Director, Publishing Operations
Camille Galdes
Senior Research Associate
Joan Campbell
Manager, Information Center
Mark Federman
Researcher
Project Manager
Adrienne Schmitz
Senior Director, Publications
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This book was funded in part by Nancy Voorhees in memory of her father, Alan M.
Voorhees, a pioneer in the field of urban transportation planning who recognized
the important link between land use and transportation. Mr. Voorhees is profiled
in chapter 6 of this text.
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