Real Estate Development and Reuse: Day 1

New Orleans, LA

I wasn't too sure what to expect when I signed up for the Real Estate Development and Reuse Course, which is one of the core course requirements for the CEcD certificate. I was pleasantly surprised with the caliber of instructors that greeted us at the iconic Intercontinental Hotel in downtown NOLA.

The day started with James S. Russell, CEcD, who is the Executive VP and COO for The Pizutti Companies,  a firm who develops, markets and manages real estate.  Jim started the day off explaining the process that site selectors and business decision makers go through to analyze a market and a site, and how we can ensure that sites in our community are ready for any such inquiry. Mostly, the take away from this session is this: a property owner must position their property to sell, if that's what they desire. Complete the Phase I, locate the utilities, clean up the building from previous uses, and make all the information readily available to site selectors and individual business leaders.

One resource that the City can leverage for private property owners is listing on Texas' property site search website, Texas Wide Open for Business. In fact, I just listed a local property there this morning, and hope we have the chance to do more of that for commercial properties in our area.

Next on the agenda, Katie Murphy, CEdD, Expansion Matriarch and Founder of Expansion Group spoke to us about Regulatory and Approval Process. I feel comfortable in this arena, just having been around the city processes of permitting and zoning. I know there are state and federal regulations to consider, but the city has prepared my for this realm. Mostly, the best advice I have is to start early and check back often. I know this process can be frustrating to the developer, but I do feel that at the city level, at least, we are improving incrementally.

In the afternoon of Day 1, Robert Camion, CEcD, President and CEO of Camion Associates, Inc.   talked about financial feasibility, and provided an in-depth look at how to analyze the financial feasibility of a development project. This session tied in directly with the Credit Analysis course I took in Phoenix in February. In fact, I actually felt prepared for the spreadsheet that was provided as a handout, because of the other class I've already completed.

To wrap up the day, Jim Russel presented information about political feasibility and community involvement. This is another area that I feel reasonably comfortable with in economic development, at least at the City level. As I work my way through this public service career, I realize that no issue is worth making enemies. At the end of the day, we all still shop in the same places, worship together, and send our children to school together, so no matter how big the project is, or how many people we may anger in the process, doing the right thing is always the right thing.

All in all, day 1 of Real Estate Development and Reuse was a good day. Now, for a little exploring in NOLA!