PHOENIX, ARIZ. (May 11, 2026) – A dynamic mixed-use development anchored by a central park and lake – along with diverse housing, retail, and pedestrian-only corridors – earned top honors at the 13th annual REIAC/Rockefeller Group Challenge held recently at the Arizona Biltmore Golf Club’s Adobe Bar & Grille.

This year’s project was a request for development proposals for approximately 247.4 acres of land known as Turf Paradise in Phoenix. Turf Paradise is a major horse racing facility developed in the mid-1960s.

The student team named Roadrunner Development proposed “Paradise Park,” which took home the cash prize of $1,000 per team member for each of the three graduating Master of Real Estate Development (MRED) students from Arizona State University’s W. P. Carey School of Business. Members of the winning team included Blake Beauvais, Vanessa Fox, Taylor Koblenz, and Jonathan Rigau.

According to the team, Paradise Park represents the next phase of Phoenix living – connected, walkable, with human centers. The development’s core themes are: build for connection, green by design, everyday wellness, and ready for tomorrow. The target market is middle-income suburban households and young urban home buyers. Housing will be diverse with a mix of single-family, multifamily, senior living, active adult, and live/work flex units.

At the heart of the community is the Loop at Paradise, a lake built along 24 acres that ring the original racetrack at Turf Paradise. All trails will lead to the Loop. There will be pedestrian-only streets and paths, residential shared streets, and alleys. The infrastructure cost is $94 million.

The 2026 REIAC/Rockefeller Group Challenge featured four industry evaluators: Mark Singerman, Rockefeller Group Development Company; Lee Mashburn, Mashburn Companies; Mike Wilson, Wilson Property Services; and Kevin Schillig, MidFirst Bank.

“We’re still the only MRED program in the country that teaches in this deeply applied, team-based way, but the stakes have evolved. By this third project, students aren’t just tackling complexity; they’re navigating real-world uncertainty, market volatility, capital constraints, shifting policy, and rapidly changing design expectations. Each team works with capital partners, architects, and cost estimators, but success depends on how well they integrate and lead across those perspectives,” said Mark Stapp, director of the MRED program.

“This is decision-making under pressure on real projects with real consequences. This is what learning must look like now. Faculty equip students in the fundamentals, but it’s the experience, the collaboration, the ambiguity, and the accountability that prepares them for 2026 and beyond. What stood out in this assignment was the level of commitment from both mentors and students. It’s as immersive and authentic as we can make it, because that’s what the industry demands,” Stapp added.

The other finalists and their projects:

♦️ Desert Summit Development, Tempus: Adam Chismar, Ryan Gross, Avnesh Venigalla, and Henry White. Tempus is a mixed-use development that features small bay industrial product, a trade school, and a residential component. Its proximity to TSMC, 20 miles away, makes it attractive to the area’s workforce. It will also include retail, greenbelt, a park, single-family homes, townhomes, and multifamily. It will take 10 years to build over four phases with a $178 million development price tag.

♦️ Horizon Partners, Ludere: Bella Gatto, Jack Riley, Carlos Mateos, and Ahmed Mulic. Ludere, Latin for “to play,” is developed around two entities: sports infrastructure and ecosystem activation. It will feature several racquet and sports venues (including pickleball and Padel), karting, an F1 arcade, a 9-hole Troon Golf course, and PopStroke golf. It will include sporting retail, restaurants, and hospitality, featuring a Marriott-branded hotel and Marriott Villas. Built in two phases, its cost is $757 million and is expected to create more than 1,000 jobs.

“The presentations continue to impress me with their depth and execution, showcasing the remarkable quality of ASU’s MRED program. Under the leadership of Mark Stapp and his dedicated faculty, the program consistently produces graduates who are well-prepared to make meaningful contributions to our industry,” said Singerman, Rockefeller Group Vice President/Regional Director and past REIAC Southwest President. “Rockefeller Group is honored to be associated with such an outstanding program.”

About REIAC

The Real Estate Investment Advisory Council (REIAC) was established as a nonprofit trade association to provide a forum for the exchange of ideas, concerns and experiences among senior executives who conduct commercial real estate transactions. The invitation-only group limits its membership to senior-level executives at companies, who act as principals, and whose function is to develop, acquire, manage and/or finance commercial real estate. Institutional quality programs and peer-to-peer relationship-building opportunities have established REAIC’s reputation throughout the national real estate investment community as one of its premier associations. www.reiac.org

 About MRED

 In nine months, the W. P. Carey Master of Real Estate Development (MRED) prepares students to lead real development projects that are environmentally respectful, socially responsible, and artfully designed. The MRED program is transdisciplinary, aligning principled instruction with dynamic real-world application. MRED is a unique partnership between four highly regarded schools within Arizona State University:

• The W. P. Carey School of Business
• The Sandra Day O’Connor College of Law
• The Herberger Institute for Design and the Arts
• The Del E. Webb School of Construction https://programs.wpcarey.asu.edu/masters-programs/real-estate-development

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