9th annual event lets teams compete for bragging rights and cash
PHOENIX, ARIZ. (April 12, 2022) – The 9th REIAC/Rockefeller Group Challenge will again offer a cash prize to a winning team of graduating Masters of Real Estate Development (MRED) students from Arizona State University’s W. P. Carey School of Business.
This year’s competition will again be held in person after the past two challenges were virtual events because of the pandemic.
The event is on May 4 at Arizona Country Club, 4668 E. Orange Blossom Lane, in Phoenix. Registration and networking begin at 3:30 p.m. The presentations are from 4 to 5 p.m. with voting and announcement of the winning team at 5 p.m. A networking mixer will be held after the announcement.
“The REIAC/Rockefeller Challenge has become one of our most anticipated and attended events. REIAC’s Program Committee and Board are proud to continue the relationship with ASU’s MRED program and look forward to this year’s event,” said REIAC Southwest President Karla Moran with SRP.
This year the subject property is 25 vacant acres at the SWC of 91st and Northern avenues in Peoria, Arizona. It’s a portion of the of land held in trust for the San Lucy District of the Tohono O’odham Nation.
Student teams are competing to be master developers by presenting proposals to the district. The district has earmarked the property for commercial development that would financially benefit its community members. Students will make proposals to the district to act as co-developer with University Realty.
“This is their thesis – their culminating experience requiring the use of all they have learned,” said Mark Stapp, Executive Director of the MRED program. “These projects are wicked problems that test students’ knowledge and would challenge anyone, even the most experienced of us.”
Each team is allotted 10 minutes to present a development solution for a storied piece of Arizona commercial real estate, followed by questions from the audience. Audience members will vote to choose the winning team after the presentations, awarding each winning team member a $1,000 check up to $6,000.
“The Rockefeller Group is honored to participate in what has become an annual tradition that has provided additional motivation for MRED students to be selected as one of the top three teams to compete in the Challenge,” said Mark Singerman, Past President of the REIAC Southwest Chapter and Vice President/Regional Director-Arizona for The Rockefeller Group, the event’s title sponsor.
“The inspiring and creative solutions the teams have presented at the Challenge over the years demonstrate what a fabulous job Mark Stapp and his staff have done in preparing the students for careers in real estate development and investment,” Singerman said.
Registration is required for the event. The registration fee is $30 for non-members and $20 for students and closes May 2. Register here.
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
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