Three teams compete in the finals of the 9th Annual Arizona State University MRED event
PHOENIX, Ariz. (May 9, 2022) – A mixed-used development. An entertainment-anchored district. A multifamily master-planned community.
When the dust settled at the 9th annual REIAC/Rockefeller Group Challenge at Arizona Country Club, it was the San Lucy Plaza project of Diamond West Development Company (DevCo) that took home the cash prize of $3,000 among the three teams of graduating Masters of Real Estate Development (MRED) students from Arizona State University’s W. P. Carey School of Business.
This year the subject property was 25 vacant acres at the SWC of 91st and Northern avenues in Peoria, Arizona. It’s a portion of the land held in trust for the San Lucy District of the Tohono O’odham Nation.
Student teams responded to a fictitious request for development proposals in a competition to be the master developer by presenting proposals to the District. The District has earmarked the property for commercial development that would financially benefit its community members. Six teams presented to the District and three were selected by REIAC and faculty to compete in the Challenge.
The winning team of Joseph Reyes, Lauren Madu, and Jeremy Real said the goal was to “think bold; to think big. To leave a lasting legacy.”
San Lucy Plaza comprises office, retail, hospitality, and 325-unit multifamily community. The design was inspired by the natural environment; the main street is in the shape of a canyon with family entertainment, indoor and outdoor rock-climbing gyms.
“That (the canyon) is the heart and soul of the development,” Real said. “We even plan for a zip line through the heart of the plaza.”
The development has three goals, the team said: to be culturally relevant; to be family-focused and to provide significant financial benefits for the District.
“Although there is one winner in the Challenge, all student teams do excellent work. Each year we have great people involved, and even greater development projects to judge,” said Mark Stapp, director of the MRED program. “It’s the faculty that delivers the content that’s so important to people in the industry. That was especially true for this particular assignment. The mentors and students alike were phenomenal. This is as rich and as real as we can make it.”
The other finalists and their projects:
>> Alphabet DevCo: Andrea Alley, Alex Bluth, and Colin Ceithaml presented San Lucy North, a mixed-use development consisting of 50,000 SF of retail, 195,000 SF of office, and a 224-unit Class A multifamily community.
>> Sonoran Development: Matt Brock, Juan Montoya, Kimberly Rollins, and Joe Siehlmann presented The District at Northern, a $52 million master-planned community. It includes a restaurant, hotel, and 448-unit multifamily project.
Each team was allotted 10 minutes to present a development solution followed by questions from the audience. Audience members chose the winning team immediately after the presentations.
“Two things get better every year,” Stapp said. “One is the support that comes from the REIAC membership and Rockefeller Group because that’s how this becomes real in terms of the student experience and not just in theory. The student experience continues to improve as we develop an alumni base who give back. As the program develops a reputation, we get better students every year.”
In addition to sponsoring the annual Challenge, REIAC Southwest awards two $2,500 scholarships to MRED students that have a financial need and want to pursue real estate careers in Arizona after they graduate.
“As we look forward to next year, the 10th anniversary of the challenge, I continue to be impressed by the scope and execution of the presentations,” said Mark Singerman, Rockefeller Group Vice President/Regional Director and past REIAC Southwest President. “Rockefeller Group is extremely proud to have its name associated with this great program.”
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 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 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