Winning Capstone Team Develops Golf Course Land Solution
The Lewis White Real Estate Center at UMKC’s Henry W. Bloch School of Management recently celebrated the second graduating class of its Executive Masters of Entrepreneurial Real Estate program.
For the program’s capstone course, three student teams took on the challenge of developing a highest- and best-use analysis of nine acres of land at the entrance to The National Golf Course of Kansas City. The program’s capstone course is designed to allow students to take program and classroom learning and use it experientially in order to solve real existing challenges in the Kansas City market.
The students were introduced to the subject property at the beginning of their 14 month intense program and were challenged to apply the subject matter of each course to the analysis of this property. In addition, they were encouraged to reach out to the real estate community to ask questions and seek mentoring advice.
Several local architectural firms, construction firms, developers and real estate professionals contributed hours of volunteer time to the individual teams to mentor them, help perfect their ideas and bring a real world dimension to the project.
According to James DeLisle, Ph.D., director of the real estate program, “The goal of all of our programs is to transform real estate talent to meet the demands of Kansas City and beyond by connecting our students with a supportive and enthusiastic real estate community. This connection gives them experiential learning opportunities so they can immediately put into practice what they learn.”
Judges for the project included Lewis White Center Advisory Board members, Bloch School faculty and additional leaders from the Kansas City real estate community. The judging panel worked with an extensive list of criteria to rate each team, which included:
- determination of most practical and viable use
- demonstration of knowledge accumulated during the program
- provision of compelling research and financial analysis to support conclusions
- demonstration of team – based collaboration and presentation skills
“Each of the teams met the requirements and performed amazingly well,” DeLisle noted. However, one group rated higher than the other two and walked away with the grand prize.
The winning team, made up of Chuck Campbell from FiveStar Lifestyles and Naomi Menefee from Colliers International, sold the judges with their concept of “The Village at the National.”
DeLisle pointed out that the winning team approached the real estate challenge as a “Most Fitting Use” problem in that they focused on a solution that would be a win-win for Parkville and the National as well as for the future residents and tenants. They identified the major challenges facing development of the site and then identified solutions for each of them. In the end, the multi-use proposal that blended luxury apartments with retail services was deemed the most feasible of the submissions by the panel of judges.
“It was truly amazing how the Capstone case study experience brought all the valuable knowledge from the program together,” Chuck Campbell, one of the winners, said. “The contacts, exposure and integration to the commercial real estate community were invaluable.”