A Ball State team brought home another first-place win—and a $5,000 scholarship–in the annual NAIOP University Challenge, a real estate competition Ball State Urban Planning students have won four times in 10 years.

The team of Remy Locke, Ella Flanagan, Keagan Powell, and Xander Vogel secured the victory by beating a team from the University of Notre Dame in the finals.

“This competition is by far the most valuable project I have had the opportunity to work on during my time at Ball State, said Locke, a senior who participated for the second time. “It is a lot of work, but it is so rewarding to see the result, and I’ve found the experience very valuable when applying for internships and networking with industry professionals.”

Each year NAIOP Indiana provides a specific site in central Indiana and asks team from around the state to provide a feasible development proposal that generates a strong return on investment while also providing a positive impact to the developer and the community. Participants present their proposals to a panel of industry experts, and two teams are selected as finalists who present to a large audience of NAIOP members at an evening event.

This year for the first time, Ball State entered two teams in the competition. Chris Palladino, an urban planning instructor who mentored both teams, says the students gain valuable experience learning how to assemble a viable development proposal that demonstrates a strong understanding of market and financial feasibility, while also learning how to present to real estate professionals.

This year, the project was the 140-acre South Grove Golf Course, which will close in the near future, located along the White River in the Riverside neighborhood of Indianapolis. While half of the overall site is located within a floodplain, the site is strategically located in an up and coming neighborhood along a major public greenway, adjacent to a large city park, and in close proximity to the 16-Tech campus and IU Indianapolis campus. Teams needed to properly assess the strengths, weaknesses, opportunities, and threats associated with the site while showing the market potential for a proposed mix of development uses. Teams must provide an overall project schedule and budget, along with a detailed financial analysis demonstrating how a developer will earn a strong return on investment on the proposed project.

The Ball State teams traveled to the site early on in the competition, knowing that no map or project statement can compete with on-the-ground experience.

“Viewing the site helps to get a scale for the development as well as experience and observe the surrounding area in a way that cannot be done virtually,” Locke reflected. “Seeing the site and combining that with our knowledge of the surrounding amenities helped form the concept for our development.”

“Our real estate development program shows students how real estate projects must maximize benefits to the community while also generating a return on investment for the owner/developer,” said Palladino, who is program director of the Department of Urban Planning’s Real Estate Development minor.

“Ours is the only real estate program in the Midwest housed within a college of architecture, design, and planning – and not within a college of business. Our program emphasizes that real estate must be transformational, and not just transactional,” Palladino said.

“Both of our teams created development proposals which addressed community needs while being sensitive to the site’s unique features and challenges,” Palladino continued. “Having said this, the financial modelling and return calculations generated by both Ball State teams were stronger than all other participating schools. Our success participating in the NAIOP University Challenge demonstrates our commitment to training future real estate practitioners who are both profit-driven and community-minded.”

John West, chair of the Department of Urban Planning, agreed with Palladino’s assessment, adding, “I am incredibly proud of the teamwork, analysis and excellence in design that went into both of our entries into the NAIOP challenge this year. Our students competed with programs across the state and came out on top because the real estate development program at Ball State teaches students how to come up with great projects, and communicate effectively with community members and decision makers.”

***

More information about Real Estate Development and Urban Planning is available here.

The department offers both an undergraduate minor and a graduate level certificate in real estate development, both of which have been recently updated with professional input and include courses taught by practicing professionals. It also offers Indiana’s only accredited bachelors and masters programs in urban planning, including an accelerated entry program for Ball State juniors and seniors who want to get a head start on a master’s degree during their time as undergraduates.