Students studying urban planning, real estate development, property management, and hospitality are excitedly watching as plans roll out for redevelopment of The Village. Recently they were able to sit down with developers of the project which will bring a hotel, performing arts center, and a multitude of new housing to the south edge of campus.
Prof. Chris Palladino organized the panel discussion with representatives of Fairmount Properties and Schahet Hotels along with students from Palladino’s Introduction to Real Estate Development class, Prof. Alan Yen’s Revenue Management and Strategic Lodging Operations classes and students from Ball State’s Property Management program.
Palladino, who teaches part time in the urban planning program and is director of its real estate development programs, is also the university’s director of real estate services. He moderated the Nov. 14 panel discussion which proceeded the university’s groundbreaking ceremony. Panelists were Greg Schahet, president of Schahet Hotels; Randy Ruttenberg, president and founder of Fairmount Properties; and Brice Hamill, vice president of design and construction at Fairmount Properties. The three shared perspective about what attracted them to Muncie and why they believe The Village is poised for long-term success.
“Meeting with The Village development team was an incredible opportunity to learn more about the real estate development process, and to hear firsthand about the years of research, planning, and work that goes into crafting a project of this scale,” reflected Cayla Mahoney-Potter, a master’s student in the urban planning program.
“It was interesting to hear about the ways in which the public and private sectors collaborated to help bring this project to life, and to learn about how the development team balanced the interest of making an economically viable project with the interest of ensuring that the development complements (rather than competes with) the businesses and assets already present in the community,” she said.
MURP classmate Amy Segal agreed with Mahoney-Potter’s assessment and added, “The investments will act as a catalyst for future development and also help Ball State to attract and retain students and faculty which is something I have a particular passion for understanding in urban planning.”
“I’m looking forward to coming back as an alumna to stay in the new hotel and walk through The Village,” she said. “I can see the revitalization spurring other developments and benefitting Muncie as a whole.”
Palladino said students asked panelists about how the development team works with the broader community and current merchants to ensure existing businesses aren’t threatened by new development, and also were curious about other community issues the developers encountered. Many students stuck around after the class to chat further with the panelists about career opportunities while sharing their own perspectives about what would add vibrancy to The Village.