Sponsored by NAIOP, the Real Estate Challenge presents a specific Los Angeles development scenario to teams of students representing graduate programs at USC and UCLA.
This year’s challenge -- the Slauson Avenue Redevelopment Project – was also sponsored by the office of Los Angeles County Supervisor Mark Ridley-Thomas. Over the past year, Ridley-Thomas and his staff have been working closely with local residents to promote community revitalization along the corridor and the NAIOP Challenge presented a unique opportunity to move the effort forward.
The student teams were asked to design and present a project for a four acre parcel on the north side of Slauson Avenue between Overhill Drive and Angeles Vista Boulevard. The proposals were not only to achieve the owner’s profit goals but also have a positive impact on nearby neighborhoods and support the long-term planning goals of the County and City of Los Angeles.
“They were charged with developing a site that would gain approvals, earn appropriate returns, and catalyze the surrounding community,” said Christian Redfearn, Director of the USC Dollinger Master of Real Estate Development program. “This was no easy task in this economy and along the Slauson Corridor, but their idea took form after dedicating countless hours in the community, speaking with numerous real estate professionals, and conferring with local public officials.”
Drawing inspiration from the area’s history as the first Athlete’s Village for the Olympic Games, the USC team proposed Olympic Commons, a mixed-use project that combines retail amenities and housing options to create a space that is active, connected and engaged. The team successfully argued that project would boost the local economy and strengthen the social and civic fabric in the surrounding neighborhoods of Windsor Hills, View Park and Ladera Heights.
“Olympic Commons addressed the concerns of all stakeholders and identified the site’s hidden potential. Our students showed full command of the community, local market and their project,” added Redfearn.
Members of the USC team, all of whom are scheduled to complete either a Master of Real Estate Development (MRED) or MBA in 2013, were Kelso Barnett, MBA/MRED; Russell Gould, MRED; Gregory Heller, MRED; Joshua Plattner, MPL/MRED; and Elliot J. Weinstock, MBA/MRED.
The team was awarded the Silver Shovel, a traveling trophy engraved with each year’s winners, and a $5,000 contribution made on USC’s behalf to the Challenge for Charity. The entries were judged by a panel of industry leaders from the top development, investment, architectural and financial firms in Los Angeles and Orange counties.
About the USC Lusk Center: The University of Southern California Lusk Center for Real Estate seeks to advance real estate knowledge, inform business practice, and address timely issues that affect the real estate industry, the urban economy, and public policy. The Lusk Center produces relevant and timely real estate research, supports educational programs for students and executives, and convenes professional forums that bring together academics, students, business executives, and community leaders. For more information please visit http://www.usc.edu/