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Another Graduate Program Joins the Interdisciplinary Approach to Real Estate Education: Bucharest Romania Mircea Enache, Ph.D. * Editor's Note: As those of you who read the Real Estate Review (religiously), or are active in the American Real Estate Society, know, the Editor-in-Chief of this journal has a passion for the interdisciplinary approach to real estate education. This article is a report on an exciting new location and approach to real estate development and planning based at the Center of Excellence in Planning in Bucharest, Romania. Read on for the details. INTRODUCTION The idea of an educational program combin- ing urban planning and real estate development is not my idea, and is not new. There are sev- eral such programs focused on real estate development from a multi-disciplinary perspec- tive oŁered in the U.S. and in the U.K. As the editor of the Real Estate Review has reported, there were about 10 such programs in 2007 and as of 2014, there are now 21 in the U.S. I became aware of the connections between planning and real estate when I taught several urban planning courses in the nineties at the Berman Institute of Real Estate of Johns Hop- kins University. And I saw the idea in action at the Urban Land Institute (ULI) in Washington, where I spent many hours twenty years ago reading about all the professions that concur in “building a city”, from planners to developers, architects, engineers, transportation consul- tants, environmental consultants, appraisers, attorneys, market researchers, regulators, real estate brokers, łnancial players, property managers etc. In the past łve years I started teaching urban planning as a Visiting Professor at my alma ma- ter in Bucharest, and three years ago I set up a Center of Excellence in Planning (CEP), to sup- port the university in its international activities and regional outreach, particularly in Eastern Europe, the Balkans, and the Black Sea region. The Center is housed in a beautiful facility, a 1912 historic building, and is łnanced from project-speciłc funds, grants, donations and students' tuition. * Mircea Enache is an architect by training and had an academic career of nearly 20 years in architecture and plan- ning in Bucharest, Romania, prior to moving to the United States and taking on a consulting practice with the World Bank, USAID, USAID, DFID and JICA. Dr. Enache now divides his time between his home in Bethesda, MD, and his work as the Director of the Center of Excellence in Planning in Bucharest. Real Estate Review E Summer 2015 © 2015 Thomson Reuters 61
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Page 1: Another Graduate Program Joins the …cep-edu.eu/docs/ASURED_REAL_ESTATE_REVIEW-SUMMER2015.pdfAnother Graduate Program Joins the Interdisciplinary Approach to Real Estate Education:

Another Graduate Program Joins theInterdisciplinary Approach to Real Estate

Education: Bucharest RomaniaMircea Enache, Ph.D.*

Editor's Note: As those of you who read the Real Estate Review (religiously), or are active in the

American Real Estate Society, know, the Editor-in-Chief of this journal has a passion for the

interdisciplinary approach to real estate education. This article is a report on an exciting new location

and approach to real estate development and planning based at the Center of Excellence in Planning

in Bucharest, Romania. Read on for the details.

INTRODUCTION

The idea of an educational program combin-

ing urban planning and real estate development

is not my idea, and is not new. There are sev-

eral such programs focused on real estate

development from a multi-disciplinary perspec-

tive o�ered in the U.S. and in the U.K. As the

editor of the Real Estate Review has reported,

there were about 10 such programs in 2007

and as of 2014, there are now 21 in the U.S.

I became aware of the connections between

planning and real estate when I taught several

urban planning courses in the nineties at the

Berman Institute of Real Estate of Johns Hop-

kins University. And I saw the idea in action at

the Urban Land Institute (ULI) in Washington,

where I spent many hours twenty years ago

reading about all the professions that concur in

“building a city”, from planners to developers,

architects, engineers, transportation consul-

tants, environmental consultants, appraisers,

attorneys, market researchers, regulators, real

estate brokers, �nancial players, property

managers etc.

In the past �ve years I started teaching urban

planning as a Visiting Professor at my alma ma-

ter in Bucharest, and three years ago I set up a

Center of Excellence in Planning (CEP), to sup-

port the university in its international activities

and regional outreach, particularly in Eastern

Europe, the Balkans, and the Black Sea region.

The Center is housed in a beautiful facility, a

1912 historic building, and is �nanced from

project-speci�c funds, grants, donations and

students' tuition.

*Mircea Enache is an architect by training and had an academic career of nearly 20 years in architecture and plan-ning in Bucharest, Romania, prior to moving to the United States and taking on a consulting practice with the World Bank,USAID, USAID, DFID and JICA. Dr. Enache now divides his time between his home in Bethesda, MD, and his work as theDirector of the Center of Excellence in Planning in Bucharest.

Real Estate Review E Summer 2015© 2015 Thomson Reuters

61

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Figure 1: Ioana Stirbey-Radu Rosetti House Exterior

THE CENTER OF EXCELLENCE INPLANNING

Goals.

The Center, as will be detailed below, is home

to the Advanced Studies Program, which is one

of the ways it works to achieve the following

goals:

1. To promote urban planning excellence and

act as a regional hub for Eastern Europe

and the Balkans.

2. To develop cooperation relationships in

urban planning and real estate with West-

ern Europe and the U.S.

3. To o�er advanced educational programs

in planning and real estate in the region.

4. To train urban planners in real estate

development and business and real estate

specialists in urban planning issues

Programs.

In addition to the Advanced Studies Program,

the Center of Excellence in Planning is home to

three other programs:

E FUTURE OF CITIES Program, implemented

in partnership with Aspen Institute Roma-

nia;

E FROM IDEAS TO ACTION Program is

focused on initiatives and projects such as

“Smart Street Parking in Downtown Bu-

charest” and “Bucharest Central Station

Regeneration Area—Flagship Project for

Romania”;

E RESEARCH and PUBLICATIONS Program,

including the CEP “Applied Research

Series”, and the CEP-ASURED on-line

Journal.

Real Estate Review

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ADVANCED STUDIES IN URBANISM ANDREAL ESTATE DEVELOPMENT(ASURED)

Mission.

ASURED is o�ered as an International Post-

graduate Program. It's mission is to raise plan-

ning and real estate development leaders who

are ethical, politically committed, and technically

capable of planning and developing high quality

urban places. The participants in the program

study fundamental economic and political

processes that shape the built environment of

cities and ways in which governments,

community-based organizations, private sector

actors and political entities produce and in�u-

ence these processes. To read more go to

www.cep-edu.eu/ASURED.

Figure 2: Ioana Stirbey-Radu Rosetti HouseInterior

RICS Accredited.

ASURED was speci�cally designed for RICS

accreditation. RICS (The Royal Institute of Cer-

ti�ed Surveyors) is the most prestigious real

estate and urban planning accreditation body

and was founded in the United Kingdom in

1868. RICS accreditation for ASURED was

granted in July 2014.

Credits and Delivery Format.

ASURED is a part-time, partly delivered on

line and partly in Bucharest. It is a 16 months

program o�ering 90 ECTS credits (45 U.S.

equivalent credits). The 16 European, U.S. and

Romanian faculty interact face-to-face with the

students in four concentration periods of two

weeks each at CEP’s elegant facility in

Bucharest.

Each course takes three days with a follow

up period of supervision, advice and grading by

the faculty. The online part of this blended

learning format accounts for about 30% of the

program with four 2-week sessions on site.

[See the dates and sequence for the second

class that started in October of 2014.]

Curriculum/Class Schedule.

The curriculum/class schedule of the second

student intake (2014–2016) is illustrated in the

table below.

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MODULES AND COURSE CONTENT

Module One. Urban Planning (UP)

UP1—European Urban Planning &Design—Edgar Kiviet (London, UK)

The necessity of an integrating vision and

multidisciplinary view will be explained. This

course introduces the students to the social

aspects of planning (planning and programming

density, diversity and identity, mixed uses,

amenities, planning and designing public spaces,

heritage, character, community).

The environmental aspects or urban planning

will also introduced (sustainable mobility, park-

ing, infrastructures, city climate change and

energy, city ecology and biodiversity, energy

e�ciency, resources; water and material cycle,

public transport). Planning and housing policies

and practice will be presented, including master

planning communities, housing programs, social

housing and government programs.

UP 2—U.S. Urban Planning &Development Lessons Mircea Enache(Washington, USA)

This course provides an overview of the

urban system and the history of planning in the

USA, and covers the basics of comprehensive

planning and zoning, including the context, pro-

cess, agents, tools, components, and

implementation. It introduces the student to the

sub-areas of planning, such as transportation

planning, land use planning, environmental plan-

ning, and housing.

The main lessons for Eastern European urban

planning will be emphasized, such as: innova-

tive comprehensive planning and zoning tools,

the role of the planner in urban policy and poli-

tics, and the critical role of local economic

development plans in enhancing the urban

competitiveness

UP 3—Urban Regeneration: LargeProjects Design—Gabriel Pascariu(UAUIM, Bucharest)

The main objective of the course is to explain

the concepts of urban regeneration and inte-

grated urban development and to describe the

speci�c processes, methods and instruments

related to these. The module will include theo-

retical and practical activities and will be mostly

interactive. By the end of the course the

students will have an adequate understanding

and the capability to develop integrated proj-

ects and urban regeneration strategies. The

evaluation of the module will be based on the

elaboration of an integrated regeneration proj-

ect for a de�ned urban area.

Figure 3: First class entering the ASUREDProgram

UP 4—Urban Governance andCompetitive Cities—Liviu Ianasi(UAUIM, Romania)

This course explores the concept and prac-

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tice of urban governance and management for

competitive cities and regions by looking at:

complexity and governance, governance and

creativity in urban regeneration processes,

leadership and governance of cities, urban

development management, governance chal-

lenges in European Metropolitan Areas, etc.

Figure 4: Second ASURED Class out for dinner

A major theme of the course is the relation-

ship between urban planning and politics, and

the various roles of the urban planner in admin-

istration and the planning agency. Power and

policy in European metro areas, planning and

power games and advising the urban leaders

are themes discussed.

UP 5—Land Use and EnvironmentalRegulation Vesselina Troeva (So�a,Bulgaria)

The module “Land Use & Environmental

Regulation in Europe” aims at linking the knowl-

edge in Land use planning and Environmental

protection, establishing skills in implementation

of the current environmental regulations and

other innovative instruments and approaches

among which integrated planning, sustainability

assessment and GIS.

Some of the major topics are connected with

the “Community involvement and Participatory

planning” course, “Sustainable Urban Planning

and Design” lecture course and the Applied

Project in Sustainable Development, thus

upgrading the competences of the students.

UP 6—Urban Mobility Policy andInstrument Mihaela Negulescu (UAUIM,Bucharest)

This course de�nes the new paradigm of

sustainable mobility, the relationship between

urban planning and mobility planning, addresses

mobility integrated (public) policies, and outlines

the new planning tool: SUMP (Sustainable Urban

Mobility Plans). Emphasis is placed on relevant

issues for economic and real estate dynamics

as engine of the cities development.

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By the end of this course students will be

able to think systemically and critically about

the urban mobility and land use inter-relation,

the role of accessibility in (re)shaping the phys-

ical and economic form of cities, about related

social and environmental issues. They will learn

to understand and use the mobility policies and

plans in designing urban projects.

UP 7—Integrated Urban DevelopmentProject BOG'ART (largest builder,Bucharest, Romania)

The specialists in project design, �nancing

and implementation of the Romanian construc-

tion �rm BOG'ART will expose the ASURED

students to the real life of building a city, from

the feasibility, planning and design stages to

obtaining the permits and realizing the project.

The students will use knowledge and skills

acquired in various ASURED courses towards

assessing a real-life project from all angles and

perspectives: potential market, architectural

design, planning issue, regulatory framework,

institutional aspects, investment analysis and

implementation issues.

Module Two: Real Estate Development(RED)

RE 1—Real Estate Fundamentals—Kerem Yavuz Arslanli (Istanbul, Turkey)

This course applies the latest economic

thinking and research to the task of analyzing

real estate market fundamentals, forecasting

supply and demand, and choosing locations.

Critical factors in national, regional, and urban

real estate markets that determine development

opportunities are presented and discussed,

such as: Business and construction cycles;

Regional and urban growth trends; Restructur-

ing of urban space; Commercial and industrial

location theories; and Demographic analysis and

projection techniques

Figure 5: Palace of the Parliament,Bucharest

RE 2—Real Estate Development inEurope Gabor Sooki-Toth (Budapest,Hungary)

The course provides an overview of the real

estate development process using examples

primarily from the European context, and cov-

ers the basics of location analysis, product

development (“urban product”), development

appraisal, market research, construction, mar-

keting and the relationships between the devel-

oper, the local government, the tenant (�nal

user), the investor, the �nancier and the several

professions that contribute to the success of

development. It introduces the student to the

market sectors of housing, retail, business ac-

commodation (o�ce and warehousing), hotels

and the concept of mix-use projects

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RE 3—Integrated Urban & Real EstateDevelopment Dietmar Wiegand (Vienna,Austria)

Based on the re�ection of cases and their in-

dividual experiences students gain competen-

cies to apply theories, models and methods of

systemic management to steer urban develop-

ment by di�erent types of projects and to

develop infrastructure and real estate success-

ful and with positive externalities.

Regions, net infrastructure, project organiza-

tions, built environment and its use (e.g.) are

complex, dynamic open systems. Respecting

this challenge, students gain competencies to

design and implement processes and organiza-

tions for the strategic urban management—the

strategic muddling through.

RE 4—Location & Market Analysis forReal Estate Evelyn Ernst (Vienna,Austria)

The measurements of demands for real

estate products as well as for speci�c projects

(marketability analysis) are subjects of this

course. Students examine techniques for fore-

casting demand and supply in speci�c markets

and evaluating sites based on product criteria.

Products include residential, hotel, retail, of-

�ces, industrial and mixed use properties.

The �nal sessions deal with feasibility

analysis. Real estate development issues are

presented in respect of the results of location

and market analysis, including due diligence,

calculation, feasibility studies, investor presen-

tations, networking and negotiations with

potential property managers and investors,

selection and leadership of design teams, prep-

aration of LoI, MoU, etc.

Figure 6: First class of ASURED studentsduring class

RE 5—Real Estate, Local Government& Law Florentina Iugan (Romania)

The real property market is a�ected by

government policies on planning, building

permitting and land registration. In this course

the relation between the real property and the

law is assessed in terms of: real property rights

and legal restraints; land-use planning and

development controls, building standards and

permitting systems, regulations vs. deregulation

procedures. A focus is on the interaction be-

tween real estate business and the local au-

thorities, from red tape to a market-responsive

planning and regulatory systems with impact on

increasing real estate market e�ciency.

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Figure 7: Aerial view of “Sfatului” Square, City of Brasov

RE 6—Large Urban Projects: LegalAspects Raluca Misu, Alexandra Peres,Andreea Sisman (Bucharest, Romania)

“Legal issues regarding real estate transac-

tions in Romania” is a brief roadmap of the real

estate transaction on the Romanian market and

describes the legally available alternatives for

implementing a real estate transaction under

the Romanian civil law system. “The legal side

of the urbanism” presents brie�y, from the legal

perspective, the main instruments of urbanism

and the legal and de facto consequences on

investment of the �aws in the permitting

process. Finally, “Public-Private Partnerships in

Romania” explores the legal base, the limited

experience, and the di�culties of applying PPP

in development projects in Romania.

RE 7—Large Urban Projects: Financing& Management ALLTROM GROUP

This course is the third in the “Large Urban

Development Projects” cycle o�ered in the

ASURED Program. After exploring the design

and the legal aspects of large urban projects,

the complex issues of �nancing and manage-

ment are discussed in this course by ALLTROM

experts with excellent experience in implement-

ing such projects.

The step-by-step process of identifying and

tapping into the �nancing sources available for

the project, as well as the complex process of

implementing the project are presented to the

students. A brief discussion of the property

management activities is also included.

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Figure 8: City of Sibiu, aerial view

RE 8—Real Estate Appraisal/ValuationIon Anghel (Academy of EconomicStudies, Bucharest)

The measurement of the market real estate

value is the main subject of this course. Stu-

dents examine fundamental concepts, profes-

sional standards, principles, approaches, meth-

ods and procedures in property valuation. While

detailed solutions are included for an important

variety of appraisal issues the emphasis is on

the logic and principles.

Figure 9: City of Brasov, Aerial view

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The goal is to teach students to think about

valuation in a logical, intuitive way, so they are

able to creatively solve problems from the real

world. The students will understand the impor-

tance and role of the appraisal profession in

actual real estate market.

By the end of the course, the student should

understand the determinants of value in market-

place and feel comfortable with all the three ap-

proaches in valuation: comparison, income and

cost and with the valuation process.

RE 9—Investment Analysis in RealEstate Mircea Enache (Washington)and Bogdan Doicescu (Bucharest)

The investment process requires a multidisci-

plinary set of property skills, sound market and

asset based speci�c knowledge to facilitate the

investment decision. Factors needed to conduct

an investment analysis will be reviewed: market

analysis, marketability, feasibility, speci�c risks,

�nance, and tax. This course focuses on fore-

casting project viability and estimating dis-

counted present value and investor internal

rates of return. By the end of the course, the

student should feel comfortable with the synthe-

sis of the three most important variables as-

sociated with any real estate investment:

money, time, and risk.

The �nal thesis is a 30–50 page document

(including pictures and tables), and is typically

based on previous work and assignments

submitted in the ASURED Program. The Final

Thesis deals with both urban planning and real

estate development issues in an attempt to in-

tegrate them. Implementation and cost issues,

along with valuation and investment analysis,

even sketchy, are mandatory.

THE FUTURE OF ASURED

Job Opportunities For Graduates

The ASURED graduates receive, by the end

of the program, a graduation certi�cation signed

by the Center of Excellence in Planning (CEP),

and the University of Architecture and Urbanism

(UAUIM), and accredited by RICS. It allows

graduates to apply and receive the status of

MRICS (Member of RICS), after a personal

interview with RICS.

Since ASURED is an executive program, the

graduates are expected to engage in interna-

tional urban planning and development prac-

tices, real estate activities, advising mayors,

politicians, planning boards and developers,

teaching urban planning and real estate and

conducting audits and research. CEP and

ASURED and faculty leadership advise and sup-

port ASURED graduates on the job market.

The ASURED Alumni Association.

Starting in 2015, with the help of a grant from

the German Marshall Fund Black Sea Trust

(GMF BST), the ASURED Alumni Association is

meant to provide a communication platform for

the ASURED Program graduates, to enable

networking, information �ows and ASURED

Program promotion in Romania and the region

(Eastern Europe, the Balkans, the Black Sea).

Expanding ASURED Internationally.

Currently, the ASURED Program is in the pro-

cess of expanding internationally, by attracting

students from U.S., China and Middle East to its

Bucharest location.

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The Value of ASURED.

The value o�ered by ASURED INTERNA-

TIONAL is in:

E One of the few international programs

worldwide o�ering education in both urban

planning and real estate development

within the same program.

E Its faculty from seven countries (Europe

and U.S.)

E Its RICS accreditation; there are builders,

developers, and consulting companies

advertising jobs for MRICS

E Its very competitive pricing ($10,000 tu-

ition and $4,000 total expenses—travel

and accommodation—for two 3-week

“summer school” sessions in Bucharest).

E Its unique and exotic location in Romania,

the country of Count Dracula, 900 years

old German towns by the Carpathians,

Prince Charles' Transylvania, the dictator

Ceausescu, and Nadia Comaneci—the

country of “Wild Carpathia” (https://www.

youtube.com/watch?v=jvDIpOPlWJ8)

Tentatively, the ASURED INTERNATIONAL

face-to-face sessions will be held in Bucharest

in November 2015 and May 2016, with added

online learning in a blended learning format. The

Final Thesis will be sustained online in Septem-

ber 2016.

Details of the upcoming ASURED INTERNA-

TIONAL Program can be obtained in the next

weeks from www.cep-edu.eu/ASURED.

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