UMD Colvin Institute of Real Estate Development Announces Winners in Third Annual Colvin Case Study
Team of undergrads wins top prize for first time
The UMD Colvin Institute of Real Estate Development awarded a group of undergraduate students in real estate development from Penn State University the top prize in the third annual Colvin Case Study Challenge last December. The Penn State team beat out an initial 20 entries from 13 universities and four semi-finalists from university programs across the nation in a juried competition at UMD. This is the first time an undergraduate team has landed in the top four and, ultimately, took top prize. Second place was awarded to the team from the University of St. Thomas in Minneapolis, with third place going to University at Buffalo SUNY, and an honorable mention to Cornell University.
The Colvin Case Study Challenge is a national intercollegiate case study competition that challenges teams to document a recent innovative real estate project within its own metropolitan region. Projects are judged by leading real estate professionals on the depth of understanding of markets, project valuation, finance, urban design, entitlement processes, and operational issues. The first-place team received $10,000, with the second, third and fourth place winners receiving $2,500 each.
"We were delighted to sponsor this important national competition again this year. The Colvin Case Study Challenge has become an important annual event that promotes knowledge and excellence in emerging real estate professionals,” said Don Linebaugh, Interim Dean of the University of Maryland School of Architecture, Planning and Preservation. “We had another incredibly talented and knowledgeable group of teams this year, and these students are poised to make their mark as professionals in the industry.”
This year’s competition was judged by Elinor Bacon, President, E.R. Bacon Development, Washington, D.C., Karen McGrath, Visiting Assistant Professor, Bucknell University, Lewisburg, Pa., Brian McLaughlin, Founding CEO, Lantian Development, Bethesda, Md., and Danté Thomas, Vice President, Berkadia Commercial Mortgage, Chevy Chase, Md.
One of the hallmarks of the competition is its focus; unlike other case competitions, the Colvin Case Study Challenge centers on the post-development report and documentation of a recently completed project. It is specifically designed to allow the team to hone their professional skills and demonstrate their understanding and knowledge of critical elements in development. It also provides an opportunity for the students to present in a professional forum and glean feedback and counsel from experts in the industry, both through mentorship and jury interaction.
Maria Day-Marshall, Director of UMD’s Real Estate Development Program and the Colvin Institute of Real Estate Development said she was pleased a group of undergraduate students won first price, proving they can be competitive in the competition as well. “We found the quality of the students and their presentations to be outstanding, and believe that we have identified the nation's future leaders in the real estate development industry,” she said.
The Colvin Case Study Challenge is named for the late Baltimore developer John Colvin, who founded the Colvin Institute of Real Estate Development in 2008. The Colvin Institute supports the interdisciplinary approach of UMD’s Master of Real Estate Development curriculum, which comprehensively covers finance and capital markets, law and public policy, structure and site design, construction management, property, portfolio and asset management as well as marketing and commercial leasing.
Colvin Case Study Challenge 2018 Winners:
First Place: Brett Ambrogi, Adam Raggi, Jake Scott
Project: The Fraser Center
Penn State University; Faculty Advisor: Steve Bisbee
Industry Mentor: Gary Brandeis, Real Estate Capital Management LLC
Second Place: Ivan Alvarado, Will Henke
Project: T3: Timber, Transit & Technology
University of St. Thomas; Faculty Advisor: Herb Tousley
Third Place: Austin Casselberry, Peter DiBiase
Project: Conventus
SUNY University of Buffalo; Faculty Advisor: Mark Foerster
Industry Mentor: David Stebbins, Buffalo Urban Development Corporation
Honorable Mention: Zach Decker, Sara Trigoboff, Ethan Wissler
Project: The House at Cornell Tech
Cornell University; Faculty Advisor: Dustin Jones