Four teams made their “case” for top honors Saturday at a long-running national student competition hosted by the University of Maryland’s Colvin Institute for Real Estate Development. Clemson University beat out the Massachusetts Institute of Technology (MIT) and New York University (NYU) for the winning title—and a $10,000 prize—with their analysis of a three-phase, mixed-use project in Charleston, S.C. at the 2024 Colvin Case Study Challenge.
“The teams were exceptional this time,” said Tanya Bansal, assistant clinical professor and assistant director of the undergraduate real estate development program. “I spoke to the judges, and they were really impressed with the work they had submitted. I think they were fantastic in the Q & A and the students were much more prepared than we had expected.”
The Colvin Case Study Challenge is a national retrospective written case study competition that invites teams to document a recent innovative real estate project within their own metropolitan region. Projects are judged blindly by leading real estate professionals on several criteria, including a depth of understanding of markets, project valuation, finance, urban design and sustainability, entitlement processes and operational issues.
Last year, the Colvin Institute of Real Estate Development received a $200,000 grant from the Wells Fargo Foundation, providing three years of funding for two student competitions – The John B. Colvin Capstone Competition and The Colvin Case Study – while also supporting the program’s overall growth. Both are fundamental and integrative educational opportunities that prepare students for comprehensive challenges and allow them to emerge as leaders in the real estate development industry.
“For years, I have admired the University of Maryland's approach to real estate development education and the Colvin Institute's impact on the student experience,” said Stacy Spann, head of Housing Access and Affordability Philanthropy at Wells Fargo. “I'm excited that our partnership will build the capacity of these signature programs and further raise the profile of this world-class institution, while investing in future housing leaders.”
Clemson’s presentation for Morrison Yard highlighted its potential to revive the Upper Peninsula of Charleston, a previously neglected area in the city. Clemson has made the final four five times in the competition’s history–this year marks their first win. MIT’s second place project, Clippership Wharf, demonstrated how the waterfront development in East Boston will sustain threats of climate change and coastal flooding through its coastline strategy. It is the first time the university has entered the competition and placed in the final four. NYU’s third-place project, Battery Maritime Building, displayed the benefits of adaptive reuse by transforming a historic ferry terminal into a vibrant mixed-use property in Manhattan. The university’s other award-winning project, Sendero Verde, focused on how the mixed-used development in East Harlem is paving the way for sustainable and affordable housing as the largest affordable passive house in the world. NYU is the first university who had two teams make it to finals in the competition’s history.
“This year’s winning team showed the power of persistence,” said Dr. Dawn Jourdan, dean of the University of Maryland School of Architecture, Planning and Preservation. “Students from Clemson set themselves apart when they showed sophistication in their thinking about the relationship between land development and climate change.”
Colvin Case Study Challenge 2024 Winners:
First Place: Clemson University ($10,000)
Logan Stern, Skye McCullough, Zion Kaauwai
Project: The Morrison Yard Development
Second Place: MIT ($5,000)
Cherry Yang, José Viquez, Ritu Choudhary
Project: Clippership Wharf
Third Place: NYU ($2,500)
Jose Luis Escotto, Cameron Benson, Juliana Rivera
Project: Battery Maritime Building
Honorable Mention: NYU ($2500)
Peter Santella, Devin Usal, Thomas Jordan
Project: Sendero Verde
The 2024 Colvin Institute Colvin Case Study Jury was David Roodberg, CEO of DJR Associates; David Godschalk, general counsel of Urban Ingenuity; Dr. Karen McGrath, assistant professor of finance of Bucknell University; and Leila Finucane, president and CEO of Victory Housing, Inc.
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 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. Learn more about the Colvin Institute of Real Estate Development.