The competition was fierce and the interrogation intense. Clammy hands were the least of their worries as the next generation of developers fired back answers to the judges.
Last Friday’s Developers’ Den, hosted by Realnet, pitted ten teams of three MBA students against each other to come up with the best proposal for ten acres of York University owned land.
The team that walked away with the “deal”, and $2500, consisted of Philip Baron, Luke Chisholm, and Jamil Bundalli from York’s Schulich School of Business.
Their proposal was for a mixed-use development with retail on the main floor, anchored by Loblaws, five levels of office space and 24 levels of condominiums. They expected the total project to cost around $203 M.
The team also presented market analysis for the area, including projects currently under construction, average prices per square foot, rental and vacancy rates for office and retail, and parking rates.
They presented a solid proposal and stood up to the “dragons” – Michael Cooper (Dundee Realty Management Corporation), Sam Crignano (Cityzen Development Group), Phil Gillin (Sun Life Assurance), Geoffrey Grayhurst (Dorsay Development Corporation – joint venture partner on Tridel Dorsay’s Atria at North York) and Fred Waks (RioCan Real Estate Investment Trust). They even made a case for selling their condos below the average price per square foot.
Congrats to these new developers for surviving the den!