The M.S. in Real Estate Development emphasizes a multi-disciplinary, integrated approach to the study of real estate. The degree program's comprehensive curriculum includes the study of cash flow analysis, financing, negotiations, operations, development law, planning and design, entitlements and environmental remediation, and public policy.

The program's curriculum integrates all of the elements of real estate development, and focuses on long-term opportunities and mentoring relationships with industry leaders. Courses in the real estate development program are designed to significantly enhance the student’s knowledge regarding all aspects of the industry and how it functions. This program will provide students with the necessary skills to succeed in the business world, while having a broad perspective on the issues involved in the real estate development process.

The M.S. in Real Estate Development program requires that all students join ULI - the Urban Land Institute. Once enrolled in the program, an instructor will provide further information regarding student involvement in the ULI Southeast Florida/Caribbean District Council and the various benefits associated with this membership.

Program Features:

Designed by real estate developers for real estate developers.

Program begins two times annually with starts in October and April.

Certificate areas are available.

40 credit hours.

Can be completed on alternating weekends.

For an outline of this program, please see the Curriculum Guide.

Curriculum Guide

Curriculum - M.S. in Real Estate Development

Total degree requirements: 40 credits

REE 5875	Quantitative Tool for Real Estate Development
REE 5876	Accounting for Real Estate
REE 5877	Real Estate Market & Feasibility Analysis
REE 5878	Real Estate Development Process
REE 5879	Real Estate Development Process: Part II
REE 5880	Real Estate Finance: Markets, Analysis, and Strategies
REE 5881	Real Estate Law and Ethics
REE 5882	Land Use Planning and Project Design
REE 5883	Urban Land Economics
REE 5884	Land Use Regulation: Entitlements and Permitting in a Growth-Managed Environment
REE 5885	Building Design & Construction Principles
REE 5886	Managing the Construction Process
REE 5887	Real Estate Investments

Capstone Course Requirement (4 total credits):

REE 5888

Real Estate Development Capstone

* Capstone offered in Fall term only

For a description of these courses, including prerequisite requirements, see the Course Descriptions section.

Course Descriptions

M.S. in Real Estate Development

Full-Time professionals are available to discuss course content in greater detail with you. Simply contact your Admissions Manager at 800.672.7223 Ext. 25168 or use the Contact Us link.

Real Estate Courses (40 total credits)

REE 5875     Quantitative Tool for Real Estate Development  (1 cr.)

This course provides students with a foundation in the use of two quantitative software programs used extensively in the real estate development industry. Geographic Information Systems (GIS) is a tool for real estate development analysis, including site selection. Students are introduced to fundamental GIS concepts including displaying, downloading, and analyzing geographical data sets. Excel is the most popular current spreadsheet software for real estate financial analysis. Students are expected to have some degree of familiarity with Excel, and possess the knowledge and skills necessary to use the software to perform in-depth analyses of complex pro formas and discounted cash flow studies. Prerequisites: all foundation courses. Pre-requisites: ACTP 5001, ECNP 5003, QNTP 5002, and FINP 5008.

REE 5876     Accounting for Real Estate  (2 cr.)

Real estate assets have some unique features, which can affect the way real estate transactions are structured, accounted for, and audited. This course introduces the student to accounting for real estate assets and transactions, and provides an understanding of the uses of accounting in the real estate and construction industries. The course addresses the acquisition and development of real estate, the holding, operating, and (possible) write down of real estate assets, sales and transfers of real estate, and techniques for estimating the fair value of real estate assets. Prerequisites: ACTP 5001, ECNP 5003, QNTP 5002, and FINP 5008.

REE 5877     Real Estate Market & Feasibility Analysis  (3 cr.)

The course enhances the students' knowledge of the functioning of various urban real estate markets, residential, both single and multifamily, office, retail, industrial, and resort-recreational. Additionally, methodologies for accurate measurement of demand for real estate products and specific projects are addressed. The course aims to develop students to be sophisticated users of real estate market studies by acquainting them with modern market research methodologies and computerized market analysis packages at both the site- and project-specific levels. By developing skills for modeling techniques for forecasting supply and demand in specific markets and evaluating sites based on product criteria, the student learns how to estimate market supply and demand for specific property types at a specific location. Topics include income capitalization, highest and best use analysis, the cost approach, the direct. Pre-requisites: REE 5875 and REE 5879

REE 5878     Real Estate Development Process  (3 cr.)

This course will be taken upon entry into the program and will be followed by REE 5879 in order to provide the student with an understanding of the overall operation of the real estate development process and the industry. Together these courses will serve as an introduction to the remaining courses in the program, each of which will build in-depth upon one or more aspects of this course and REE 5879. This course focuses on the initial stages of the real estate development process. Course materials, lectures, and cases provide a comprehensive examination of the nature and current state of the development process including market analysis, acquisitions, discounted cash flow analysis, financial feasibility, pro forma building, the use of debt and equity, site selection, due diligence, and interrelationships of the functional components of the process to each other. Deal-making aspects such as negotiation, structuring, and acquisition strategies also will be included. The course consists of lectures, reading assignments, a group project, and a mid-term test and final exam. Invited lecturers include leading practitioners from the industry.

REE 5879     Real Estate Development Process: Part II  (3 cr.)

This course will be taken immediately after successful completion of REE 5878 in order to provide the student with an understanding of the overall operation of the real estate development process and the industry. Together these courses will serve as an introduction to the remaining courses in the program, each of which will build in-depth upon one or more aspects of this course and REE 5879. This course focuses on to the remaining stages of the real estate development process. Course materials, lectures, and cases provide a comprehensive examination of the nature and current state of the development process including advanced pro forma analysis, land development, land use regulation, dealing with the public sector and the community interests, planning and design, construction management, and the life cycle of projects. The course consists of lectures, reading assignments, a group project, and a mid-term test and final exam. Invited lecturers include leading practitioners from the industry. Prerequisite: REE 5878 - The Real Estate Development Process: Part I.

REE 5880     Real Estate Finance: Markets, Analysis, and Strategies  (3 cr.)

This course provides an introduction to real estate investment and financing principles and practices. The class begins with an introduction to time value of money and discounted cash flow techniques. Using these building blocks, investment theory, asset allocation, and the role that real estate plays in a diversified investment portifolio are presented and discussed. Students develop spreadsheet models to forecast cash flows and sales residuals, using current case studies. Equity returns are measured and evaluated with an emphasis on understanding how returns are impacted by changes in key assumptions. The course reviews leases, expense analyses, market analyses, and the valuation of property. The course reviews the financing of income-producing properties and real estate construction and development projects. Sources of financing and financing techniques are presented along with legal instruments involved in mortgage underwriting and lending. The course concludes with an introduction to alternative financing methods, including joint ventures, private placements, and mezzanine structures. Prerequisites: REE 5875, REE 5876 and REE 5879

REE 5881     Real Estate Law and Ethics  (3 cr.)

This Course focuses on the legal aspects of Real Estate Development, including real and personal property, land, air, and water rights, forms of ownership of land, leases and landlord-tenant relationships, business organizations, purchase agreements and closing transactions, mortgages and other liens, transfer of title, legal instruments, and governmental regulation of real estate development. This course will examine ethical ramifications of Real Estate Development. Prerequisites: ACTP 5001, QNTP 5002, ECNP 5003, and FINP 5008.

REE 5882     Land Use Planning and Project Design  (3 cr.)

This course examines the role of planning and design in the development process as the key stage between acquisition and permitting, and its importance in the overall real estate development process. This course is designed to facilitate an understanding of the importance of site planning and product design. Project planning and design combines art and science for arranging uses of parcels of land to achieve their highest and best operational character and profitability. These disciplines involve the efforts of architects, planners, designers, landscape architects, and others in a coordinated effort. Site visits and guest lecturers from the industry will plan major roles in this course. Prerequisite: REE 5879.

REE 5883     Urban Land Economics  (3 cr.)

This course uses economic concepts to analyze real estate markets, values, and trends. It focuses on the study of cities and their market dynamics, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. It examines the conditions under which some regions thrive while others decline. It evaluates the performance of specific property types during different business and growth cycles and changing monetary conditions. Major urban development issues, decentralization, population and labor force composition, industrial location, urban and regional growth, and land use are examined. The course provides a framework for real estate analysis, including economic and other factors affecting trends in urban structure and land use. This course will also draw on legal principles and prepare the student for other real estate development courses such as market analysis, land use regulation, and finance. Prerequisites: REE 5877 and REE 5879.

REE 5884     Land Use Regulation: Entitlements and Permitting in a Growth-Managed Environment  (3 cr.)

Entitlements and Permitting in a Growth-Managed Environment: This course discusses the legal and regulatory requirements of the entitlement and development approval or permitting process. This includes discussion of laws pertaining to wetlands, endangered species, historical and archaeological sites, air and water quality, hazardous wastes and toxic substances, as well as the purpose, content, and use of environmental impact statements. Issues of Smart Growth and sustainable development are covered. Also covered is the impact on private property rights of land use regulation and growth management through developments of regional impact, comprehensive planning laws, adequate public facilities requirements, concurrency requirements, zoning, and impact fees and other exactions. The course emphasizes strategic thinking and creative approaches to navigating the labyrinth of federal, state, and local laws, rules, and regulations. Primary attention will be focused on growth management and development controls in Florida, but not to the exclusion of other states. Prerequisite: REE 5879.

REE 5885     Building Design & Construction Principles  (3 cr.)

This course examines the essential principles for quality design and construction, including specifically the architectural and engineering aspects of construction management for the real estate developer. Emphasis is on design, programming, and sustainability issues for different project types. The nature and characteristics of construction materials, equipment, and systems used in modern buildings are examined, as well as how they affect function and feasibility. This course also addresses the various roles and responsibilities of the owner/developer, and the relationships among owners, designers, contractors, suppliers, and developers. In addition, students address the importance of teamwork and communication in the development process. The course also reviews the nature and characteristics of the construction materials, equipment, and systems that are used in modern buildings. Emphasis is placed on how the selection of materials, equipment, and systems can affect both the function and cost of the building. Also included is an examination of building code requirements. Prerequisites: REE 5882 and REE 5884.

REE 5886     Managing the Construction Process  (3 cr.)

This course focuses specifically on the stage in the development process that follows entitlements and development permitting and integrates the knowledge learned in previous courses. It is designed especially for real estate development professionals, in both the public and private sectors, who do not work in construction but who need to understand the construction process from excavation to final landscaping. This course will provide the student with a broad foundation in all the essential elements in the life cycle of any construction project, including the basics of contracts and documents, contract pricing, building functions, components, materials and building systems delivery methods, construction sequencing, and types of construction, and considerations in hiring construction professionals, control of cash flow, procurement, management of subcontractors, job records, contract changes and payment procedures. Developing and applying policies and procedures, risk management in the building phase of development project start up and close out techniques, and bid, performance, and payment bonding will be included. Prerequisites: REE 5880 (or FIN 5880) and REE 5885.

REE 5887     Real Estate Investments  (3 cr.)

This course focuses on the techniques used to analyze, finance, and structure real estate transactions from the equity owner's/developer's perspective. It examines the risk and return characteristics of real estate, real estate space and capital markets, project ownership, lease analysis, portfolio management concepts, taxation, and financial structure appropriate for each of the five major categories of real estate investments and developments, multifamily, retail, office, industrial, and hospitality. Students learn traditional and innovative methods of finance such as joint ventures, private placements, and mezzanine structures as well as the derivation of rates of return, cash flow analysis and modeling, estimates of residual and present intrinsic value, commercial lease and expense analysis and inflation sensitivity analysis for new development projects as well as redevelopment/repositioning opportunities. Using Excel as well as ARGUS software, this course explores forecasting project viability and estimating present value as well as analytical techniques of valuation including after-tax cash flow analysis, lease and expense analysis, and sensitivity analysis for both stabilized and new development opportunities. Prerequisite: REE 5880 or FIN 5880.

Capstone Course Requirements (4 total credits)

REE 5888     Real Estate Development Capstone  (4 cr.)

Upon completing the classroom requirements, the students will be required to attend the ULI Fall Meeting for the four days of discussions, panel sessions, project tours, and meetings. A fifth day will be added onsite for a comprehensive examination, and possible additional presentations by industry spokepersons. Prerequisites: REE 5878, REE 5879, REE 5880, REE 5882, REE 5884, and REE 5886. This class is pass/fail and does not calculate into the student's GPA. This course is not financial aid eligible when taken by itself.

Prerequisite Course Descriptions

ACTP 5001     Introductory Accounting  (3 cr.)

An accelerated introductory course stressing the essential elements of accounting skills that will be used in the master's degree program. Managerial uses of accounting data and preparation of financial statements will be covered in this course. Course satisfies program prerequisite of financial accounting for master's degree programs.

QNTP 5002     Introductory Statistics  (3 cr.)

This course satisfies the prerequisite of statistics for master's degree programs. The concepts of statistical notation, probability are covered as well as the principles of estimation using the central limit theorem.

ECNP 5003     Introductory Economics  (3 cr.)

This course is designed to acquaint the student with economic issues of the day (e.g., inflation and recession as they affect family and national income). Students will recognize relationships among prices, wages, profits, and supply and demand as they influence daily lives. Course satisfies program prerequisite of economics for master's degree programs.

FINP 5008     Business Finance  (3 cr.)

A survey of the essentials of finance and its environment. Financial management as it applies to organizations, ratio analysis, leverage, working capital management, capital budgeting, capital structure, and other concepts as they apply to business organizations. Course satisfies program prerequisite of finance for master's degree programs.

Admission Requirements

Applicants to the Master of Science in Real Estate Development program will be evaluated for admission consideration based on the following criteria:

• cumulative undergraduate GPA of 2.5 from a regionally accredited institution (or in the last 60 hours) on a 4.0 scale
• two (2) letters of reference from colleagues or persons who are able to directly attest to your work ethic and character
• professional resume documenting a minimum of two (2) years of full-time work experience
• essay*
• interview**
• successful completion of all prerequisite courses prior to admission
• application materials must be submitted 90 days prior to the term start date***

* Essay, not to exceed 500 words, should address the following questions:

• What do you expect to contribute to the real estate program?
• What is your motivation to succeed in the real estate program?
• What do you expect to achieve in your career as a result of obtaining your real estate degree?
• What contributions do you expect to make to the real estate development industry during your career?

**Qualified applicants will be selected for a 30-minute interview on the basis of their essay, resume, and letters of reference. Interviewed candidates will be notified of the committee’s admission decision in a timely manner to accommodate term registration.

***The M.S. in Real Estate Development program starts every six months, in the October and April terms only.

Program Specific FAQ

How long does it take to complete the program? If taken on a full-time basis without missing any academic terms, the MSRED program can be completed in approximately 18 months.

When are new students admitted to the program? New cohorts begin in the Fall Term (October) and the Spring Term (April).

How often are the MSRED classes held? Classes are held on alternating weekends during an academic term. Academic terms are based on a calendar quarter system. Full-time students take two courses each term.

When are classes held? Classes are held on Friday evening and all day Saturday. The early class on Friday is from 6:00 p.m. to 8:00 p.m. The late class is from 8:15 p.m. to 10:15 p.m. On Saturday, the early class is from 8:00 a.m. to Noon, and the late class is 1:00 p.m. to 5:00 p.m.

Where are the classes held? All classes are held in the Carl DeSantis Building, which houses the H. Wayne Huizenga School of Business and Entrepreneurship on the main campus of Nova Southeastern University in Fort Lauderdale-Davie, Florida.

Do you have an online MSRED Program? The MSRED program is only offered on NSU’s main campus.

Other than as described above is there additional work time? There are several events that our students attend: special industry program, meetings with professional mentors, field studies, conferences, and social events.

What is the best time to visit the program? To learn about the MSRED at the Huizenga School, you are invited to attend one of the Open House sessions offered throughout the year. This offers an excellent opportunity to visit our state-of-the-art facilities, listen to faculty and staff members describe the program, and ask questions. The dates for upcoming Open House sessions are listed under Events.

How does the MSRED differ from the MBA? MBA programs with a concentration in real estate development offer a general business education with a limited number of real estate courses included. The MSRED program at the Huizenga School focuses all courses entirely on the real estate development process and include industry topics presented by leading local and national development leaders.

What distinguishes the MSRED program at NSU from similar programs offered elsewhere? Primarily, two elements differentiate the MSRED at NSU from all other programs offered by other schools. First, the MSRED is based on an intensive study of the real estate development process in the chronological manner in which it occurs in the industry. In addition, all of the instructors in the program are development practitioners; thus developers are teaching developers.

Does the program accept any transfer credits? No. As explained above, the MSRED at NSU is unique from all other programs.

What teaching methods are used in the MSRED program? The program utilizes a combination of lectures, interactive discussions, case studies, computer simulations, group projects and presentations, pro forma analyses, presentations by real estate development leaders, mentoring, and field studies to maximize the value of the educational experience.

Where can I find specific course information? View the Course Descriptions section for more detailed information.

In addition, the syllabus for each course is available for review in the Curriculum section

What is the capstone project? The Capstone Course is designed to combine in an industry environment all the practical knowledge students have learned in the program with a career networking opportunity. The Capstone Course is designed around the annual Fall Meeting of the Urban Land Institute (ULI). ULI is the professional organization for practitioners engaged in all phases of the land use industry. The meeting is held in different cities each year. For more information about the ULI, please visit (add a hyperlink to it please).

Are students required to belong to any industry organizations? Yes, students must join and maintain membership in ULI while they are enrolled in the MSRED program. More than that, they are expected to participate actively in ULI activities at the local level to enhance their knowledge base as well as create an environment that fosters networking opportunities with the industry's key players.

Are there mentoring opportunities? Yes, the MSRED Industry Advisory Committee, which consists of local and national industry leaders, supports the program in various capacities. Our mentorship program is designed to professionally connect each MSRED candidate to a distinguished real estate leader enabling aspiring student developers to exchange ideas, share career insights, and discuss industry news through meetings with their respective mentors.

Does the program enjoy recognition beyond the South Florida market? Yes, the program has developed significant relationships with real estate professional organizations such as Urban Land Institute (ULI), National Association of Industrial and Office Properties (NAIOP) and the International Council of Shopping Centers. Students enrolled in the MSRED program have come from several states and foreign countries.

Is it possible to work while enrolled in the program? Yes, the MSRED program purposely is designed to accommodate students who have part and full-time employment. However, whether a student can work while engaged fulltime in the program is a matter personal to each student.

The Admission Process

The general requirements for admission to graduate programs at the H. Wayne Huizenga School of Business and Entrepreneurship at Nova Southeastern University can be found here.

The admission requirements specific to the MSRED follow.

Are references required? Yes, two (2) letters of reference from two (2) credible sources who know you well, can knowledgeably comment on your promise as a future real estate development professional, and are able to directly attest to your work ethic and character. Your selection of references is important: we ask that a person who recommends you knows you well and can provide detailed, anecdotal accounts of your experience and how this experience has shaped you to become successful as a future real estate professional. A recommender could be your direct supervisor, a person with whom you worked closely on a project, or an academic reference.

Is work experience required? Yes, a minimum of two (2) years prior work experience is required.

Is a professional resume required? Yes, it must document a minimum of two (2) years of work experience.

What are the requirements of the essay? The essay is not to exceed 500 words, and should address the following questions:

• What do you expect to contribute to the real estate program?
• What is your motivation to succeed in the real estate program?
• What do you expect to achieve in your career as a result of obtaining your real estate degree?
• What contributions do you expect to make to the real estate development industry during your career?

Is a personal interview required in order to be eligible to enroll in the MSRED? Yes, qualified applicants will be selected for a 30-minute interview on the basis of their essay, resume, and letters of reference. The interview is conducted by a panel drawn from the MSRED Industry Advisory Committee. Interviewed candidates will be notified of the committee’s admission decision in a timely manner to accommodate term registration.

Is there a deadline for submission of the application materials? Yes, application materials must be submitted 60 days prior to the term start date.

Are there prerequisite courses that a candidate must have completed successfully in order to be eligible for admission to the program? Yes, the candidate must have successful completed of all prerequisite courses prior to admission. The prerequisite courses are undergraduate level courses in Introductory Accounting, Introductory Statistics, Introductory Economics, and Business Finance.

What is considered to be "work experience"? Work experience means full time employment experiences preferably in a discipline in the real estate development industry such as finance, market analysis, construction, planning, design, commercial or residential development, or law.

Is work experience required to be in the real estate industry? Not necessarily. Candidates admitted to the MSRED program come from a variety of professional backgrounds and disciplines. Many of these disciplines are related to real estate. Because the program's curriculum is built upon several disciplines, the scope and dynamic of classroom experience benefits from student diversity. While work experience in the real estate industry is not required, the highly competitive admission process results in the majority of our admitted candidates having had at least some work experience predominantly in an industry related field.

How are interviews scheduled? Candidates will be notified by the Admissions Office when all application requirements other than the interview have been met. If the candidate has been selected for an interview, he or she will be given three (3) specific dates from which to select an interview.

What does the MSRED admissions process seek in an applicant? The application process is competitive and based on a thorough review of your undergraduate preparation and performance, your intellectual vitality, professional promise, work experience, and personal characteristics. Candidates are sought from diverse backgrounds with a high potential to contribute to the program and the real estate development industry following graduation. Applicants are sought whose past achievements demonstrate creative approaches to addressing professional challenges. Because real estate development is a collaborative and dynamic process, candidates are expected to be innovative and entrepreneurial thinkers.

How do I know that my application has been received and I met all the application requirements? Applicants will be notified via email about the status of their application by the MSRED program in the following weeks after the application deadline. While we attempt to make sure the application is complete and notify of any missing materials, ultimately, each applicant is responsible for ensuring all the materials are received in a timely manner.

Where are application materials such as letters of recommendation and transcripts to be sent? Please mail in one complete mailing with document reference number on each piece. You will receive your document reference number after submission of the online application. (Please insert the proper mailing address for the Huizenga admission office instead of EPS).

Tuition, Fees and Financial Support

What is my cost of attendance? A detailed overview of MSRED tuition and fees can be found here.

Are there any fees or costs in addition to tuition, books and activities fees as indicated on the Huizenga School’s website? It is a requirement of the MSRED program that all students enrolled in the program must become members of ULI – the Urban Land Institute. ULI has a specific membership fee for student members. Additional fees may be incurred for student exchanges and travel, distinguished guest lectures, special events, books, case studies, and materials for specific courses.

Is there any financial assistance available for this program? The Huizenga School offers several scholarships to admitted students. Visit our Scholarships page for additional information. We encourage all admitted students to immediately apply for Financial Aid regardless of need and other general scholarships available at the Huizenga School. If you have questions regarding financial aid, contact NSU's Financial Aid Office.

Advisory Board

Wayne Falbey, J.D., D.B.A., is president of the Falbey Group, LLC, a real estate development advisory firm based in Naples, Florida. The firm represents clients internationally, providing services which focus on transactional analysis, acquisition and negotiation strategies, contract structures, land assemblage, due diligence operations, as well as development areas involving finance, entitlements and land use regulation, marketing, product mix, and planning and design issues. Dr. Falbey has had primary oversight for land acquisitions, due diligence, development, and disposition of commercial and multifamily properties. He also has served as chief counsel for the luxury development division of Westinghouse Communities, Inc., with responsibility for developments in Florida and California. Before that, he represented a wide variety of real estate developers, including Fortune 100 companies, in the acquisition, assemblage, planning, permitting, development, construction, marketing, sale, and repositioning of real property. He frequently serves as moderator or member of panels at ULI conferences and proceedings. Dr. Falbey earned the MBA, as well as Doctor of Business Administration degrees. He also holds a law degree from Vanderbilt University and is a member in good standing with the Florida and Colorado bars.

Jorge H. Garcia, AIA, is a licensed architect in 14 states. He has also earned an international reputation for creating innovative national and international facilities including hotels & resorts, commercial, institutional, mixed-use developments and residential projects. He has been the driving force behind Garcia Stromberg’s growth and development since he founded the firm more than 20 years ago. Mr. Garcia’s primary focuses are corporate leadership, design vision, collaboration and growth development for the firm’s philosophical ideals. As a leader and as a visionary, he is a sought after authority on the realities and challenges clients face in the planning, approval and entitlement processes found in today's challenging environment. He graduated with honors from the University of Miami.

Jesse A. Holshouser is the Chief Financial Officer of the Silver Companies, a diversified real estate investment and development firm based in Boca Raton, Florida, and Washington, DC. Since joining Silver in 2003, he has been responsible for originating more than one billion dollars of equity and debt financing for projects developed by the Silver Companies and other developers, including large land development projects (residential and commercial), construction projects (shopping centers, hotels) and existing operating properties (net leased properties, apartment communities, senior housing). Immediately prior to joining Silver Companies, Mr. Holshouser was an advisor to Jack Nicklaus, helping to reorganize his business and family interests. Prior to joining Mr. Nicklaus, he was the Chief Financial Officer of the PGA of America for 11 years. In addition to his CFO role, Mr. Holshouser organized and directed PGA Golf Properties which was involved in the acquisition, development, ownership and operation of golf courses. Prior to the PGA, he was the Chief Financial Officer of a real estate investment banking firm for four years, a management consultant with Price Waterhouse for five years and a real estate appraiser and analyst with a savings and loan company for four years. Mr. Holshouser also teaches Real Estate Investment and Real Estate Finance courses in the Master of Science in Real Estate Development program at Nova Southeastern University.

Mitchel A. Hutchcraft is Vice President of Real Estate for King Ranch and Consolidated Citrus, LP. King Ranch is one of the largest private landowners in the country, with approximately 950,000 acres of land in Texas and Florida. He guides the King Ranch interests in navigating the unique challenges associated with land entitlement and permitting, and also assists the company in evaluating designated properties for long-term value creation with an initial emphasis in the Florida market. The focus of his real estate efforts is to protect against changing regulations, position the company’s lands for future development, develop long-term strategic alliances, and help implement the company's long-term legacy of land stewardship. Mr. Hutchcraft has 21 years of experience in the public sector, private planning/site design consultant services, and as a master planned community developer. He joined The King Ranch in 2007 after stints with other Florida-based concerns: as senior planner and landscape architect for Bowyer-Singleton & Associates, a civil engineering firm; as executive vice president for VanasseDaylor, a land development consulting operation; as director of planning for the Barron Collier Company, based in Naples with land holdings devoted to agriculture, minerals, and real estate development nationally; and as regional vice president for The Bonita Bay Group, a large, multi-project, master planned community developer in southwest Florida. Mr. Hutchcraft also teaches Land Use Regulation and Entitlements courses in the Master of Science in Real Estate Development program at Nova Southeastern University.

Joseph W. O’Connor headed New England Life’s real estate equity investment program from 1976 – 1981. He then founded Copley Real Estate Advisors, which provided real estate investment advisory services to pension funds, endowments and other tax-exempt institutional investors. Copley grew to become one of the largest and most successful real estate investment advisory firms in the country, at one time employing 200 professionals and managing $16 billion in real estate assets. In 1996, Copley and Aldrich Eastman and Waltch merged to form AEW Capital Management, L.P., where Mr. O’Connor served as Co-Chairman until 1998. In 1998, he founded Singleton Associates, which provides real estate counseling, investment and financial structuring advice to commercial and residential developers, investors, and tenants. From 2001 to 2003, he was elected and served as Chairman of the Urban Land Institute. He also has served on the board of Harvard Management Company, which oversees the investments of Harvard University’s endowment. He is the immediate past-Chairman of the Harvard Real Estate Initiative, which is a Harvard-based forum focused on worldwide real estate issues. During the past several years, Mr. O’Connor has been a board member of the MIT Center for Real Estate Studies, the New England Aquarium, the Pension Real Estate Association (PREA), the Real Estate Advisory Board for Continental Bank, the Real Estate Roundtable, and Children’s Medical Center in Boston.

Debbie M. Orshefsky, Esquire, is a shareholder in the Fort Lauderdale office of the international law firm Greenberg Traurig and is Chair of the firm's National Land Development Practice Group. Her practice is exclusively in the areas of land development and environmental law. Ms. Orshefsky began her career in Washington, D.C. representing developers and local governments before federal administrative agencies in the late 1970s. Upon relocating to Florida in 1980, Ms. Orshefsky gained an intimate knowledge of the land use planning process representing private developers and governmental agencies as special counsel. Ms. Orshefsky's focus in land development and environmental law has given her broad experience in comprehensive planning, zoning, subdivision controls, community redevelopment, infrastructure planning and financing, as well as state, regional and local roles in land use decision-making. Ms. Orshefsky is the recipient of numerous awards and has been recognized for her professional and community involvement. A graduate of Washington University, Ms. Orshefsky received her bachelor's degree, summa cum laude, in Urban Studies, in 1975. She received her law degree from George Washington University in 1979. Ms. Orshefsky is a member of the District of Columbia (1979) and Florida Bars (1980).

Mark A. Peterson began his career with Bank of America in 1982 after graduating from University of Texas at Austin. As Senior Vice president-Team Leader, he is responsible for overseeing the Broward County Real Estate Banking Group with loan production of over $300MM per year. His responsibilities include financing for the acquisition, development and construction of commercial - office, retail, multifamily and industrial, and residential properties.

Harry L. Posin is the founder and president of Label & Co. Developments, Inc. He is recognized as one of the most knowledgeable and capable builder/developers in South Florida residential real estate. Mr. Posin spent his first 7 years in the industry working closely with Lewis Goodkin of Goodkin Research. For the last 25 years, he has been Executive Vice-President and then President of Minto Communities where he was also on the Canadian-based parent company’s Board of Directors. Mr. Posin’s experience is primarily in Florida where he has been involved in the development and building of over 20,000 units in every imaginable residential format.

Scott B. Roberts is President and CEO of Hollywood-based First Southeast Mortgage Corporation. Founded in 1985, First Southeast Mortgage Corporation was established to insure that their friends, family, and clients receive the best service, lowest interest rates, and most reasonable closing costs available in the mortgage lending and real estate marketplace. Scott is also President/CEO of First Colonial Realty, a licensed real estate broker and investor that promotes sales, leasing, management, marketing and expertise in real estate transactions and investment.

Eric Swanson, Vice President of Flagler Development Group, is responsible for all asset development operations in the South Florida marketplace. The Flagler South Florida market currently has over 5 million square feet of office and industrial product, as well as over 1,000 acres of entitled land for potential development. Mr. Swanson has been active in the commercial real estate industry for over 23 years, including work in real estate leasing, management, development and sales. Prior to joining Flagler, Mr. Swanson held executive positions with Koger Properties, Codina Development, LandBank Group, and the Broe Group. Over his career, Mr. Swanson’s development projects include office and industrial development in South Florida, New Jersey and Ohio; and several land development projects in those states as well as in Colorado, California and New Mexico. His area of expertise includes real estate entitlements, planning and development of infrastructure, office and industrial development, and land sales.

Terry Stiles, Chairman and CEO of Stiles Corporation, has been at the helm of this multi-faceted organization since 1971. Headquartered in his hometown of Fort Lauderdale, he has grown the full-service real estate company to one of the largest in the Southeast. With over 32 million square feet completed, Mr. Stiles and his organization have garnered numerous awards for development and construction projects, such as office, mixed-use residential, retail shopping centers, build-to-suit facilities, and master-planned, mixed-use corporate parks. In 2005, he was presented with the first annual Industry Leader of the Year Award from the University of Florida Center for Real Estate Studies. He has received numerous other awards and honors from peers in his industry, including "National Developer of the Year" in 2000 from NAIOP (National Association of Industrial and Office Properties); NAIOP South Florida Chapter "Developer of the Year" in 1990, 1993, 1997, 1999, and 2003; and distinguished "Lifetime Achievement Award" in 1997. NAIOP is an important organization to Mr. Stiles; he served as National President from 1997-1998. Mr. Stiles currently chairs the Industry Advisory Committee of the Master of Science in Real Estate Development program at Nova Southeastern University.

Anthony J. Trella is Owner and President of The Meranth Company, a real estate development and investment advisory company. He has a well-established, national reputation that is based on over 30 years of successful accomplishments in executive, marketing and financial management. Mr. Trella’s preeminent achievements were garnered throughout an impressive career as president/CEO of leading real estate organizations, where he directed: the development of over 20,000 acres of land; numerous private and public golf courses; retail and office centers; over 5,000 residential units; and over 3,000 employees. To date, these attainments have resulted in the completion of 15 master planned communities, 20 diverse development projects and over 10,000 residential lots, totaling more than a billion dollars in sales and several hundred million dollars in profits. Mr. Trella’s professional affiliations include the Urban Land Institute for which, in addition to being a frequent speaker and panelist, he is a Trustee, a ULI Foundation Governor, former Chair of the Community Development Council (Green Flight), a District Council Counselor, and the former Chair and current member of the South Florida/Caribbean District Council’s Executive Committee. He also serves currently as the Developer-in-Residence for the Master of Science in Real Estate Development program at Nova Southeastern University.

Kenneth Wurtenberger, Esquire, heads the real estate department for the Fort Lauderdale office of Adorno & Yoss LLP, a national law firm. He has been practicing for more than thirty-five years, primarily in the commercial and residential real estate areas. He is a graduate of Syracuse University where he earned a BA degree in economics and is a graduate of Brooklyn Law School. Mr. Wurtenberger has represented single and multi-family home builders and commercial shopping center developers throughout Florida. He was named the Top Dealmaker for the Year by the Daily Business Review for the year 2007 for residential multi-family transactions and was nominated again for the year 2008 for multi-family residential distressed transactions.