Last weekend an imaginative group of Roosevelt University students from the school's Marshall Bennett Institute of Real Estate beat out competitors from other nearby colleges like DePaul, Marquette, and University of Illinois in this year's Harold E. Eisenberg Foundation Midwest Real Estate Challenge. Their first-place plan addressed this year's assignment to reimagine the 38-acre Sears Holdings Corporation site at 62nd and Western. The proposal was built around provision of retail, health facilities, educational facilities, and community sports spaces in a development they called the Marquette Park Promenade. Second-year graduate student and team leader Chase Morris told us about the winning experience:
Curbed: Where did your team get the idea for the Park Promenade proposal?
The idea evolved from several interviews with the City of Chicago Department of Housing and Economic Development, Greater Southwest Development Corporation, Chicago Lawn business owners, and various real estate professionals. In addition, we performed a thorough real estate market analysis which also heavily influenced our final development proposal.
Curbed: What would you say you and your team learned from this challenge?
As a team we learned the value in addressing the needs of community stakeholders coupled with strong research and analytical methods. We also gained practical experience with every stage in the real estate development process, from zoning to site selection/assemblage, architecture, market analysis, and public-private financing.
Curbed: How did you and your team celebrate your victory?
With Chicago pizza and local beer while discussing graduation, new employment opportunities, summer plans, and our victory.
·Roosevelt students win Eisenberg Foundation Midwest Real Estate Challenge [RU]
·Three Questions [Curbed Chicago]