Development Conceptualization

Evaluate how property developments/investments are conceptualized, designed, delivered, and managed to maximize their value and return on investment.

Development Conceptualization is the spark that ignites a project. More than that, the conceptualization phase requires critical thinking and proper due diligence to turn an idea or concept into a full-fledged project. This is the phase where we ask the questions that guide our development. One of the first questions that needs to be answered when conceptualizing a new development is “what unmet need is this satisfying?”. If that question cannot be answered, then the initial concept has little room to grow.

In LDEV 667, we learned about all the different parts of the development process. We learned the importance conceptualization phase and how it puts the rest of the process into motion. The key theme around whether or not a concept is viable is feasibility. You have to constantly be asking the question “is this feasible?”. As you acquire more information and the concept gets more fleshed out, the answer to that question will become increasingly clear. Through this class, we learned the process through the early development phase, from idea inception and idea refinement, all the way through to contract negotiation.