3 ASU Real Estate Grad Students Take Cash In Real Estate Challenge
Anna Sepic, Jay Van Tussell and Kyle Trent, graduating students from ASU’s W.P. Carey School of Business, Master's of Real Estate Development, have won the fourth annual MRED-REIAC/Rockefeller Group Challenge, taking $1K in prize money each.
This year's challenge was to devise a master plan for a mixed-use development at Dorsey Lane and Apache Boulevard in Tempe. The site is made up of six separate parcels, including a new school for the arts, a retail center at Dorsey and Apache, retail/office space at a different corner of Dorsey and Apache and three parcels of vacant City of Tempe land.
The winning students, competing against three other finalists, called themselves Spire Development, and their project was Third Space, a four-phase master plan that included 70 apartments, 50 flats, 43 lofts, 16 studios and 13 townhomes; a new school for the arts; a restaurant; a gym; and retail, office and community space.
Each of the finalists was allotted 10 minutes to present a development proposal, followed by questions from the audience. Audience members chose the winning team immediately after the presentations. Sepic said the biggest challenge the team faced was making the financials work.
