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Vocabulary terms and definitions covering real estate finance, site planning, transportation engineering, urban design history, and professional practice based on the lecture notes.
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Pro forma
A financial model projecting a project's costs, revenues, and returns, including land cost, hard costs, soft costs, financing, and projected NOI or sale price.
NOI (Net Operating Income)
Gross rental income minus operating expenses (excluding debt service); it is the core metric for valuing income-producing real estate.
Cap Rate (Capitalization Rate)
Net Operating Income (NOI) divided by property value or purchase price; a lower rate indicates a more expensive or less risky market.
Yield-on-cost
Projected NOI divided by total development cost; used to determine if a deal is viable by comparing it against market cap rates.
Hard Costs
Expenses related to physical construction, such as materials, labor, and sitework.
Soft Costs
Development expenses excluding physical construction, typically comprising 15−30% of hard costs, including design fees, permits, legal, financing, and marketing.
Land Residual
The maximum supportable land price, calculated as total development value minus hard costs, soft costs, and profit margin.
Anchor Tenant
A large, high-traffic tenant, such as a grocery or department store, that drives customers to a center and makes surrounding inline tenants viable.
Inline Retail
Smaller tenant spaces, typically 1,000−5,000SF, located in a row between or adjacent to anchor tenants.
Pad Site
A freestanding outparcel at the perimeter of a shopping center, often used for banks or fast food, that is frequently ground-leased separately.
Trade Area
The geographic zone defined by drive time or distance from which a retail center draws its customers, categorized into primary (70% of customers), secondary, and tertiary rings.
NNN (Triple Net) Lease
A lease where the tenant pays base rent plus their pro-rata share of property taxes, insurance, and maintenance.
GLA (Gross Leasable Area)
The total floor area designed for exclusive tenant occupancy and use, distinct from gross building area.
Plat
A legally recorded map required before issuing building permits that subdivides land into lots, blocks, easements, and public dedications.
Variance
A site-specific exception to a zoning standard granted by a Board of Adjustment based on a showing of hardship.
Development Agreement (DA)
A contract between a developer and a municipality that locks in regulatory rules in exchange for public benefits like infrastructure or affordable units.
Vested Right
The legal right for a developer to proceed under the zoning rules that were in place at the time the project was approved.
DRB (Design Review Board)
A municipal body that reviews projects for conformance with design standards such as aesthetics, massing, and materials.
Utility Easement
A legally recorded right for a utility provider to access and maintain infrastructure across private property, where development is prohibited.
Detention Pond
A basin that holds stormwater temporarily and releases it slowly, remaining dry between storms.
Retention Pond
A basin designed to hold water permanently, also known as a wet pond.
Cross-section
An engineering drawing showing a cut through terrain or infrastructure to illustrate grades, dimensions, and relationships.
Right-of-way (ROW)
The publicly owned corridor used for streets, sidewalks, and utility zones.
Speck's Four Conditions for Walkability
A walk must be: (1) Useful, (2) Safe, (3) Comfortable, and (4) Interesting.
Spatial Enclosure
The sense of being in an outdoor room, ideally created by a building height-to-street-width ratio (H:W) of 1:1 to 1:2.
ULI (Urban Land Institute)
A leading research and networking organization for real estate and land use that publishes market reports and hosts advisory panels.
AASHTO
The American Association of State Highway and Transportation Officials, which sets standard lane widths (e.g., 11−12ft for arterials).
NACTO
The National Association of City Transportation Officials, which advocates for urban street designs like 10ft lanes and protected bike lanes.
ITE (Institute of Transportation Engineers)
An organization that sets trip generation rates used in traffic impact studies, often criticized for over-estimating traffic in urban contexts.
Statement of Qualifications (SOQ)
A document describing a firm's experience and approach, submitted as the first step in public project procurement.
Scope of Work
The contractual definition of tasks, deliverables, and revision rounds to be provided by a firm.
90-degree Parking Stall Dimensions
Standard: 9ft wide by 18−18.5ft deep; Compact: 8.5ft×16ft.
Parking Module
One drive aisle plus two rows of stalls; a standard 90-degree double-loaded module is approximately 63ft.
Inline Retail Dimensions
Ideal depth of 60−80ft and structural bays of 20−25ft; minimum ground-floor height of 14ft.
Surface Parking Ratio (Retail)
The industry standard is 4−5 spaces per 1,000SF of Gross Leasable Area (GLA).
Structured Parking Costs
Above-grade costs are approximately $25,000−35,000 per space; below-grade costs are $40,000−60,000+ per space.
City Beautiful Movement
A movement led by Burnham proposing grand civic axes and monumental parks, exemplified by the 1909 Plan of Chicago.
Garden City
Ebenezer Howard's 1898 concept of self-sufficient towns of approx. 32,000 residents surrounded by greenbelts.
Urban Renewal
Federal slum clearance authorized by the 1949 and 1954 Housing Acts that displaced hundreds of thousands of households, primarily in minority neighborhoods.
Pruitt-Igoe
A St. Louis housing superblock demolished in the 1970s, often cited as proof of the failure of Modernist planning.
Euclid v. Ambler Realty (1926)
The Supreme Court case that upheld use-based zoning as constitutional, forming the legal foundation for American zoning.
Image of the City
Kevin Lynch's 1960 work defining five elements of mental mapping: paths, edges, districts, nodes, and landmarks.
Social Life of Small Urban Spaces
William H. Whyte's 1980 study which found that people are attracted by other people, moveable seating, food, and sun.
A Pattern Language
Christopher Alexander’s 1977 book featuring 253 design patterns to solve recurring human needs.
HOLC Redlining
1930s federal mortgage risk maps that denied backing to Black neighborhoods, resulting in long-term structural inequality.
Charter of the New Urbanism
The 1993 founding document of the CNU addressing design at three scales: (1) Region/City, (2) Neighborhood/District, and (3) Block/Street/Building.
Seaside, FL
The first completed Traditional Neighborhood Development (TND), designed by Duany and Plater-Zyberk (DPZ) in 1981.
Smart Growth
A late 1990s policy framework focused on compact development, transit, and environmental protection, often contrasted with the more design-prescriptive New Urbanism.
Broken Windows Theory
A 1982 theory by Wilson and Kelling suggesting that visible minor disorder invites more serious crime.
IRR (Internal Rate of Return)
The annualized percentage return on equity invested; primary metric for evaluating developer deals with targets often at 15−20%+.
Highest and Best Use (HBU)
The use of a property that is physically possible, legally permissible, financially feasible, and maximally productive.
Parametric Design
Rule-based design where variables automatically update the model; Grasshopper for Rhino is a primary tool.
Level of Service (LOS)
A traffic engineering grading system (A-F) that measures vehicle delay at intersections.
Tactical Urbanism
Low-cost, temporary, citizen-led interventions like pop-up bike lanes or parklets to demonstrate potential change.
Gentrification
An influx of capital and higher-income residents into a lower-income neighborhood, which may lead to displacement.
Blight
A contested term for physical deterioration used legally to condemn land, often disproportionately applied to minority neighborhoods.
The 5 Ps of Walkability
Speck's requirements for walkable urbanism: Population density, Proximity, Pedestrian friendliness, Parking policy, and Political will.
Form-based Code
Zoning organized by building frontage, height, and setbacks rather than land use.
Speck's Walkability Density Minimum
Residential needs at least 10−15 units per acre; retail/mixed-use needs 20−30+du/ac.
Yield Lane
In Jeff Speck's design, a single 12-foot bi-directional shared travel lane where opposing cars must yield to each other.