new century cities the real estate developer value proposition david geltner tony ciochetti mit cre director november 10 2004 to get capital in private sector you need be able pay cost of opportunity occ what investors could expect earn on alternative investments similar risk subject investment this is determined by supply & demand equilibrium within markets including but not limited property asset market as a branch security mkt line expected return suppliers are averse require higher returns more risky r f disc rate required oppty total rp y g curr income growth among today for assets question world example 1 lincoln st state bank bldg orig one ctr development project analysis early 2000 approach boston class cbd office sales comps cap rates ranged
