Chapter 12
Development Project Appraisal*
The following case study is related to the valuation of a plot of land located in Manhattan, New York City, where the Highest and Best Use (HBU) has been identified in the Development of a luxury residential condominium with retail space at its base. As a complex Development Project which will take a few years to be completed, a Multiple Periods Residual Value Approach is deemed to be the most appropriate valuation method.
(*)This case study has been written by Arianna Mazzanti.
Arianna Mazzanti is a financial project manager at Milanosesto Development – Prelios Group, which foresees the mixed-use development of over 1 million m2 of new and renovated spaces and 650,000 m2 of green spaces on the former Ex-Falck industrial area in Sesto San Giovanni (Milan).
Previously she worked for Bizzi&Partners Development, a global real estate firm active in established and emerging markets across Europe and The Americas. Before moving to Milan, she was based for over three years in New York focusing on real estate projects in the United States, mainly the development of luxury residential buildings with retail space and the conversion of an office building to a condominium.
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