Stanford Takes Home the Golden Shovel in NAIOP's 35th Annual Real Estate Challenge!
We are thrilled to announce that the 35th Annual NAIOP SFBA Real Estate Challenge was featured on the front page of the San Francisco Chronicle.
Dive into their full article here.
Take a look at the photo gallery!
Event Recap
NAIOP San Francisco Bay Area Chapter (NAIOP SFBA), the premier commercial real estate development association, is proud to announce that the Stanford team has won the 35th Annual Real Estate Challenge.
The Real Estate Challenge, NAIOP SFBA’s version of the Big Game, is a real estate development competition between legendary rivals Stanford University and the University of California, Berkeley (Cal). The unique program is designed to give graduate students hands-on experience in real estate development. Teams are charged with devising and successfully pitching a solution to a complex real-world real estate scenario. Participants embark on an intensive ten-week journey in which they engage with a large number of project sponsor representatives and city officials. They also receive guidance and mentorship from a prominent commercial real estate industry professionals.
This year's site, the historic San Francisco Center, was one of the most exciting in the history of the competition. Students worked with members of the Mayor's staff and a wide variety of stakeholders to create the most feasible, highest, and best use of the selected site.
The Stanford Team, California Cardinal Development Partners, was coached by Todd Regonini, President and Chief Development Officer, Sares Regis Group. Team members included Gabriela Diaz, Barclay Jones, Andrew Paulmeno, Sydney Tomlinson, and Yvonne Lee. In addition to bragging rights, the team took home the coveted James W. Brecht Memorial Golden Shovel and a $1,000 check for charity (compliments of GreenRock Capital) at NAIOP SFBA’s Annual Real Estate Challenge Luncheon on April 24th.
Stanford’s winning proposal, The Sequoia, features close to 200,000 square feet of space earmarked for use by universities, 100,000 square feet for research and development uses, promising to bring thousands of students and professionals back into downtown, as well as a curated coworking space that is intended to adapt to post-pandemic work patterns.
On the hospitality front, their plan includes an entertainment venue called the Perplexiplex. The plan includes partnership with renowned event groups such as Team Labs and Meow Wolf to create large scale immersive art installations, and would open a 60,000-square foot facility that could also function as a concert venue. For family fun, the Sequoia would also feature a 50-square-foot go-karting track and a trampoline park.
Completing the mall’s transformation would be the addition of a large food hall with over 40 bars and restaurants, shops focused on bespoke offerings sprinkled throughout the property, and 300 new apartments.
The Stanford students estimated that their plan would require a $1.1 billion investment with nearly $400 million in equity. Once the project is stabilized, which they projected to occur in 2033, the project’s value would rise to $1.5 billion.
Coaching the Cal team was Bill Falik, Managing Partner, Westpark Communities. Team members included Collin Beresford, Findlay Douglas, Nick Hanoian, Johnathan Pawluk, and Siah Siabi.
U.C. Berkeley team, Center Development Group gave an excellent presentation as well. The development was called “Center SF” and the project features “The Cube,” a 419,000-square-foot entertainment venue with 6,000 seats and gallery space for interactive exhibits and installations, as well as a 30,000-square-foot, interior-exterior nightclub. Additionally it includes educational space, a food hall, experiential retail and 150 units of affordable housing.
This year’s esteemed jury was chaired by Miles Treaster of MBM Companies and included Amanda Monchamp of Monchamp Meldrum, LLP; Rich Ambridge, of Ambridge Group LLC; Kelly Kline, Associate VP Local Government Affairs, Stanford University; and Ross Stackhouse of Tidewater Capital.
NAIOP Real Estate Challenge Chairman Dennis Williams, Managing Director, Northmarq Capital, who has served in a leadership role since 1992, once again lead the process. Williams was supported by Committee Members: Anna Cole, Stockbridge; Alysia Vigil, Shorenstein Properties; Evelyn Weis, Calzada Capital Partners; Charlie McEachron, Drawbridge Realty; Lauren Pressman, Hillspire; and Lauren Young, PCCP, LLC.
