Using the redevelopment of Indianapolis’ Circle Centre Mall as their hypothetical case study, future leaders of the real estate industry recently competed for the Wally F. Holladay Entrepreneurial Excellence Award and a $5,000 Scholarship provided by the Opus Foundation.
The Indiana chapter of NAIOP, a commercial real estate development organization, started the local University Challenge, now in its sixth year. This year, the Indiana district council of the Urban Land Institute, a nonprofit education and research institute focusing on responsible land use and development, partnered with NAIOP to expand the program.
“The University Challenge is a unique opportunity for the central Indiana real estate industry to meet the best and brightest talent that will be graduating from our Indiana universities in the near future,” said Shawn Bullock, senior vice president of Associated Bank. “Real estate leaders attending the presentation have the opportunity to network with the next generation of real estate candidates they can hire down the road, keeping valuable talent in Indiana. Attendees also benefit from the inspiration that comes from hearing a fresh perspective on major projects in Central Indiana and they can influence the outcome of the competition through the audience participation poll at the end.”
The event and scholarship is made possible by a 10-year commitment by the late Wally Holladay, along with sponsorship by both Holladay Properties and the Opus Foundation.
This year’s participating universities included Ball State University, Butler University, Indiana State University, Indiana University–Purdue University Indianapolis and University of Indianapolis. Jurors included Luke Aeschliman, Circle Centre mall manager, Simon Property Group; John Cumming, senior vice president, Strategic Capital Partners; Jeff Milliken, AIA, LEED AP, principal, RATIO; Sherry Seiwert, president, Downtown Indy.
The students presented their ideas during an event at the in Regions Tower on April 20. After the juries scored the entries and named the top two teams—IUPUI and the University of Indianapolis—an audience of ULI and NAIOP members watched the finalists present their entries and voted for their favorite one. The team with the most audience votes received a 10-point bonus, determining the final score. The University of Indianapolis won by one point.
Given the rise of e-commerce and the evolving trends in retail facilities, the prominent Circle Centre Mall provided an applicable and interesting choice for this year’s case study. The University of Indianapolis’ revitalization concept included targeting the space to a high-end technology company and introducing an urban Target store and other updates. IUPUI’s development idea included introducing a hotel and technology start-up incubator space as well enhancements to the retail space.
The teams’ presentations included detailed analyses, plans and data, and the ideas were diverse, with property types including a hotel and condos, a startup incubator, a market and live entertainment venue, a casino, a Target, and office space for an emerging tech company.
NAIOP, the Commercial Real Estate Development Association, includes developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP comprises 18,000 members in North America, advances responsible commercial real estate development, and advocates for effective public policy. For more information, visit www.naiop.org.
About the Urban Land Institute
The Urban Land Institute is a nonprofit education and research institute supported by its members. Its mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. Established in 1936, the institute has more than 40,000 members worldwide representing all aspects of land use and development disciplines. For more information, please visit uli.org or follow us on Twitter, Facebook, LinkedIn, and Instagram.
About the ULI Indiana District Council
Founded in 2007, ULI Indiana is one of more than 50 District Councils in North America. District Councils are ULI at the local level, and implement the mission by connecting individuals and convening groups, providing a forum for education and sharing best practices, and giving back to our communities. ULI Indiana is a statewide district council, with our work focused in urbanized areas, especially central Indiana, metro Louisville, Ky. and Fort Wayne, Ind. For more information, please visit indiana.uli.org or follow us on Twitter (@uli_indiana) and Facebook (facebook.com/uli.indiana).