ABSTRACT

Good design increases the economic value of a real estate development project and its intrinsic value to the community, but good design is in the eye of the beholder and there are often many eyes on a development project. As a result, the design process is not a solo act but rather an ensemble performance by a large cast of actors including neighbors, community groups, politicians, investors, lenders, buyers, and architects, led by the real estate developer. These actors represent a broad range of competing and sometimes conflicting interests and they exert varying degrees of influence on the design process and the physical form of the building. They also have very different ideas of what good design means, seeing a project differently based on whether they are more interested in their experience of the exterior or the interior of the building. The real estate developer must listen carefully and balance these interests to ensure a successful project – one that attracts capital, community support, city approvals, and interested buyers. This chapter begins with a cast list of the actors and their interests and then considers good design from three perspectives: high vs functional design, the monetary vs intrinsic value of property, and what users of real estate really want. The case of a high-rise condominium project in Chicago illustrates how one real estate developer successfully reconciled these competing interests and the chapter concludes by arguing that savvy developers increase their chances of success by using the design process to manage risk.