Stakeholder management : a best practice within the predevelopment phase of mixed use projects

Abstract

As a management process real estate development can be abstract and cumbersome. Demand for space, availability of capital, regulatory conditions and other variables can be forecasted, but never entirely predicted. The role of a development manager relies heavily on the strategic application of a process that is fluid and dynamic. By investigating the methodology employed to develop large mixed-use projects, this thesis intends to demonstrate the significance of the predevelopment phase in order to clarify how certain best practices, specifically stakeholder management, can enhance performance. A theoretical framework and process map is offered that outlines the predevelopment process. Data was solicited through direct interviews and secondary sources then synthesized into a series of three case studies on predevelopment. Strategic relationships with vested and non-vested parties advocate the application of stakeholder management theory. The intent of this research is to equip the development manager with a theoretical compass, integral in navigating the uncertain and risk-laden waters within real estate development.