ABSTRACT
It is fitting, in beginning this introductory chapter, to Asset Classes in general and to asset categories within the real estate asset class in particular, to consider whether the twentyfirst century will mark the advent of an entirely new classification of real estate development: walkable urban places or “WalkUPs.” Just as a neighborhood retail center is not the same as a regional mall – despite the fact each falls within the “Retail” category of real estate asset
classification – it would be equally wrong to characterize a downtown office building with ground-floor retail as the same thing as a Mixed-Use development project, occupying one or more full city blocks, with a broad mix of commercial office, residential (rental and for-sale), retail, entertainment, and hospitality uses. In addition to offering an in-depth exploration of real estate as an asset class, and the many classifications of real estate product within that single asset class, this chapter proposes that the WalkUP should be considered as its own classification, particularly when examined through the prism of The Development Process.
