NEWSLETTERISSUE No. 6

September 2016

“ASURED” PROGRAM

“FROM IDEAS TO ACTION”

PROGRAM

CEP ACTIVITIES

PUBLICATIONSPROGRAM

&RESEARCH

NETWORKING

Liviu Ianasi lecture

Liviu Ianasi lecture

“ASURED” PROGRAM

2/07

– THE CLASS OF 2014-2016 OF THE ASURED PROGRAM sustained their final dissertations in June 2016, and had a maximum promotion rate. A selection of the best papers will be published in the upcoming online journal issues.The award ceremony for the first graduates of the ASURED Program, the Class of 2014-2016 was held in the welcoming presence of the Dean of the Faculty of Urbanism, UAUIM, Mr. Claudiu Runceanu, the CEP Director, Mr. Mircea Enache, the Members of the Commission and CEP Staff and was followed by a short catering event. All ASURED graduates are qualified to become IUA (International Urban Alliance) Members.

– The ASURED Class of 2015-2017 continued their program with the courses given by Gabor Sooki-Toth, Florentina Iugan, Nicoleta Radu, Dietmar Wiegand, Iuliana Leon & Raluca Mișu, Gabriel Pascariu, Evelyn Ernst, Lucian Hoancă, Ion Anghel, Kerem Arslanli.

RE 2 – Real Estate Development in Europe - Gábor Soóki-Tóth, BUDAPEST, HUNGARYThe course provides an overview of the real estate development process using examples primarily from the European context, and covers the basics of location analysis, product development (“urban product”), development appraisal, market research, construction, marketing and the relationships between the developer, the local government, the tenant (final user), the investor, the financier and the several professions that contribute to the success of development.RE 3 – Real Estate, Local Government & Law - Florentina Iugan, ROMANIAThe real property market is affected by government policies on planning, building permitting and land registration. In this course the relation between the real property and the law is assessed in terms of: real property rights and legal restraints; land-use planning and development controls, building standards and permitting systems, regulations vs. deregulation procedures. A focus is on the interaction between real estate business and the local authorities, from red tape to a market-responsive planning and regulatory systems with impact on increasing real estate market efficiency.RE 4 – Real Estate Investment Markets in CEE - Nicoleta Radu, MRICSThe course touches elements of initiating a proper investment environment on real estate market, starting with an overview of the geopolitical context of the CEE, while the differences between countries is illustrated, continuing with figures and parameters of each country market in terms of economical conditions that create the fundamentals of a mature market place to develop sustainable products for investors.UP 4 – Integrated Urban & Real Estate Development - Dietmar Wiegand, VIENNA, AUSTRIABased on the reflection of cases and their individual experiences students gain competencies to apply theories, models and methods of systemic management to steer urban development by different types of projects and to develop infrastructure and real estate successful and with positive externalities.

RE 5 – Large Urban Projects – Legal Aspects - Raluca Mișu, ROMANIA and Iuliana Leon, ROMANIALegal issues regarding real estate transactions in Romania is a brief roadmap of the real estate transaction on the Romanian market and describes the legally available alternatives for implementing a real estate transaction under the Romanian civil law system.“The legal side of the urbanism” presents briefly, from the legal perspective, the main instruments of urbanism and the legal and de facto consequences on investment of the flaws in the permitting process.Finally, “Legal structuring of the public-private partnerships contracts” (Iuliana Leon) explores the legal base, the limited experience, and the difficulties of applying PPP in development projects in Romania.UP 5 – Urban Regeneration: Large Projects Design - Gabriel Pascariu, UAUIM, ROMANIAThe main objective of the course is to explain the concepts of urban regeneration and integrated urban development and to describe the specific processes, methods and instruments related to these. The module will include theoretical and practical activities and will be mostly interactive. By the end of the course the students will get an adequate understanding and the capabilities to develop integrated projects and urban regeneration strategies. The evaluation of the module will be based on the elaboration of an integrated regeneration project for a defined urban area.RE 7 – Location & Market Analysis for Real Estate - Evelyn Ernst, VIENNA, AUSTRIAThe measurements of demands for real estate products as well as for specific projects (marketability analysis) are subjects of this course.Students examine techniques for forecasting demand and supply in specific markets and evaluating sites based on product criteria. Products include residential, hotel, retail, offices, industrial and mixed use properties. The final sessions deal with feasibility analysis. Real estate development issues are presented in respect of the results of location and market analysis, including due diligence, calcula-tion, feasibility studies, investor presentations, networking and negotiations with potential property managers and investors, selection and leadership of design teams, preparation of LoI, MoU, etc.RE 6 – Large Urban Projects: Financing & Management - Lucian Hoanca, ALLTROM GROUPThe course is the third in the “Large Urban Development Projects” cycle offered in the ASURED Pro-gram. After exploring the design and the legal aspects of large urban projects, the complex issues of financing and management are discussed in this course by ALLTROM experts with excellent experi-ence in implementing such projects.The step-by-step process of identifying and tapping into the financing sources available for the project, as well as the complex process of implementing the project are presented to the students. A brief discussion of the property management activities is also included.RE 8 – Real Estate Appraisal/Valuation - Ion Anghel, MRICS, ASEThe measurement of the market real estate value is the main subject of this course. Students exam-ine fundamental concepts, professional standards, principles, approaches, methods and procedures in property valuation. While detailed solutions are included for an important variety of appraisal issues the emphasis is on the logic and principles. The goal is to teach students to think about valua-tion in a logical, intuitive way, so they are able to creatively solve problems from the real world.RE 9 – Investment Analysis in Real Estate - Kerem Yavuz Arslanli, ISTANBUL, TURKEYThe investment process requires a multidisciplinary set of property skills, sound market and asset based specific knowledge to facilitate the investment decision. Factors needed to conduct an invest-ment analysis will be reviewed: market analysis, marketability, feasibility, specific risks, finance, and tax.This course focuses on forecasting project viability and estimating discounted present value and investor internal rates of return. By the end of the course, the student should feel comfortable with the synthesis of the three most important variables associated with any real estate investment: money, time, and risk.

3/07

“FROM IDEAS TO ACTION” PROGRAM

- BUCHAREST CENTRAL RAILWAY STATION - URBAN REGENERATION AREA - CREATIVE SOLUTIONS The 2014 Opportunity Study had a significant impact on the general audience and the potential stakeholders of such a complex and important project for Bucharest and Romania. The study reached the desk of the government (several ministers, counselors and the prime-minister), the Mayor of Bucharest and several departments in the Bucharest City Hall. Dr. Mircea Enache presented the project in the BUCHAREST FORUM 2014 Conference, the international strategic event organized by the Aspen Institute Romania. Investment funds and local land owners, such as IDM – the company owning the bus terminal near the Central Railway Station - showed interest in the project. The French Embassy in Bucharest asked Dr. Enache and his colleagues to give a one-hour presentation of the Central Railway Station project and scale model to the delegation of the French Ministry of Development which was visiting Bucharest in 2015 for talks with its Romanian counterpart, the Ministry of Regional Development and Public Administration (MDRAP). Dr. Kurt Puchinger, the retired Planning Director of Vienna, Austria, and author of the new main railway station in Vienna (Hauptbahnhof) visited the Center of Excellence in Planning (CEP) in Bucharest in 2015 to discuss the bold proposal advanced by the Romanian planners.

After almost two years from the publication of the CEP Opportunity Study for the Bucharest Central Railway Station Urban Regeneration Area, the government showed interest in the CEP initiative. On March 31, 2016 Dr. Enache was asked by the Minister of Transportation Dan Costescu to form a Task Force to inject more technical detail into the 2014 proposal. The Minister also expressed interest in burying the rail tracks on a longer tract, starting from the Chibrit intersection all the way to the existing station – a total length of almost 3 km. The solution would be highly beneficial to a much wider urban area, by allowing an East-West street level crossing to connect to the Lacul Morii and decongeting the heavy traffic in the Militari area. The Task Force was supposed to test this idea by analyzing in more detail the technical and financing challenges of such a solution.Based on all of the above studies and analysis, the proposed solution is a bold and modern eurostation with two terminals, a solution similar to many airports. The main station (Terminal A) is proposed to be built in an area about 1.3 km North of the existing station, just North of the Grant Bridge. It is an area with multiple existing rail tracks, in close proximity to public transportation on Grivita Street. The new station (Terminal A) is proposed to be built simultaneously with an adjacent mall while the entire railway operation of the Central Station would be uninterrupted through the construction of a light temporary facility on the rail tracks existing in the area. Terminal A and the adjacent mall would be linked to the current rail station (Terminal B) through a high-density urban spine, with a business center, international conference center, administrative buildings, an eco-district, as well as commercial, cultural, entertainment and restaurant facilities. The solution proposes a fast link between the two terminals, for example a monorail (an approach widely spread in airports). The fast double monorail connection would have a stop under the Basarab Bridge with immediate access to the Basarab metro station and the metro stations which are available in the existing railway station area.

4/07

– BUCHAREST FORUM / KEYSTONE PROJECTS On 31st of March, 2016, Mircea Enache participated as a speaker at the Bucharest Forum / Keystone Projects in Bucharest.Bucharest Forum / Keystone Projects is part of a series of events organized by the Aspen Institute Romania at its tenth anniversary. The initiative supports the creation of a vision for the long-term development of Romania and processes to develop innovative and sustainable public policies. The event aims to capitalize capital projects to geographic location and connection to the main corridors of trade, transport and energy in the region and Europe as well as urban and metropolitan affairs. Bucharest Forum / Keystone Projects supports the strategy of Romania's territorial and economic development, focusing on developing and implementing concrete measures to support the ability of urban centers to generate growth through the intelligent use of human capital and innovative financial instruments. Bucharest Forum / Keystone Projects integrates components of urban management, the size of population health and Romania Gateway logic, interconnection systems, transport and energy, creative industries, in order to ensure a balance between the requirements of economic development policies, urban planning and cultural funding.

- CONSTRUCTION AND INFRASTRUCTURE IN 2016On Wednesday, 15th of March, 2016, four CEP Members, Alexandra Coltos, Cristina Canciovici, Ioana Nenciu and Vlad Pîrvu, attended the “Construction and Infrastructure in 2016” conference in Bucharest. The current economic context, indicating a recovery in many segments, however, continues to be marked by uncertainty. A vital sector in Romania is the infrastructure and construction, where projects are needed both to allay and for attracting new investors.Capital and organized the Networking event Forum "2016 Construction & Infrastructure, Construction Agenda - State Auctions" which aimed to answer several questions:

CEP ACTIVITIES

The current railway station (Gara de nord - Terminal B) would become operational at a later stage, if two railway tracks are built in a tunnel under the Dinicu Golescu Boulevard (starting 4 km North, toward Chitila) and are accessed from Terminal B. If financial resources are available in the future, the two tracks could be continued towards Gara Progresu’ and the Bucharest rail ring, or towards Militari and the rail ring, at a cost of 40-50 million euro per km for the tunnel-buried sections.

It is important to note that the Central railway Station can function without underground train access to Terminal B, in case such a solution is not technically and financially feasible or politically acceptable. In that case, Terminal B would function as an administrative, commercial and cultural area, with strong connectivity to the city.

5/07

6/07

– AEEF – BUCHAREST GREEN BUILDINGS ANALYSIS – OFFICE BUILDINGS EDITION In March, 2016, Claudiu Diaconescu participated in the AEEF scientific circle, taking part in 2 ongoing projects, in which both assemblies are researching new living units with an investment of over 1 million euro and green office buildings.The procedure was based on data collection and interpretation, putting them into tables, correlation etc. His group was given a list of residential districts, known last year, a list that must be filled by students from ESA. They were divided into teams, covering the North, South, East and West of the capital - Data to be collected (prices, apartments etc.).

– LARGE URBAN PROJECTS - ARCHITECTURE , URBAN PLANNING CONTINUUM - Dr. arch. Mircea Enache On 19th of September, 2016, OAR hosted an event on the subject of Large Urban Projects.Major urban projects are achieved at the intersection and collaboration of over 20 professions and specializations, including a central role were architects and planners ("dreamers"), developers (entrepreneurs), lawyers, investors and bankers (facilitators) and builders (implementers). Mircea Enache commented on the place and role of the profession of architect and urban planner in large urban projects and essential links with education and training, illustrating ideas with several initiatives in Bucharest as: Area urban regeneration Railway Station, Valley Laser ( Magurele - smart city) and the international Programme for advanced study in urban planning and real estate ( asured ) - advanced studies in urbanism and Real estate Development .

– CITIES OF TOMORROW # 4: REGIONS, TOWNS & SUSTAINABLE COMMUNITIES On 22nd of March, 2016, CEP Members Arina Dordea and Alexandra Coltos participated at the Cities of Tomorrow 2016 Conference. The event offered a rich variety of presentations, workshops and an opportunity for networking. The presentations of internationally renowned guests complemented discussions on the current situation in Romania and its prospects.Cities of Tomorrow 2016 was dedicated to the importance of urban and regional development in order to stimulate sustainable growth, smart and fair. Location marketing success goes hand in hand with powerful stakeholder collaboration, a key factor for efficient management of cities.In this time of increasing internationalization and mobility of goods, services, labor and capital regions of Romania is facing increased competition with other regions, both in Europe and beyond. Effective cooperation between all stakeholders involved in regional development contributes to creating a favorable business environment for investment and related economic benefits.

• How much money does the state for major infrastructure projects in 2016?• What projects are priorities and how to determine their importance?• What changes are needed in the public procurement legislation to unlock auctions?• What advantages and disadvantages bring new Fiscal Code for builders?• 2016 is a year of growth in the construction market?

CEP ACTIVITIES

PUBLICATIONS PROGRAM&RESEARCH NETWORKING

– The IUFA 2016 Proceedings were edited by the CEP Team members. The IUFA (International Urban Fellows Association) 2016 Conference took place in Venice, Italy – June 19-21, 2016.We would like to thank the University IUAV of Venice, which offered to host the IUFA Conference and which showed great interest in the program, as well as an intention to connect with the Johns Hop-kins University in an exchange of researchers and young professionals.Thanks are due to the Center of Excellence in Planning (CEP) in Bucharest, Romania, which orga-nized the IUFA Annual Conference for three years in a row.The 2016 Conference was also organized by the recently established nonprofit corporation Interna-tional Urban Alliance (IUA). IUA is the operational arm of IUFA, and it was founded by Hopkins Urban Fellows and Associates. IUA is open to new Associates who have a relationship with the IUFA Fellows and who make important contributions to its applied research program. We welcome the presentations of Mario Verdicchio from the University of Bergamo in Italy, Alexandra Coltos and Arina Dordea from CEP, who are recent graduates of the ASURED (Advanced Studies in Urbanism and Real Estate) Program in Bucharest, the only program in Eastern Europe accredited by the Royal Institution of Chartered Surveyors (RICS – London 1868), Beatrice Denieul, who developed a couple of presentations together with Francois Denieul, Hopkins Urban Fellow, Franco Montalto, Professor at the Drexel University in Philadelphia, and others.

– CEP WEDNESDAYS The Center of Excellence in Planning continued the weekly events called CEP WEDNESDAYS. These meetings are held at CEP and are meant to be an informal discussion between professionals, academia and students from different fields and countries.The sessions that took place so far are:- Cooperation, Transparency, Participation and Entrepreneurship in Urban Development and Planning, presented by Mircea Enache, PhD Architect and urban planner Ioana Nenciu.- Real estate market outcomes in 2015 with a special guest from JLL Jones Lang LaSalle, discussing trends and results on the Real Estate market.In 2015, the Bucharest real estate market experienced an active growth in several segments. Resi-dential areas were developed in the city and on the periphery, office projects in northern, central and western areas and in districts already recognized for industrial and logistics activities. Land is still in great demand, and the intention to develop continues the last year`s trend in 2016.- Opportunities for projects financed by European funds with an introduction given by Margaret McFarland, Director at Colvin Institute of Real Estate, University of Maryland and Lorenzo Ciapetti, Director at International Urban Alliance (IUA), Washington. The initial discussion was followed by a presentation on European Funds given by Ana Lavan, partner at FIRON BAR-NIR, Attorneys at Law.- Creative Talking, a presentation given by UP Student George Marin and his colleagues at the Urban Planning Students Club on their activities and projects at the University. Urban Planner Vlad Pirvu gave an official presentation of the Competitive Romania Platform, explaining the structure and action plan for the project.- CEP Wednesdays also hosted a series of three workshops “Writing to be heard” designed to help students learn how to write and publish articles for the Competitive Romania Platform, on subjects targeting urban problems and creative solutions for solving them. Moreover, this exercises help us think outside the box, finding innovative and original solutions for the urban future.

5/07

CEP ACTIVITIESIUFA 2016 CONFERENCE - PARTICIPANTS AND PAPERS

5/07