A New Era for Real Estate Education: The MRE Program and Its Innovative Approach
The Master in Real Estate program is changing the paradigm of education in adaptive reuse and real estate, thanks to extraordinary faculty, ambitious students, and generous donor support.
Final review for “Extreme Urbanism” with students and UPD faculty. Photo credit: Justin Knight
The GSD’s Master in Real Estate (MRE) degree program, launched in fall 2023, focuses on leveraging student experience to translate theory into practice. Two members of the GSD’s Dean’s Leadership Council, Vanessa Tih Lin Cheung MLA ’10 and Calvin Tsao FAIA MArch ’79, are helping this trailblazing curriculum flourish.
A gift from the D. H. Chen Foundation and Nan Fung Development Limited established the D. H. Chen Development Project. Vanessa Cheung serves as Nan Fung’s managing director, overseeing the company’s real estate property portfolio. She credits her time in GSD option studios with encouraging her deep interest in the built environment, neighborhoods, and communities.
Through the Development Project, MRE students find themselves in the role of developer and collaborate with design students in selected studios. This collaboration ensures that design students and real estate students learn from each other, emphasizing the importance of feasibility alongside design decisions. The 2024 collaborations took place in two studios. “Extreme Urbanism 9—Imagining Housing as Urban Form,” taught by Rahul Mehrotra MAUD ’87, John T. Dunlop Professor in Housing and Urbanization, explored the extreme scarcity of housing in Mumbai and investigated development strategies along the city’s waterfront. “Architecture or the City,” was taught by Preston Scott Cohen MArch ’85, Gerald M. McCue Professor in Architecture. Cohen’s option studio was situated on a site at the former naval air base in Alameda, California. Students developed a new vision for Alameda Point, applying comprehensive analyses and design strategies to achieve practical, sustainable development solutions.
“Extreme Urbanism” site visit to the the Elphinstone Estate, a district dominated by short-term warehouse leases, faces severe housing challenges, with about 40 percent of its population living in inadequate conditions. Photo credit: Prathmesh Kharatmal
I feel privileged to be able to contribute to and support the MRE program. This inaugural Development Project has highlighted the innovative approach of this program to shift students’ perspectives on the real estate industry and provided them with practical and hands-on involvement in various active projects, challenging them to step out of their comfort zones. The MRE program bridges the gaps in the real estate industry in hopes of fostering a more collaborative working relationship among the different stakeholders and trades, creating a more meaningful built environment that addresses the material needs of communities.
For the final eight weeks of the 12-month program, students participate in a highly personalized practicum experience, exploring development projects at 33 individual partner organizations. This unique opportunity provides firsthand experience as students delve into current and urgent real estate challenges. Upon the conclusion of the practicum, students return to campus and present their experiences working in coastal resilience, mixed-use transit development, robotics in facility management, and more. Calvin Tsao, of Tsao & McKown, a leading firm in contemporary architecture, supported the practicum with a gift to establish the Tsao Family Foundation Master in Real Estate Practicum Fund.
The Master in Real Estate program is changing the paradigm in the field, encouraging developers to explore their community impact alongside their investment. The practicum is essential to offering the real-world experience inherent in this program, and it's an honor to support the GSD’s innovative and novel approach to real estate development.
Fueled by the visionary support and generosity of trailblazers like Vanessa Cheung and Calvin Tsao, the MRE program marks a transformative shift in real estate education at the GSD. As the program continues to flourish, the school eagerly anticipates how future generations of innovators and leaders will leverage these unique opportunities to shape a more sustainable, inclusive, and vibrant future in real estate development.
For more information on supporting the MRE program at the GSD, please contact Courtney Ward, Managing Director of Development.
Published February 2025