Stanley E. Hunt Case Series
Stanley E. Hunt Case Series History & Overview
The Paul I. Cripe Charitable Foundation, Inc., along with case sponsors Baker and Daniels, Hamilton County Builders, Marina Limited Partners and Southern Avenue Properties, is funding a series of case studies in honor of developer, Stanley E. Hunt, real estate developer and CEO of the Shorewood Corporation. Hunt was a big proponent of helping young people in their careers and he did so asking nothing in return except that they do the same in the future.
Douglas M. McCoy, J.D., lecturer in real estate and Director of the IU Center for Real Estate, is overseeing the creation of the case study to be taught in the real estate appraisals course each fall semester. At the end of the semester, the student groups voted to have the best overall presentation for the development of the site will win a cash award. As part of the case study curriculum, professionals from the Bloomington community who have experience with the selected case study site speak to the class.
The case series began in 2008 – we are now in our fifth year of the series and couldn’t be happier with the value this case has added to our real estate program. A large percentage of students in the real estate classes are interested in development and IU’s real estate program does not currently offer a class focused exclusively on this topic. This case study project provides students with highly valuable real world based learning in the area of real estate development.
Stanley E. Hunt Case Study 2011
The 2011 case study site consisted of three parcels comprising just over an acre located in the heart of downtown Bloomington at the southeast corner of Kirkwood and Lincoln. The parcels are owned by Old National Bank as a result of its merger with the former Monroe Bank in January of 2011.
For the past forty years the site has been the home of the Monroe Bank loan center and drive-thru. The City of Bloomington prefers retail uses on Kirkwood over office, and will not allow residential uses on the first floor. Due to its prime location and proximity to campus, many developers have their eye on the property.
As part of the case, local real estate professionals familiar with the site spoke to the class, including Tom Micuda, City of Bloomington Planning Director; Steve Smith, an engineer and President of Smith Neubecker and Associates; Will Kreuzer, Financing & Investment Manager with Tartan Realty Group; and Dave Keller, Senior Managing Director with HFF.
Six teams from the real estate appraisals class put presentations together, with three moving on to the actual competition. All three teams proposed some variation of mixed-use retail on the ground floor and residential above, with the first place team adding a small, high-end boutique hotel into the mix.
The winning team, Cypress Property Group (Brendan Gaughan, Tim Goeke, Andrew Mahr, and Wes Olker) proposed Lincoln Square, a 33 unit mixed use building on Kirkwood featuring several unique retailers; a nine unit mixed use building with a grocer on Lincoln; and a 43 unit boutique hotel on the smallest parcel on 4th Street. In addition, they proposed widening the alleys and improving the sidewalks, which made both the street frontage and alley frontage of the development visible, inviting and usable.
Stanley E. Hunt Case Study 2012
The case study site chosen for this fall is located five blocks north and one block west of Bloomington’s downtown courthouse square. The site is an approximate 7.96 acres fronting on and lying to the north of West 11th Street. Bloomington’s primary downtown north and south corridors of College Avenue and Walnut Street are located one and two blocks east of the site respectively.
To say the least, this near northwest downtown area has exploded with student apartment development over the past twenty years. Probably the best known is the Smallwood development located just north of Eighth Street on College Avenue and the Tenth & College community located just south of this site starting at the corner of Tenth and College and expanding north and west.
In addition to these developments, the popular and successful Upland Brew Pub and the Scholar’s Inn Gourmet Café & Wine Bar are located adjacent to the site. The newly completed B-Line “rails to trails” project also lies approximately 2 blocks southwest of the site providing easy and convenient pedestrian travel to downtown Bloomington.
2012 Case Competition
This year’s case will culminate in a case competition to be held on Wednesday, November 12th, 2012, at 5:30 p.m. at the IUPUI Campus Center located at 420 University Boulevard in Indianapolis. The winning team will receive $1000 in prize money, with second place receiving $750, and third place receiving $500. The first place team will also have their names inscribed on a plaque honoring Stan Hunt that will be displayed in the Center for Real Estate Studies in the Kelley School of Business.