New undergraduate real estate program launched

CMU and alumnus respond to growing commercial real estate sector
The College of Business Administration’s new Michael J. Bowen Real Estate Development Program will put CMU students at the forefront of the hottest markets.

“Other schools have real estate courses, many of them specialty courses, but this will distinguish CMU from other colleges,” said Patrick J. Corcoran, director of the new CBA real estate development program. “The real estate business has grown up and employment opportunities ­– very good ones – are here for young people who want to be involved in this business. The program will include development, finance, lending, and real estate law, as well as knowledge of government approval entities such as zoning boards.”

The brainchild of Michael Bowen, ’92, the real estate development program’s emphasis will be on quality. As founder and CEO of Westwood Development Group LLC, Bowen specializes in developing open-air shopping centers nationwide. His project locations include sites in Michigan, Kansas, Nebraska, Arizona, Florida, and Hawaii, and the company’s portfolio is worth more than $300 million.

“It was at CMU that I realized how competitive the world is, and I was going to have to work hard to get up to speed,” Bowen said. “CMU has a clear path to success for anyone willing to step up and take the challenge.”

Bowen’s vision and financial generosity have brought the real estate development program into reality.

“There’s a shortage of people with real estate education in the job market, and this has intensified in the last few years,” Corcoran said. “Commercial real estate is a hot sector now. It’s looking strong, and there are good job opportunities here in the United States and abroad.”

CBA Dean Michael Fields sees the new program fitting in with the new BSBA curriculum because it will allow students to follow a major shopping center development from the initial contract stage to project completion.

“The Mike Bowen gift is very innovative in its design, with the gift being composed of portions of projects Mike is developing,” Fields said. “But what is important here is the tremendous opportunities the gift will provide our students.”

Corcoran, a former Wall Street research analyst, plans to create an advisory board, recruit students, serve as a liaison with industry professionals, foster internships, and oversee the real estate development program, which will be up and running by fall 2007.

“Right now we are firming up the
support financially with private sector partners who will join Bowen,” Corcoran said. “I am thankful for his generosity and large gift that makes this program possible.

Recognizing leadership contributions
A kickoff reception for the new real estate development program was held in Mount Pleasant on October 12. The evening allowed guests to hear from Bowen and CMU faculty about plans for the real
estate center.

A highlight of the evening was a presentation of the first Michael J. Bowen Real Estate Development Program Leadership Award to finance and law faculty member Rose Prasad, who taught Bowen as a student at CMU. This award was designed to recognize individuals who have made a difference in real estate development through leadership roles.

Michael Bowen, ’92, founder and CEO of Westwood Development
Group, specializes in open-air shopping centers like the one
pictured in this artistic rendering.

Left to right: Michael Bowen, ’92, CMU finance and law professor
Rose Prasad, Patrick Corcoran, and Dean Mike Fields gather at
the kickoff reception for CMU’s new real estate development
program. Prasad received the first Michael J. Bowen Real Estate
Development Program Leadership Award