(ORLANDO, FL) -- The University of Central Florida's Board of Trustees approved a Master's degree program for the Dr. P. Phillips School of Real Estate originally spearheaded by NAIOP Central Florida, the Commercial Real Estate Development Association, announced Jeff K. McFadden, 2009 chapter president. Realizing a goal it set in 2005, the local NAIOP chapter recently fulfilled its $600,000 capital commitment to endow the Jim Heistand-NAIOP Eminent Scholar Chair at Dr. P. Phillips School of Real Estate. As a result of NAIOP's efforts, Dr. Phillips, Inc. then committed $2.5 million, which when combined with a state matching gift created a $5 million endowment for the Dr. P. Phillips School of Real Estate. That endowment supports the Howard Phillips Eminent Scholar Chair in Real Estate, the Dr. P. Phillips Institute for Research and Education in Real Estate, and the Dr. P. Phillips scholarship program for real estate students.
The Master of Science in Real Estate will begin in June 2010 at the UCF Executive Development Center in downtown Orlando. The Professional Master's in Real Estate (PMRE) program prepares students interested in commercial and residential brokerage and appraisal, development and mortgage brokerage.
"NAIOP Central Florida's vision and determination in spearheading fundraising efforts were the driving forces in making the School of Real Estate a reality," said Randy I. Anderson, Ph.D., the inaugural Howard Phillips Eminent Scholar Chair in Real Estate at UCF. With more than two decades of experience in the real estate business, Anderson was selected to direct the research and education institute at the Dr. P. Phillips School of Real Estate.
The Central Florida chapter of NAIOP, through the NAIOP Research Foundation, committed $600,000 which, when combined with the state matching gift created a $1.02 million endowment to support the Jim Heistand-NAIOP Eminent Scholar Chair in Real Estate, a second faculty position. Gifts toward Central Florida NAIOP's commitment included $300,000 from NAIOP-member Jim Heistand, majority owner of Orlando-based Eola Capital, $55,000 from 2009 NAIOP chapter president Jeff K. McFadden/Taurus Southern Investments, LLC, $5,000 from former chapter president Nan McCormick, a UCF alumna and senior vice president at CB Richard Ellis, $5,000 from Duke Construction, and $5,000 from Highwoods Properties. "We are extremely pleased and proud of our members and others who stepped up with needed contributions so that the NAIOP pledge was attained," said McFadden, managing partner, Taurus Southern Investments.
"The cohort program is beneficial because students not only learn from their professor, they share their experiences with other students as well," said Thomas L. Keon, dean of the UCF College of Business Administration. "The Central Florida region is a prime spot for commercial and residential real estate development. Graduates from this program will be well-positioned to fill a niche area in this market," he added.
NAIOP Central Florida is a chapter of NAIOP, the Commercial Real Estate Development Association, and it comprises 300 members serving the local Central Florida market. NAIOP is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate, with 18,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy.