Real estate revival
Rex Ahene, professor emeritus of economics, pauses retirement to lead a Dyer Center seminar.
PHOTOGRAPH BY ADAM ATKINSON
On a brisk February night in 2023, Rex Ahene was beaming with his customary warmth and deep enthusiasm for real estate and land economics. The Lafayette professor emeritus had retired in 2022 after a distinguished 40-year career in the economics department, but had returned to campus to lead a new seminar he was passionate about: real estate and land policy. In retirement, Ahene says, he has the freedom to fully explore these areas—his expertise—and to engage students without limitation.
“We have so many students interested in getting into real estate in some capacity,” says Ahene, who currently serves as the Dyer Center for Innovation and Entrepreneurship Real Estate Adviser-in-Residence. “Not everybody wants to be an investor. But the real estate sector is so interdisciplinary that it ties in very well with practically every major and every discipline that we have on campus.”
Through guest presenters from the real estate industry, many of them alumni, students received the theoretical framework and foundational skills to prepare for possible careers. “You have to give them some of the core fundamentals for them to understand how the development process works and how to determine whether an investment project is a go or not,” Ahene says.
During the seminar, experts encouraged students to consider that a successful real estate project involves much more than just pitching an exciting concept. Before any earth is moved, there needs to be comprehensive analyses on construction costs and overhead; historical review; planning and zoning board approvals; possible on-site environmental remediation; short- or long-term leases for retail tenants; and even choice of building materials.
Jack Reilly ’18, project manager at City Center Investment Corp., was one of the real estate professionals sharing his knowledge with students. City Center Investment Corp., which was co-founded by longtime Lafayette trustee J.B. Reilly ’83, has been instrumental in the revitalization efforts of downtown Allentown, Pa., and responsible for major mixed-use developments there.
“I’m grateful for the opportunity to be at Rex’s side, supporting him and this great addition to Lafayette’s curriculum,” Jack Reilly says. “The seminar is so ‘Lafayette’ because it touches on everything—financing, accounting, business management, engineering, government and law—and it inspires students from outside of economics to think about real estate as a career and how important it is to quality of life.”
Ahene, who describes the seminar as a “real estate boot camp,” says that students quickly grasped how real estate is much different than simply investing in one-dimensional commodities. “Real estate has to function in a human context, because it creates the spaces where we live, work, and play. It has to satisfy all those elements before it becomes an acceptable investment within the community,” Ahene says. “That’s the interesting part. You have to consider a community’s attitudes, preferences, and cultural traits to determine exactly what will work within that neighborhood.”
The seminar was so successful that it’s being offered again this upcoming semester; favorable fall weather will allow for site inspections and a more tactile experience of the complex planning behind real estate projects.
This year, students can expect to focus on VM Development Group’s plan for the Easton Iron and Metal site on Bushkill Drive. Lafayette has already made significant improvements along the Bushkill Corridor area, from renovating the former Hummel Lumber building in 2016 for the College’s Public Safety and Facilities Planning departments to, more recently, transforming a 19th-century structure into a modern space for the Civil Engineering Department.
Students will assess VM Development Group’s vision for the site, which is west of these properties on Bushkill Drive and within walking distance from campus. The proposal for the former scrapyard includes home and commercial space with plans to tie in the Karl Stirner Arts Trail and an environmental education component with the City of Easton.
These opportunities also come with serious challenges, notes Ahene, like environmental remediation and ensuring concepts work with the rocky landscape and nearby arts trail. “You have these walkability, environmental, and sustainability elements,” he says, “so you can see some very interesting dynamics that come into play.” The site has great potential to further improve Bushkill Drive, adds Reilly, who is planning to participate in the seminar again this fall.
“Rex has been an invaluable asset to the real estate program, bringing extensive expertise and strong connections with alumni and the community,” says Rita Chesterton, director, Dyer Center. “Perhaps most importantly, Rex is an outstanding mentor for Lafayette students. His guidance and support empower students to grow academically and personally, providing them with a solid foundation for success.”
