This post was written by Dan Jackson, a 2012 UST MBA graduate. Dan completed many of his electives in real estate including participation in the spring 2012 REAL 714 International Real Estate Development course in the Cayman Islands.
The marathon is a popular Olympic sport. The official distance of the marathon is 26.2 miles or 26 miles, 385 yards. Have you ever wondered why this particular distance? Olympic Fun Facts explains, “It was decided at the1908 Olympic Games in London that the royal family needed a better view of the finish line, so Olympic organizers added an extra 385 yards (0.2 miles) so the finish line would be right in front of the royal box.”
Every four years, several hundred million people across the world tune in to the Summer Olympic Games to check out their favorite athletes and to show support and solidarity for their country. A little over 100 years later, London has been selected again as the host city for this world event.
While many spectators enjoy the great athleticism and sportsmanship that takes place during the Olympic Games, it can be easy to overlook the economic and real estate development that the Olympic Games can provide for the host city. A study by Locate in Kent , found there is much evidence that Olympic Games have an immediate short-term impact on the host city and region in terms of local investment and regeneration. Benefits arise from the level of economic activity around staging the Games, to upgrade sporting, entertainment and general urban infrastructure. This also can lead to additional permanent employment after the games and may lead to longer-term impacts. I’d like to provide a brief snapshot of the real estate development that was part of the preparation for the 2012 London Olympics Games.