{"id":{"repo_id":"mit","oai_identifier":"oai:dspace.mit.edu:1721.1/54852"},"canonical_url":"https://search.dev.ndltd.org/etd/mit/oai:dspace.mit.edu:1721.1/54852","repository":{"repo_id":"mit","name":"MIT","base_url":"https://dspace.mit.edu/oai/request"},"display":{"title":"A real options case study : The valuation of flexibility in the World Trade Center redevelopment","abstract":"This thesis will apply the past research and methodologies of Real Options to Tower 2 and Tower 3 of the World Trade Center redevelopment project in New York, NY. The qualitative component of the thesis investigates the history behind the stalled development of Towers 2 and 3 and examines a potential contingency that could have mitigated the market risk. The quantitative component builds upon that story and creates a hypothetical Real Options case as a framework for applying and valuing building use flexibility in a large-scale, politically charged, real estate development project. Through this demonstration, it is observed that applying Real Options \"in\" the World Trade Center Towers 2 and 3 projects minimizes losses in weaker markets and maximizes gains in stronger markets.","abstract_html":"This thesis will apply the past research and methodologies of Real Options to Tower 2 and Tower 3 of the World Trade Center redevelopment project in New York, NY. The qualitative component of the thesis investigates the history behind the stalled development of Towers 2 and 3 and examines a potential contingency that could have mitigated the market risk. The quantitative component builds upon that story and creates a hypothetical Real Options case as a framework for applying and valuing building use flexibility in a large-scale, politically charged, real estate development project. Through this demonstration, it is observed that applying Real Options "in" the World Trade Center Towers 2 and 3 projects minimizes losses in weaker markets and maximizes gains in stronger markets.","abstract_has_math":false,"creators":["Cailao, Alberto P"],"institution":"Massachusetts Institute of Technology","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":"Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.","school":null,"contributors":[],"advisors":["David Geltner."],"committee_chairs":[],"committee_members":[],"year":2009,"date_issued":"2009","date_published":"2009","updated_at":"2026-07-22T22:21:32Z","subjects":["Center for Real Estate. Program in Real Estate Development."],"languages":["eng"],"rights":["M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. 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