Development Value: A Real Options Approach Using Empirical Data ROBERT A. GROVENSTEIN* JAMES B. KAU** HENRY J. MUNNEKE** *University of Connecticut Center for Real Estate and Urban Economic Studies School of Business Administration Storrs, Connecticut 06269-1041 Phone: 860.486.6315 Fax: 860.486.0349 Email: rgrovenstein@business.uconn.edu **University of Georgia Terry College of Business Department of Insurance, Legal Studies, and Real Estate Athens, GA 30602-6258 Working Paper Please do not quote.