This is a case study on developing a real-estate project by a university foundation in Korea. The purpose of this paper is to broaden the understanding of matters involved in real estate development like capital budgeting, project financing, taxation, contractual and legal issues. We introduce a series of development procedures followed by the MTU board of trustees from selling off existing property to constructing a commercial building on newly acquired land, and subsequently leasing the office building. The project is assessed as a successful case in accordance with legal requirements whereby educational foundations own properties for profit earning the annual return of 3.5% at least. It is suggested such factors as thorough needs survey, objective investment analysis, rational and timely decision making contribute to the project success. In particular, it is meaningful since little is known about property management of educational foundations as non-profit organizations.