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The Concept: Product identification and establishment of development criteria

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Identify all sources of seed capital

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Assemble Internal Team: Site Acquisition, financial analysis, marketing, negotiations.

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Market Area Identification

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Location Possibilities

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Feasibility Studies

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Market Analysis & Study

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Site Analysis: Preliminary environmental study, suitability for desired purpose; identify potential obstacles/opposition

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Preliminary Pro Forma: use of market knowledge to estimate cost, potential income and expenses, possible operating profit and project final sales value; estimating value added by development process; ascertaining available financing

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Risk/Reward Analysis

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Land Acquisition: optioning the land, securing control

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Obtain Environmental Phase 1 Report, Soil Borings Analysis On-Site

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Preliminary Contacts with Possible Debt and Equity Sources

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Assemble External Team: Architect, engineer, land planner, landscape architect, surveyor, legal; lining up possible general contractors; signing contracts with major professionals; detailing levels of responsibility; clarifying areas of involvement

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Design Process: Site, structures, and specifications

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Begin Formulating Marketing/Leasing Plan

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Prequalify, evaluate and select Property Management Team, Sign Contingent Contract

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Estimating and Preliminary Bidding Process; Ongoing interaction with potential Construction Managers or Contractors re cost estimates, design suggestions, value analysis, and specifications

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Regulatory Approval Process: Zoning vs. site plan approval

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Obtain Final Construction Documents and Site Plans

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Release Final Construction Documents to CM & GC Potentials

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Raise Equity Capital, Finalize Deal Structure and Form of Ownership Entity

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Debt Capital; Construction Loan: Send out project loan packages, receive terms sheets, submit loan application, expedite required third-party reports, obtain commitment letter.

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Receive preliminary bids, Value Engineering, and Final Bids

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Negotiate CM/GC Contract and Establish Construction Schedule

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Conduct Risk/Reward - BE Analysis: Review Pro Forma and assumptions therein, assess available debt and equity capital; CM/GC Contract; Make go/no go decision

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Sign - Execute Construction Contract

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Obtain Building Permit

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Close on Land Option, Close Construction Loan, File Notice of Commencement, Give Notice to Proceed to CM/GC

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Ground Breaking

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Begin Oversight of Construction Process, Exercise Quality Control

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Manage Marketing/Leasing Program, Fine-Tune Interior Design Issues

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Field Visits and Progress Reports, Approve Construction Drawings and Change Orders

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Punch Lists Management and Close Out

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Certificate of Occupancy

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Substantial Completion

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As-Built Survey

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Lease Up

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Occupancy/Grand Opening

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Stabilization

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Convert Construction Loan to Short-Term Permanent Loan

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Depending on Exit Strategy (Flip vs. Hold), either

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Begin or Intensify Marketing for Sale, or

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Start or Intensify Search for New Development Opportunity