What to Do When a Project Only Works If Everything Goes Perfectly ASK: The deal pencils, but only under ideal assumptions. Is that enough to move forward? ANSWER: A project that only works if everything goes perfectly is not a viable development deal. It is an unpriced risk. Every development project encounters friction. Approvals take […]

How to Structure Capital Calls During Entitlements Without Losing Investor Confidence ASK: How do I fund the entitlement phase without making investors uncomfortable? ANSWER: Entitlement capital carries a different risk profile than construction capital. Timelines are less certain, value creation is not yet visible, and outcomes depend on approvals that sit outside the developer’s full […]

Why Soft Costs Are the Most Misunderstood Line Item in Development Budgets ASK: Why do soft costs keep exceeding budget even when construction costs are under control? ANSWER: Soft costs are misunderstood because they are not driven by square footage or materials. They are driven by time, decision-making, and process discipline. Design fees, engineering, legal, […]

What Investors Actually Care About in Early-Stage Development Deals ASK: What are investors really evaluating when a deal is still in feasibility or entitlements? ANSWER: In the earliest stages of development, investors are not underwriting returns. They are underwriting the developer. When permits have not been issued and construction has not started, projections are still […]

How to Decide Between Buying Land, Ground Leasing, or Partnering ASK: I have a site opportunity. How do I decide whether to buy the land, ground lease it, or partner with the landowner? ANSWER: How you control land is one of the most consequential decisions in development. It determines who carries risk, who controls outcomes, […]