The Process of Real Estate Development
Although the process for development of real estate varies from project to project, the various phases can be categorized roughly as follows (in approximate chronological order):
Market research
Site selection / feasibility analysis
Due diligence / preliminary pro forma
Property acquisition, perhaps using option to buy
Project design / refined pro forma
Obtain entitlements
Financing / final pro forma
Construction
Lease-up / sales
Operation (in cases where the project is retained as an asset)
