Developers are the engines of transformation. They gather resources, manage the process, and oversee a project from start to finish. They define the Project Vision and find funding to make it real. Developers assemble talent to produce a project, oversee execution, and ensure the finished real estate’s value is realized and returned to investors. A project doesn’t happen without a developer.

Every project needs property, which can be sourced in different ways. Sometimes a property is already owned. Maybe it was inherited, or it’s an underperforming rental property. Of course, property can also be purchased specifically for development, like buying apartment buildings to convert them into condos, or securing a parcel of land for a new mixed-use project.

Capital comes in many forms. At a minimum, most projects require a cash investment from the ownership team. Sometimes, a property already has equity value built into it, which can be used as capital in the deal. Often, additional ownership equity is raised from investors specifically for the project. And then there's debt, which can be lent to the project at varying levels of cost and risk.

The Transformation Team handles four sequential phases: design, entitlement, logistics, and construction. During design, plans are developed by licensed professionals. Entitlement includes permit approvals and legal matters. Logistics are all operational activities that are not construction related. Construction includes office-based construction management, site management, and fieldwork.

The Value Realization Team converts a finished property into financial gains for investors. It includes the strategic marketing team, which provides input for feasibility analysis at the start and determines how to price and promote the property at the end. The VR Team also includes sales, leasing, and property management groups, which put the building into service and maintain it for tenants.

A Project Strategy is a specific approach for growing property value. It's designed to achieve a large enough increase to justify the costs and risks involved. It can include sale, rental, and refinancing tactics at the end of development. A clear Project Strategy helps developers choose the right property and assemble a team for successful execution; it’s crucial for project success.